30 Morris Park Lane, East Hampton

It's in SoDu.

what is Sodu?

South of the Dump

LOL - is there really a dump there?

As for it being "cheaper than the land value" well .... apparently not.

House discussed here...

http://hamptons.curbed.com/archives/2009/08/18/market_musings_the_telegraph_offers_a_sad_reality_check.php#more

Market Musings: The Telegraph Offers a Sad Reality Check
Tuesday, August 18, 2009, by Nicki Donato

And the Brits weigh in! The Telegraph looks at some of the more depressing real estate news on the East End this week, first highlighting a Morris Park Lane house (right) set to hit the auction block on August 28th. The East Hampton home is for sale for $250,000, but HSBC is owed $495,140.22 on the property and is eager to get some of that returned. It seems that things are far worse off than many realize, owing much to the 'behind the curve' atmosphere of a Wall Street-funded market. The paper talks with Property Shark's Bill Stanford about this issue, who says that the 'turnaround' sensibility comes from quick, cheap sales which are preferred by banking-types who don't want to see their homes repossessed.

Pricechopping victims John Paulson (hedge-fund manager) and Joe Gregory (former Lehman Brothers COO) get a mention as well, noted for their price cuts which have helped drive sales. It's not all bad news though, as brokers insist that they have seen an uptick this summer as compared with last spring, and the always classy sharehouse market is on track. David Shapiro, who calls himself the Hamptons Concierge, is renting out four of his homes to twenty and thirty-somethings looking for a vacation nearby. This is the concierge's busiest year ever.

I can't believe this sold for $210K!