A ONE-OF-A-KIND ESTATE WITH WATER VIEWS AS FAR AS THE EYE CAN SEE IS ONE OF THE RARE JEWELS ON OFFER ALONG ONE OF THE PRICIEST AND MOST SOUGHT-AFTER STRETCHES IN THE HAMPTONS. If, as any real estate agent will attest, the value of a property is inextricably linked to its “location, location, location,” then the dictum is amplified in a rarefied place like the Hamptons, where prices are often astonishingly high and premium waterfront settings scarce. On the market for $49.5 million, this Southampton home on a rare stretch of land bisected by the ultraexclusive Meadow Lane offers location credentials in spades—and thus comes with a hefty price tag (though now considerably lower than its original price of $54 million). “It is a boutique, A-plus waterfront location,” says listing agent Harald Grant of Sotheby's International Realty (haraldgrantrealestate.com) of the property's position along the most coveted and expensive waterfront strip in the Hamptons. “The setting is unique in that in addition to facing the ocean to the east, it also overlooks the Shinnecock Bay on the west, so you can wake up to views of sunrises on the ocean and end the day with views of sunsets on the bay.” The breathtaking 360-degree views are but one of the unique selling points of the distinctive dwelling. “With no place to park nearby, the beach is mostly deserted; it's almost like having your own private beach because casual sunbathers would have to walk a long way to get here,” says the top broker. So for anyone seeking exclusivity, the nearly 3.5-acre waterfront property assures privacy and seclusion. Built in 2005, the 9,300-square-foot, sixbedroom, nine-and-a-half-bath home is also one of very few new move-in-ready oceanfront properties in the Hamptons, which means it's raised on pilings that not only make it FEMAcompliant, but also elevate it above the dunes to keep its jawdropping views “100 percent clear,” from every floor, says Grant (not just from the upper levels as is the case in older homes along the ocean). Inside, parts of the three-tiered, white-stained shingle-clad home—complete with a central elevator—were also recently renovated by the late notable builder Ben Krupinski, who fitted out the chef's kitchen with stone counters and Viking, Sub-Zero and Thermador appliances and refreshed its baths with marble. Other interior spaces, which include a great room, dining room and family room—all with fireplaces—and multiple bedrooms and guests suites, were also recently redone by influential designer Steven Gambrel with dark polished wood floors and curated classic pieces of furniture. (Make note: “Some of the furniture could be negotiated separately,” adds Grant.) An abundance of outdoor decks, terraces and patios ease the transition from indoors out on every level. And the beachfront lower level offers a gamut of entertainment and recreation spaces, including a gym, media room, wine cellar and wet bar for the full-length covered terrace, where the accent is emphatically on the water. “With 535 feet along the water, the property's total water frontage is enormous,” says Grant, noting the private dock and mooring on the bay side of the property as a bonus to boat lovers. “And unlike most homes along the ocean, which face onto dunes and seagrasses, this home features a beautiful expansive lawn in front and back as well as a 50-foot-long infinity-edge Gunite pool surrounded by a deck that overlooks both the ocean and bay,” adds the agent. Cocktails by the pool, anyone? Steven Gambrel interiors take advantage of water views from almost every room; thoughtful details can be found everywhere; the dining room also faces the ocean; the residence has a stately presence on Meadow Lane.