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Why Doesn't Anyone Want East Chop's Mermaid Boathouse?

Remember East Chop's dreamy Mermaid Boathouse? The listing debuted on the market in January 2013 asking $1,800,000, but when we wrote about the picture-perfect cottage that April, the price had already been reduced to $1,599,000. Just three months later, the pricechopper returned yet again and brought the ask for the much-published abode (hello, Coastal Living, Country Homes and Better Homes and Gardens) down to $1,299,000. Alas, that wasn't the chopper's last mermaid encounter.

The renovated 2BR, 1BA overlooking Crystal Lake "with views of the ocean beyond" was built in 1900 and is being sold-turnkey "with shabby-chic coastal furnishings and interior design by NOCHI of Vineyard Haven." Per the listing, the charmer "is a very popular summer rental." In addition, there's potential for expanding the 855-square-footer to three bedrooms, with "architectural plans and renderings plus approved septic designs are available." This week, the pricechopper visited for another visit and brought the ask for the .85 acre waterfront spread down to $1,095,000.
· Listing: 10 Namas Avenue, East Chop [Point B Realty via Martha's Vineyard Buyer's Agents]
· Rent or Buy: The Mermaid Boathouse, a 'Dreamy Waterfront Cottage' in East Chop [Curbed Cape Cod]
· East Chop's Mermaid Boathouse Lowers Ask to $1.3 Million [Curbed Cape Cod]