A 2.5-acre property in Wainscott, on the market for $23.5 million, is one of only seven oceanfront homes in the East Hampton hamlet. The 3,000-square-foot, five-bedroom  house with four bathrooms and a half-bath sits along 315 feet of beachfront.

Christopher Burnside of Brown Harris Stevens, who is co-listing the property with Mitchel Natter and Anthony Cerio, says there are plans proposed for a new 8,000-square-foot home with a pool, hot tub and cabana.

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"It could be a package deal, or the buyer can build his own house and just buy the property as is," Burnside says.

Burnside is working with Barnes Coy Architects on a concept for a new home.

"At this point, I just want to give a prospective buyer the vision of what can be built at the site," Burnside says. "If they like the proposed plans or want to have their own design, we can have flexibility with the architect and builder. Several big builders have expressed interest in either building the new home or even investing with someone to do a major oceanfront project at the site. It is quite the spot with ocean and pond views from every room."