Even in the Hamptons, where real estate prices can reach astronomical levels, some homes are overpriced.
Some of the most expensive homes in the area have languished on the market for months, often having their prices chopped multiple times.
Curbed Hamptons recently theorized that Hamptons house owners and realtors initially list houses at unreasonably high prices to see if they can attract a wealthy buyer who is especially naive.
When the house can't sell because buyers won't budge, the realtor slowly lowers the listing price until a buyer gives in. If a buyer waits long enough, "price chops" can eventually turn an overpriced house into the deal of a lifetime. We found some pretty sweet deals on Hamptons houses, so check them out if you've always wanted to be a Hamptons house owner.
In Amagansett, this 8,000-square-foot windmill house is one-of-a-kind. But the house's price has already been chopped from $10.995 million to $10.495 million, and could face more chops if it doesn't sell soon.
This five-bedroom, four-bathroom lakefront house in Montauk is an upscale log cabin. It was listed at $3.95 million in 2009, but the price was chopped 5 percent to $3.75 million in April.
This five-bedroom, five-bathroom house in East Hampton was designed by an award-winning architect and includes 6,500 square feet of space. But to sell, this house's price has already been chopped almost 15 percent — from $4.695 million to $3.995 million.
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