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Keep it all to yourself or divide the spoils: Whichever way you want to slice it, the $12.5 million price tag some might consider a bargain for this 40-acre property in Water Mill, says listing agent Christina Galesi of Sotheby's International Realty Southampton. "The market speaks very loudly in the Hamptons," she says. "I've never had something come on the market with as much interest so quickly."

The price, the versatility of the land and the vistas from the included 4,000-square-foot home have attracted the attention of both developers and families, she says. Some land must remain preserved -- the remaining is at the buyer's disposal, either to subdivide or keep intact as a vast estate. Potential buyers have suggested they'd set up horse stables or use the land for a family farm, she says. "There are tons of possibilities," Galesi says.

The house features a private balcony off the master bedroom, walls of glass and a sprawling covered porch to take full advantage of the scenic setting. The seven-bedroom house has five bathrooms and a heated, gunite pool. -- KRISTIN TAVEIRA


Like other homeowner associations across Long Island, the Hamlet Estates at St. James offers a host of amenities, including a clubhouse, fitness center and a swimming pool. But this development has one unusual feature -- paddleboats, which residents are welcome to use to cruise around the community's two man-made lakes.

The paddleboats and life jackets are provided by the clubhouse staff, says Rosanne Murray, director of sales. Murray notes that children must be accompanied by an adult.

Other amenities include a kiddie pool, playground, two lighted tennis courts, a basketball court, boccie ball court and a putting green, as well as property maintenance and 24-hour security.

Located off Route 347, across from the Smith Haven Mall in Lake Grove, the development will comprise 127 single-family homes on lots ranging from a third of an acre to an acre. So far, 78 have sold, and 75 families have moved in, Murray says, noting there are eight models to choose from. Prices in the development start at $738,900.

Monthly homeowner association fees are $516. -- LISA DOLL BRUNO

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