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Sellers who hoped to get astronomical prices have agreed to multimillion-dollar price reductions to attract buyers.
The waterfront Hamptons estate known as Villa Maria boasts 11 bedrooms, Carrara-marbled baths, arched windows overlooking formal gardens, a heated pool, tennis court, guesthouse — and a $51 million discount off its original price.
The 15-acre former convent in Water Mill, previously owned by the late shoe designer Vince Camuto, was listed in 2008 for $100 million. It sold last month for $49 million to two separate buyers; one paid $36 million for 11 acres, including the 20,000-square-foot main house on Mecox Bay, and the remaining land traded for $13 million, said a spokesman for Sotheby’s International Realty, which represented the buyer of the main house.
Other luxury properties also have gotten steep price cuts this year. On Monday, a 10,000-square-foot oceanfront home on 6 acres in East Hampton fetched a closed-sale price of $40 million, according to Sotheby’s, which represented the seller. It was a markdown of $29 million from the 2016 asking price.
Lasata, the onetime childhood summer home of Jacqueline Kennedy Onassis, sold in January; a 7-acre piece of the East Hampton estate, including the 10-bedroom home, closed for $24 million, down about $15 million from its 2016 listing price, public records show.
The volatility of the stock market so far this year, the impact of the new federal tax law and concerns about rising interest rates and political turmoil in the United States and abroad, have prompted some buyers to exercise caution, brokers said.
This year’s federal tax overhaul also could be playing a role, homeowners face a new $10,000 cap on deductions for state and local taxes, limiting the tax benefits of homeownership.
In the Hamptons, luxury properties can come with annual tax bills of $150,000 to $200,000, Brennan said. “If you can only take $10,000 off that for your taxes, that’s quite a big difference,” he said.
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