How about a bailout for Greenwich home owners?

45 Baldwin Farms South

45 Baldwin Farms South

This spec house started life as an Ogilvy listing a year ago priced at $9.750 million. Buyers didn’t like its long driveway to a back lot, I guess, or perhaps its lack of a back yard (but a killer view of a small pond) and it’s price gradually fell. It’s been with Tamar Lurie for awhile now and she, too has been dropping its price so that today it’s down to 61% of its original price, or $5.975 million.

The other South Baldwin spec house, number 14, never sold for its asked price of $7.9 million (or was it $9 ?) and is now available through its lender, I think. Perhaps not, but it’s not looking like an immediate candidate for sale.

We did have 2 contracts reported today, the land on Round Hill and a 2006 spec house on Orchard that dropped over the years from $3.795 to $3.195 and probably fell to a buyer in the 2s. Bet that’s the last time for a long time that a builder will pay $1.5 million for Orchard Street property, eh?

All told, with those two contracts, we’re up to a whopping total of six for the month and we’re half way through. Time was when 18 contracts a week was about normal. Time was.

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One response to “How about a bailout for Greenwich home owners?

  1. rosy-o

    “PepsiCo… saying its Frito-Lay division would would add 20 per cent more chips to its family-sized bags of corn-based snacks such as Doritos and Tostitos, to “increase its value offering” to customers.” http://www.ft.com/cms/s/0/d434125c-f9d7-11dd-9daa-000077b07658.html

    Greenwich homeowners (and their agents) might think about increasing their value offering by lowering home sale price 20%, as a start.