Here are some grand white elephants going begging on Boston’s north and south shore. They’re both genuine oceanfront, and, at least in the case of the first house, look obsolete after 100 years of use. What struck me was that their initial asking prices of $23 million and $19 million respectively were about the same as what the Greenwich market has commanded for plain old Long Island Sound waterfront instead of ocean. Now they’re asking half that and are still unsold? Is a similar fate in store for our most valued properties? So far, waterfront has remained solid here, so to speak, but who’s to say?
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