A bellwether

1038 Lake Ave

1038 Lake Ave

This large house way up on Lake Avenue on 4 acres sold for $4.4 million in 2003. So far as the listing shows nothing was done to it between purchase and January, 2005 but the buyers put it back up for sale for $9.7 million. Their estimate of how much the market had gone up was flawed and the listing expired. Today the house is back at a new price of $7.495. I’ll be curious to see, if it sells, how close it comes to the 2003 price.

The owners of 46 Quail Road, on the other hand, have already decided to bite the bullet. They paid $4.875 million for their house in March 2005 and as of today, will part company with it for just $4.3 million.

6 Comments

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6 responses to “A bellwether

  1. B1

    There is a tragic story associated with 46 Quail, Chris, as the very well-liked husband of the family who owns it died in 2007 at age 38. His wife and son deserve a break, and I hope they get their price.

    • christopherfountain

      I hope they do too, B1. It’s easy to dismiss a multi-millionaire’s losing a bit of unnecessary cash on a house deal (or an investment with Walter Noel) but I, like you know of tales, some tragic, others just sad, where people can’t afford to lose much on their homes yet are faced with that situation because of the current market. What’s good news for current buyers is not good news for sellers but if a sale will let a seller move on and get on with life, it’s not all bad.

  2. Hiram

    There’s no “a” in bellwether.

  3. Hiram

    I haven’t been away, but I feel I’ve made enough of a contribution. However, since this misspelling was in the headline I thought it called for a correction.

    • christopherfountain

      Well I missed your spelling and grammar check, Hiram. Worse, I actually know (or knew) that bellwether referred to the lead sheep (wether) not some blowing wind. I stand abashed.