Hamptons Cheat Sheet: Brokers dish on the slow market, Jackie O’s former summer house gets chic $4M haircut … & more

Jackie O’s old summer house in East Hampton gets a $4M price cut

The former summer home of Jackie Kennedy Onassis is now asking about $35 million, down from its original ask of $39 million, Curbed reported. The seven-acre estate at 121 Further Lane, dubbed “Lasata,” contains a 10-bedroom main house, pool, and a guest house. An adjoining four-acre parcel, occupied by tennis courts, is available for an additional $12 million. Its current owner, designer Reed Krakoff, acquired the home in 2007 for $25 million and put the compound on the market last September. Listing agents are Carol Nobbs and Eileen O’Neill of Douglas Elliman; Susan Breitenbach of Corcoran Group Real Estate; and Peter Turino of Brown Harris Stevens. [Curbed]

Don’t sell your house right now, Hamptons brokers warn

Hamptons brokers told homeowners to hold off on selling at a real estate panel in the East Hampton Library last week. “We’re entering the third year of a slow cycle,” Peter Turino, the president of Brown Harris Stevens in the Hamptons said. “There’s a shortage of buyers and a lot of overpricing. Prices must come down.” On average, it’s taking about 29 months to sell a home, Diane Saatchi of Saunders & Associates added. But it’s not all bad news. Turino told the crowd that the sales slump should end by next summer, the East Hampton Star reported. [EHS]

Sandy Gallin slashes Further Lane home price by $3.6M

You could call this flip a flop. The late Sandy Gallin, a former talent agent to the likes of Dolly Parton and Michael Jackson, bought the East Hampton compound at 466 Further Lane for $5.1 million in 2011. He put the property back up for sale hardly a year later with an ask of $24.5 million, but the 6,500-square-foot home lingered on and off the market for five years — even after a $2 million dollar price cut in 2015. The property just got another price cut: down $3.6 million for an ask of $18.9 million. Douglas Elliman’s Linda Haugevik has the listing. Gallin died in April at age 76. [Curbed]

Grey Gardens just secured a summer tenant: American Express

It’s grey meets platinum in this summer lease. American Express is renting the iconic estate at 3 West End Road — made famous in the cult classic documentary, “Grey Gardens” — for an undisclosed amount, the New York Post reported. The property’s latest rental listing asked $275,000 for the full summer season and the sale price is just a sliver below $18 million. American Express will use the property to host “seasonal events,” the Post reported. The current owner of the East Hampton home is Washington Post columnist Sally Quinn, who shared the home with her late husband, Ben Bradlee. He acquired the nine-bedroom estate for $220,000 in 1979. [NYP]

What accounts for the ultra-luxury cooldown? Experts face off

Why are Hamptons homes above $10 million not selling as well these days? Developer Joe Farrell of Farrell Building Company told TRD that he thinks it’s a matter of dwindling high-end inventory. But Corcoran’s Susan Brietenbach attributed the slowdown to the inherent sluggishness of the first quarter. “It’s actually a good time for people to buy,” she said. “You’re going to see something much better for the second quarter.” Judi Desiderio, the CEO of Town & Country Real Estate, shares the sunny outlook for Q2, arguing that the high end is doing better now because there are some bargains out there. Read the full interviews here. [TRD]

Amagansett home of famed “Hurricane” attorney sells for $1.6M

The home of the late Myron Beldock, the lawyer portrayed in the 2000 film “The Hurricane,” sold recently for $1.6 million, 27East reported. The home at 45 Abrahams Landing Road spans about 2,680 square feet and contains five bedrooms and two bathrooms. Beldock successfully represented a wrongly convicted defendant in the Central Park Jogger case but his most famous case was his representation of boxer Hurricane Carter, whom he exonerated after a conviction of triple homicide. [27E]

Don Peebles lists Sag Harbor home for $10M

After listing his home at 1100 Brick Kiln Road for $14 million in March 2016 and pulling it off the market just months later in August, developer Don Peebles, ever the businessman, recently reintroduced the manse to the market, asking a cool $4 million less. The 7,000-square-foot residence contains five bedrooms, five bathrooms, a three-story marble staircase, and three fireplaces. Two guest homes and a pool are also on the property, which Peebles bought in 2007 for $5.4 million. [TRD]