Water Mill Traditional Sells for $7 Million

A traditional home built on 1.5 acres in Water Mill in 1998 at the end of a cul-de-sac has sold for an even $7 million.

Inclusive of the finished lower level, the residence at 36 Cobb Hill Lane is 7,500 square feet and comes with both an attached garage and a detached garage, the latter of which has a studio above with a full bathroom.

The main house includes two primary bedrooms, one on the first floor and one on the second. It has five en suite bedrooms in all. A living room with a 20-foot-high cathedral ceiling is at the home’s center, and a solarium is off the kitchen. The lower level has a 1,500-square-foot open floor plan including pool, bumper pool, ping pong, foosball, darts and more parlor games.

The grounds feature mature landscaping with extensive exterior lighting, a pool, an all-weather tennis court with a basketball hoop, and an electrified garden gazebo.

Drew Green of Saunders & Associates had the listing and worked the other side of the deal as well.

“It was a nice, generously sized parcel of an acre and a half with room for everything it already had — as in house, pool, tennis — and it was at the end of a dead-end street, south of the highway, which is always advantageous, and it was fully cleared and usable. Those are all bonuses,” Green said.

Having four cars of garage space in total was another selling point he noted, adding that the detached garage could theoretically serve as an accessory building for whatever the buyers would like to make it.

Green said it took all summer and a couple of months to sell though “there was tremendous traffic on the property through the summer. He said he and his colleagues found that the market was a “wait and see” market. “Everybody was kind of waiting for somebody to blink for things to happen, and I was confident and optimistic that the house would transact at the end of the summer, and it did,” he said.

He noted that the buyers perceive the house as a blank canvas. “They are going to do a major overhaul of the house,” he said.

Green expects 2024 to be a strong year for the real estate market, with interest rates going down while assets are up, with the stock market at all-time highs. “These generally bode well for the real estate market, ultimately, out here,” he said.

The deal closed on October 27, 2023, according to Suffolk Vision Inc., which reported that the sellers were Henry and Judy Liu and the new owners are Ashish Karandikar and Magdalena Jurkiewicz.