Lucky thing Cherridune just went into contract because we’re out of space on its picture for more pricechops. The house hit the market just about a year ago and suffered a whole lot of price chops along the way. The sellers have lost money, given that the last ask is now quite a bit less than what they paid for the place ($ 8.5M) back in October 2007. Ouch.
Why did it take so long to sell? Commenters back in August said the lot was weird, and maybe that’s the problem. “House is fine. Lot not so good. On a hill and not much useable yard. I think that’s why it’s not selling. The comp is two doors down on Apaquogue that sold for $ 7mm with 2 acres. Up on a hill, but has a much larger useable lot.”
Cherridune was built in 1901 for Mrs. A.E. Newman by Frank E. Grimshaw, Jr., and retains loads of its original charm. The main house is 7400sf with six bedrooms, two of which have their own sleeping porches. There is also a three-bedroom guest house, originally built for Mrs. Newman’s chauffeur. The basement contains a heated two car garage, an exercise room, powder room, sauna, laundry, changing room, and access to the rear patio with gunite pool. The property isn’t large, at one acre, but the address, of course, is excellent. Congrats to the new owners.