307 Lumber Lane

The house sold for 975K late in 2005 YOU think it could be worth more n say 1.6M If so provide comps

I'm not the seller, so I have no idea. I just see that the house has been sitting for a long time and is always open. It is new construction, so I'm wondering if the 975K is the land and maybe there was a tear down. The house seems overpriced to me but I am new to the Hamptons market.

This does appear to be some kind of a tear-down situation since tax records dating back 2004 indicate that there was a structure on the property at that time. So if we are to assume they spent $300 per sf to build this 5200 sf house, that's 1.56 million just to build the house alone. So they need to get 2.6 million just to break even. But considering the financing costs and carrying costs over the past few years, even if they get their asking price, they will not be making any money on this one.

Thanks. That could be the case. Even though they may not make any money on this one, the price is high compared to other homes I've seen in that area.

Does anyone know if this house has sold yet? I don't see it anymore on some of the sites it used to be on.

It's in contract.

sold for 2.595

307 Lumber Lane was a very nice home, impeccably maintained both inside and out. On the other hand, I saw 365 Lumber Lane at an open house last summer. It looked like whoever was living or renting there had not even bothered to straighten the place up before the open house. It is larger than 307 Lumber Lane---but not nearly as nice. I would never pay that amount for it.

i agree. about 500K overpriced. no chance it sells here.