In a slowing Hamptons market, a century-old Water Mill home has sold for $27 million—30% less than its original asking price.
The estate of the late hedge-fund pioneer Jack Nash originally went on the market in June of 2014 for $38.5 million and saw several price cuts. The roughly 6-acre property was last listed at $28 million, and the sale closed in late October, said co-listing agents Harald Grant of Sotheby’s International Realty and Tim Davis of the Corcoran Group. They declined to identify the buyer, but said there were multiple bidders.
“I was surprised it took this long to sell,” Mr. Grant said. “But you can’t always predict the market.”
Built in the early 1900s, the shingle-style house had been in the Nash family for more than 30 years. With roughly 500 feet of frontage on Mecox Bay, the property has a six-bedroom main house with staff quarters and a guesthouse. The grounds include a swimming pool, a tennis court and a dock. A four-story water tower, original to the property, contains a bathroom and kitchenette.
The property was challenging to price because it needed updating, Mr. Davis said. “This was an older home,” Mr. Grant added. “It had a lot of charm, but with the charm comes additional work.”
Sales in the Hamptons have slowed over the past year. According to a quarterly market report from Douglas Elliman Real Estate there were 507 closed sales in the third quarter, down 20% from 634 in the same period last year. At the high-end, the average sales price of a home in the top 10% of the Hamptons market fell 15.1% to $7.14 million in the third quarter.
Mr. Davis attributed the decline to a shortage of available trophy properties after several busy years. Mr. Grant said many European and South American buyers are staying away due to currency issues, a factor that could be impacting demand.
Mr. Nash was chairman of the investment firm Oppenheimer & Co. before co-founding the hedge fund and private-equity firm Odyssey Partners in 1982. He died in 2008. The property was sold by his wife, Helen, the author of several kosher cookbooks.