I said it then, it’s inching closer to proving me right

499 Indian Field Rd

499 Indian Field Rd

Ogilvy & Associates has cut the price of the Greenways/Copper Beech estate another $10 million to $130,000, down $60 from its opening price. Last May I noted that Ogilvy held the record for largest fall from asking to actual selling price: the Helmsley place, $90 million price cut; and predicted that he’d break his own record for this one. $60 million isn’t $90 million, yet, but back in September, when this property took its first price cut of $50 million I predicted an eventual selling price of $45 and, even if I was too conservative then,  there’s still plenty of room for that $90 to be surpassed.

8 Comments

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8 responses to “I said it then, it’s inching closer to proving me right

  1. Libertarian Advocate

    For $130K. Hell I’ll buy it!

  2. AJ

    When are you adding a livestream creekcam to your site so that I can watch the tide come in and go out, and see the occasional terrapin stick its head out of the water. How about some Gopro Hero house tours. I prefer the chest strap mounted model over the helmet cam.

  3. Cos Cobber

    This is truly spectacular setting. I hope it doesn’t end up in subdivision mania. When exiting Cos Cob harbor, the long undeveloped coast line has shades of northern New England it its appearance. Its probably not a stretch to say this is the southern most “New England style” shoreline left.

    • Anon

      I doubt if the listing has the words “Cos Cob” – that would cause another $20mill reduction!! LOL

    • anon

      I remember reading here this owner has much of his land preserved as forest. What will be interesting to see is if the tax abatement for the land conveys to the new owner. Massachusetts is embroiled in a case now fighting a large landowner who pays little taxes for land behind his home that he donated to a land trust.

      As reported by The Vineyard Gazette:
      “The case between the New England Forestry Foundation and the small western Massachusetts town of Hawley dates to 2010 when the Hawley board of assessors refused to grant the forestry foundation a tax exemption on about 120 acres of land it owns. The town sent the forestry foundation a $172 tax bill.

      The foundation appealed the decision with the state appellate tax board, which found in favor of the town. The case was later taken on appeal by the state’s highest court, which heard arguments on Monday this week. A decision is pending.

      In Massachusetts, land used by a charitable organization qualifies for a tax exemption under state law. But the town of Hawley argued that lack of access and use of the forest made it ineligible for the exemption.

      “The property owner’s failure to demonstrate active use of the property destroys its eligibility for exemption,” town attorneys wrote in their brief. They further quoted the appellate board, which said in part: “Simply keeping the land open and allowing its natural habitat to flourish is not sufficiently charitable.”

      According to the town, the appellate tax board ruled that the forestry foundation did not appropriately qualify as a tax-exempt charitable organization and the property had insufficient public access to qualify for a tax exemption.

      In their brief with the court, attorneys for the New England Forestry Foundation disagreed, saying the foundation exists “for the purpose of protecting the natural beauty, biological integrity, recreational availability, and long-term viability of the land. This purpose — forestland conservation — has long been recognized as a charitable activity in the commonwealth.”

      The foundation further argued that it qualifies as a charitable organization and occupies the forest by protecting it from development and actively managing it through an ecologically sustainable forest management plan. ”

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