The sun comes out at noon

And with it, the clouds will dissipate, the economy will heal itself and Greenwich real estate properties will return to where they were two years ago and resume their meteoric rise. Or so some sellers seem to think.

Here’s a new price reduction today, from 54 Doubling Road. Purchased for $1.5 million in 2003 and untouched since then, the owners listed it for $2.295 million this November. Not a crazy price, were this 2006, but not one that will move it today. But the owners must feel that, if  The One is coming in to heal our wounds, why give away the store? So they’ve dropped the price a whopping $46,000. Yeah, that should do it!

122 Cat Rock road may have the same problem. These owners paid $2,125,000 in 2000 and again have done nothing but live in the house since. They’ve been trying to sell it for $3.595 since June and now have reduced it to $2.950. That’s a substantial reduction, but if we’re really approaching 1999 or 2000 price levels, and I think we are, then this one still has a ways to go. Unless, of course, we really do see a miracle on Pennsylvania Avenue this afternoon. I have my doubts; many others do not.

5 Comments

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5 responses to “The sun comes out at noon

  1. xyzzy

    I noticed on the Raveis website that the waterfront property in Old Greenwich on Eggleston is no longer listed. Did it sell or just roll off?

  2. christopherfountain

    23 Eggleston is for rent and has been since early October, asking $14,500 without any takers. Nothing for sale there, I don’t think, since a house sold for $3.1 million sometime in 2003.

  3. Peg

    I’m not sure that even a real Messiah could get these houses sold at such – uh – “optimistic” prices.

  4. Pascale

    I am the owner of 54 Doubling Rd and I think that before you make some false statements you should have gone a little deeper in your research.

    1. We bought the house in 2001, not 2003

    2. You say that the house has been untouched since then. I would gladly have you take a look at the “before and after” pictures. We have done an enormous amount of work inside and also outside the house.

    This is a antique house from 1839, in mint, ready to move in condition. You are very welcome to come take a look. I would love to see how many houses that you think are truly comparable in Greenwich for sell at this price point.

  5. christopherfountain

    Sorry – that was a snarky way to suggest that a 2% price cut won’t do much good in this lousy market. Yours is indeed a great looking house and in better times should have sold easily at your first price. I’m as sorry as you are that we are not living in better times.
    As for improvements, I don’t have the listing in front of me but if I said none were made I would have taken that information from the information provided by your agent. Or I simply misread the listing. If I did the latter, I do apologize. Either way, I hope a buyer materializes who will discern the value in your house. One will, eventually – it’s just that with nine sales this year, we’re essentially dead. Let us hope that spring is merely delayed, not postponed til next year.