22 Cornelia Drive has been listed today for $2.570 million. I understand the thinking here – the owner paid $2.050 for it two years ago, razed the cottage that was there and spent a small or even a large fortune preparing a building site. But ….
The lot is pretty much a high promontory falling off into swamp. It is technically two acres in a one acre lot but at least half of that is swamp cabbage and mud and I don’t think that brings a lot to the party. The neighboring spec house next door, 21 Cornelia, has been on the market since 2005, starting at $11.7 million and falling down into the $6s. I don’t know how long its builder can hang on but I’d guess that 21 will sell for a steep discount eventually, making anything built at 22 suffer a bit. But maybe – $2.5 for the land, $2 million for a house, you’d be in at a price that should be okay for this street. I guess I’d prefer to try to cut a deal with the builder of 21 and pick up what seems to be better land.
