No contracts today but 19 insignificant price cuts and some retreads

There are a number of tiny price cuts today which will accomplish nothing but it’s interesting to see the cumulative effect of some of them. 17 Hendrie in Old Greenwich started at $7.750 back in April ’08 an dis down to $4.995 as of today. 361 N. Maple, an 1865 house not dissimilar to 357 Stanwich discussed earlier, also started in the $2.6 range and  is down to $2.0 million now. 6 Chieftans has never sold, I believe, but tried for $6.196 in 2007 and is back on today at $5.475. Assessed value is $3.4 – just saying …

212 Shore Road, that scrap of land overlooking Lucas Point Beach and Long Island Sound sold for $3.535 in 2005, sold again a year later for $4.975 and those buyers tried to keep that math going by listing it for $5.695 in 2007. Oops – the music had stopped by then. Today they’ll take what they paid for it: $4.975, but the funny thing about deals like this is that sometimes the record stops spinning clockwise and, after pausing, resumes in a counter-clockwise direction. Assessed value is $2.232. Again, I’m just saying.

There’s more, but nothing particularly noteworthy.

5 Comments

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5 responses to “No contracts today but 19 insignificant price cuts and some retreads

  1. Andrew

    361 N Maple sold in Sep. 2007 for $1.96. Did they do anything to the house or did they just assume that there is a huge arbitrage that they decided to list it at $2.6???

    • christopherfountain

      Yes, Andrew, an extensive renovation which, given its new price, was all done for the benefit of the next buyer. How nice of them!

  2. xyzzy

    Are you sticking with your 70% assest value for Riverside and Old Greenwich or have some of the more recent sales made you move up in those areas?

    Also isn’t 17 Hendrie owned by the listing broker? What is it with real estate agents over pricing their own listings? Guess I need to go read freakonomics again.

    • christopherfountain

      Still early to say, xyzzy, but Riverside and OG have always been pretty good at holding value. But obviously, that depends on the house being a good house on one of the better streets. Summit Road, Lockwood, Riverside Ave are all busy streets and won’t command a premium the way 60 Meadow did.
      As for 17 Hendrie, if Freakonomics is right about real estate agents getting more for thier own house, this one isn’t helping his case.$2.775 too high already, with a few million more to go.

  3. Anonymous

    We saw 212 Shore Rd. a few years ago as a rental. It was asking something like $7k or $8k per month (down from $15K). Didn’t know they paid almost $5m for it. What a disaster!