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If you’ve ever dreamed of owning a compound on the North Fork where you could entertain family and friends, the time to turn that dream into reality is now.

This coastal compound, located in the charming seaside hamlet of New Suffolk, includes a 3-bedroom main house, a pool house and a 2-bedroom cedar shake cottage spread across an 8,712-square-foot L-shaped lot.

Although the compound feels like it belongs in the pages of Coastal Living magazine, it’s the private grounds that land this property on our Dream Home list.

“The private grounds, including the amazing pool house with Mahogany outdoor shower and porch, the stunning gunite pool with elegant planter waterfalls and lights, the outdoor kitchen, and the lush landscaping, these are some of my favorite features of this compound,” said listing agent Gayle Marriner-Smith of Daniel Gale Sotheby’s International Realty. “When you walk into the main house’s backyard, it’s as if you have walked into a Shangri-La with its beautiful plantings, river rock steps, slate patios, thick sod, and bird song.”

The property also features innovative technologies with smartphone controls for the pool temperature, waterfalls, lighting and outdoor stereo, as well as self-irrigated planters throughout the property.

In the main house, there are three bedrooms, three bathrooms, an open-concept living room with fireplace, dining room and custom kitchen with a Carrera marble island and high-end appliances. Downstairs you’ll find a partially finished basement with custom-built pool table.

A cottage that was recently updated on the grounds has central air conditioning and is the ideal space to host guests.

“It’s easy to imagine yourself relaxing with friends by the fireplace, or congregating around the huge Carrera marble island in the kitchen, or gathering at the large dining room table that looks out on the gardens and pool area,” Marriner-Smith said.

Entertaining would be hard to resist in this perfect retreat.

It is listed at $1,995,000.

View the full listing here.