Price Cuts, price increases

249 Bedford Road was once new construction (4 years ago) built on land that cost $1.520 million in 2003. It was listed for $5.885 million in September, 2005 and has sat empty ever since. I blame the location, at least in part, as this is at the far northern end of Bedford Road within a stone’s throw of New York. There’s a limited Greenwich market for houses up there. In any event, it’s been slowly whittled down and today it’s been priced at $4.995 million. Still a tough location.

25 Keofferam, in Old Greenwich, does have a great location, on a well-liked street, but it came on in the fall at $5.995 million just in time to watch the market dry up. Today it was reduced to $5.550 million but I question whether that size price cut will have any effect. I’d suspect that potential buyers had already discounted the place, in their minds, at least that much, so a builder’s confirmation that he’ll take less than his requested $6 million isn’t going to come as news.

56 Havemeyer Lane

56 Havemeyer Lane

Then there’s this new construction on Havemeyer Lane. It started at $2.195 million in March of ’08, dropped to $1.895 in September and expired unsold in December. It’s back on the market today at $2.195. I know all about our traditional spring market but I think buyers will look at the September price and wonder where an extra $200,000 in value came from.

53 Park Avenue South in Old Greenwich, that crazy Victorian with just three bedrooms, didn’t sell at $2.777 and quite rightly, in my opinion. But today it was knocked down to $1.495. There’s got to be value there, at that price, no?

10 Comments

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10 responses to “Price Cuts, price increases

  1. Anon

    From $2.777 to $1.495 in one cut? If so, that has to be the biggest percentage cut I have seen yet.

    • christopherfountain

      No, 53 Park has been bleeding out slowly. But it’s getting close to complete loss of blood now.

  2. OGRCC

    Chris,

    Can we get a picture of 25 Keoffram. . . What does the yard look like?

    That is a very nice location.

  3. OGRCC

    word of the day:

    ex·san·gui·nate
    v.
    To deprive of or drain of blood.

  4. Anonymous

    is that house 1.495 or 1.925?

  5. Anonymous

    Withdraw your comment quick before they all see it!

  6. Anonymous

    My wife and I are new to Greenwich and are looking to buy a home and we actually know 53 Park – saw it in the Fall of 2008.

    While there’s some confusion over the price ( is it $1.9m or $1.5m ?) Even if it’s at $1.5m (Chris – please clarify) we’re not so sure that it’s even worth that.

    For the next five years, we as a nation will be living in a deflationary world – lower prices for EVERYTHING – including income.

  7. realtor 101

    how bout the fireplace_eh, feels like the roman gardens in italy. truly classic

  8. realtor 101

    how bout the fireplace_eh, feels like the roman gardens in italy. truly classic

  9. Adam Breckler

    Wow, two different worlds!
    New to wordpress (just started an account) but came across your blog. Interesting reading!
    I live in the rural area of NW Ohio where a house like this would top maybe $300 but I doubt it. A house in this area would include a three car garage, huge lot, not on top of other houses and not only room for a pool it would have a pool.
    Two different worlds!