Historic East Hampton home ‘Hedges’ its bet on $11 million co-exclusive

TRD New York /
Jan.January 18, 2010 03:46 PM

After spending a year on the market without any offers, the historic Henry D. Hedges House, an East Hampton Village mansion at 29 Huntting Lane, has gained another broker.

The eight-bedroom, eight-and-a-half bathroom Victorian home had been listed with Jean Rickenbach of Sotheby’s International Realty until today, when Jim Oxnam of Brown Harris Stevens landed a co-exclusive. It was originally listed for $11.5 million in January 2009, but the
price was cut to $10.9 million in October. It wasn’t immediately clear
why the price was dropped.

The three-story home, located in the Huntting Lane Historical District, has six fireplaces, an elevator, carriage house and a heated pool and deck.

Sotheby’s does not recommend co-exclusive listings, Rickenbach told The Real Deal, but “we do what our client asks us to do.”

Home sales volume in East Hampton Village dropped 35 percent during the fourth quarter, according to a Hamptons residential market report released this morning by Town & Country Real Estate.

“We just wanted to broaden our exposure,” said John Tarbet, the seller, who noted that there had been no bites. He purchased the property in 2007 with the intention to renovate and resell the home, which was built in 1903.

Tarbet, a retired Suffolk County police officer and East Hampton native, has been in the business of renovating historic properties in the town for the past decade. He moved into the Henry D. Hedges House with his wife three months ago, once the restoration was complete.

“It’s been meticulously restored. It’s in pristine condition,” BHS’ Oxnam said. He is holding an open house this Thursday for brokers.

“We’ll move on when this is sold and will be looking for another one to redo,” Tarbet said, noting that a property he owns on Cold Hollow Road has the potential to be his next project.

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Former RKF chief appears in Southampton court, Water Mill waterfront home’s price drops below $18M & more Hamptons real estate news