A couple of weeks ago, we spoke about one of Farrell Building Company's latest ventures, a 6,000-square-foot spec house in a desirable section of Water Mill South. At $5.995 million, the house—even in its scaled-down state—definitely represents a great downturn-era deal. But let's not let this house off the hook so easily. Turns out Farrell is ostensibly building the exact same house in an almost-equally upscale area of Sagaponack North. And that means we can run a nice little case study to see just how much a builder can charge for a south of the highway address. With the Sagg North house priced at a mere $3.550 million, our calculations turn out a $2.445 million premium. Factor out the Sagg North property's extra acre of land and tennis court, and we're still talking at least $2 million. A small price to pay for the beaches, the glory, and the farm fields.
· Listing: 5 Sagaponack Court [Corcoran]