54 Rock Maple
May, 2007: $12,450,000
December 10, 2009: $5,950,000
Assessment: $4,071,000
UPDATE: went back for the open house today and 2 1/2 years and, more important, a $6.5 million price cut does make a difference. This house is not my cup of tea (it’s huge) but you couldn’t build it for less today and it would probably cost far more. Beautiful trim level inside and, this amateur thought the exterior quality matches that inside. I think it’s a good price now, for what it is, and if large houses are what you want, you should check this out.
I think this house is really cool.
CF, similar to the argument in your historic post about “Touching Bottom,” this property seems to have an asking price near replacement cost. The listing says 9,200 sq ft and assuming $400 per, that is $3.7 million of construction costs. Add $2 million for the land and that is replacement cost of $5.7. Maybe you can do a really large house like this for less on a per square foot basis but someone is going to buy this closer to $5. I think that person will earn above average returns from owning it over the coming years.
Since May 2007, how many/what increments downward has this house taken to get to its current asking?
Seven price cuts, three brokers.