Is the self-professed hardest working man in real estate, Michael Shvo, slowing down? Shvo, the condo megasalesman who told New York two years ago that “most real-estate brokers don’t work like I do; they’re all in the Hamptons,” and his fiancée, Abaeté fashion designer Laura Poretzky, are paying $3.75 million for a four-bedroom house in Water Mill. But it’s no oceanfront jaw-dropper. Instead, it’s a modest—by Hamptons standards, anyway—though perfectly pretty contemporary with a heated pool on 1.7 acres. “You’d think someone with this persona would choose something with more presence,” says a top local broker. “It doesn’t have an estate kind of feel.” Interestingly, Shvo’s nemesis, Über-broker Dolly Lenz, owns a house just one street away.