After 5 years and $10 million in price cuts, a contract is signed in East Hampton

Here’s a cautionary tale for those looking to sell their Hamptons homes fast and at asking price. The 7,500-square foot home at 11 Cove Hollow Farm Road was listed for $24.75 million in 2012. In 2015, the asking price dropped to $19.75 million. This year, with a listing price of $14.95 million, Ed Petrie, James Petrie, and Julie Wolfe of Compass Real Estate finally got a contract signed. The new owners of the three-acre property will enjoy five bedrooms, six-and-a-half bathrooms and 408 feet of water frontage on Georgica Cove. [Curbed]