Foster Crossing Estate Hits The Market For $20 Million - 27 East

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Real Estate News / 1391219

Foster Crossing Estate Hits The Market For $20 Million

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Cliff and Lee Foster.

Cliff and Lee Foster.

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

72 Foster Crossing, Southampton Village. COURTESY SAUNDERS & ASSOCIATED

author on Jun 19, 2019

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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