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Hamptons Life

Jun 19, 2019 4:32 PMPublication: The East Hampton Press & The Southampton Press

Foster Crossing Estate Hits The Market For $20 Million

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED
Jun 24, 2019 10:27 AM

A “timeless” Southampton Village estate that has never before been on the market for sale or rent was just listed for $19,995,000, a price set to avoid the recent phenomenon of luxury Hamptons homes asking well more than the final sales price, according to the listing broker.

Located at 72 Foster Crossing, the 2.02-acre property accessible via a long gated driveway boasts a 7,445-square-foot residence built in 2002.

Broker Mark J. Baron, who has the exclusive listing for Saunders & Associates, said that in the past three years homes asking over $20 million in the Hamptons—and even homes over $10 million—have often gone through multiple price cuts.

“If they haven’t been priced right, they’ve tended to somewhat chase the market, and most have been reduced 20 to 30 percent before trading finally 10 percent below their last list price,” Mr. Baron said. “And the intention with this piece of real estate was to price it in this current market, so that we have the expectation of it trading close to the asking price. In fact, we already have had significant showings within the first weekend of listing the property, which again is indicative that it is well-priced.”

He said the asking price was determined based on comparable properties currently listed on the market or recently sold.

The traditional residence has eight bedrooms, six of which have en-suite bathrooms, including the master suite, which also has a sitting room, a fireplace and a balcony. There’s a classic library, a spacious reading room, and multiple entertaining spaces. Additional square footage of living space in the finished lower level includes a theater, billiards room, large playroom and gym. The columned wraparound porch offers even more space for entertaining.

The home features paneled walls and coffered ceilings as well as fabric wall coverings. Built by Telemark, it’s been designed by decorator Markham Roberts and was featured in House Beautiful.

Rather than a tennis court, this estate has a lighted bocce court with an allée of trees. And it has a heated gunite pool with an accompanying pool house that offers a wet bar and full bathroom with both an indoor and outdoor shower.

Mr. Baron said the house was built “with a lot of love” and the current owners, who he declined to identify, were “involved in every inch of it being constructed.”

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A "timeless estate" that has "never before been on the market for rent or sale...?" Makes it seem like it was built by the English settlers after they stepped off Concience Point, not 2002. A 7k foot spec house that someone lived in while their kids were in school sounds like. Time to pay for college now?
By InnerBay (72), Southampton on Jun 25, 19 8:26 PM
1 member liked this comment
Not to say it's not beautiful...but sheesh.
By InnerBay (72), Southampton on Jun 25, 19 8:27 PM
Turn it into housing for the homeless.
By jim (48), hampton bays on Jun 27, 19 1:01 PM
Ooh, it’s perfect! I can’t wait to buy it, knock it down and put up a beautiful glass abode patterned on Japanese minimalism.
I’m very concerned about the environment, so I will put in a large,14 car cement driveway, a stamped concrete patio, a helicopter pad and a giant swimming pool. This will prevent me from having to use the herbicides and pesticides required to keep sod looking perfect. Lord knows sod is the only way to go in landscaping involving actual dirt, because ...more
By btdt (449), water mill on Jul 8, 19 6:19 PM