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.
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?