Hamptons home sees $3M price increase

Even as the Hamptons real estate market seems to be trending downward, a Southampton property returned to the market this past weekend with a $3 million price increase in the space of one month. The 2,750-square-foot property, at 450 Gin Lane, is on the market for $19.9 million. Harald Grant of Sotheby’s International Realty has the exclusive listing for the four-bedroom, five-bathroom property with views of the ocean and Old Town Pond, according to Streeteasy.com.

Grant called the $19.9 million price “ambitious.” But in this market, he said, “people are going to put in for what they think it’s worth anyway.”

The property was originally listed in June with Prudential Douglas Elliman for $17 million. The price was increased by 17 percent, from $17 million at the end of June, before being relisted with Sotheby’s this past weekend. According to the listing, the property has room for a 12,000-square-foot home. TRD