KEEPING THE FAITH. Billy Joel has once again lowered the asking price for his Sagaponack home. The four-bedroom, six-bath beach house, which is listed with Biana Stepanian of The Corcoran Group, is now on the market for $18.5 million, according to the real estate firm's website. Joel bought the house as a gift for his wife, food personality Katie Lee. After their split, he put it on the market for $22.5 million. It was reduced to $19.9 million in September. The house once belonged to the late actor Roy Scheider.
DOWN, DOWN, DOWN. There’s also been a price drop of $5 million on ad man and restaurateur Jerry Della Femina’s 7,000-square-foot oceanfront mansion in East Hampton. The eight-bedroom villa went on the market in the spring for $40 million. It is now listed for $34.995 million, according to Corcoran’s website. Susan Breitenbach has the listing.
SHORT SALE. Everything about this Oyster Bay Cove home is big: its 10,000 square feet of living space, giant walls of glass and now the amount by which the sale price has been reduced. Due to a short sale, the six-bedroom, six-bathroom house, originally listed at over $3 million, can now be had for $1.99 million. Located in the Tall Oaks luxury development, the home, built in 1993, is a dramatic contemporary on 3.1 acres. "This is for the buyer who wants huge open common areas, oversized hallways and 25-foot ceilings," says Emmett Laffey, chief executive of Laffey Fine Homes, which is listing the house. There is a heated indoor gunite pool, an elevator and an 800-square-foot master bedroom. "To construct a 10,000-square-foot home today would cost $2 million alone," Laffey says. Last year, former Jets quarterback Vinny Testaverde sold a home in the same development for $3.1 million after reducing his asking price by nearly $4 million.