Hmmm
No one seems very cheery about Lehman’s prospects. I’m taking no particular joy in their demise because I have friends who work for them or did until today and, friendship aside, these people and their peers in the financial industry have been driving the Greenwich real estate market. It’s all very well for commentators to celebrate their demise but for those of us who wanted to sell houses to them, it’s a bummer.

Along that line, did you know that only three single family homes went to contract this week? One, 7 Ginko Lane, priced at $1.150 million, went via bidding war. of the other two one was under a million and the other not much more.

Perhaps reflecting this, Mark Mariani has reduced his 11,000 sq. ft. spec house on Sabine Lane by 25% and it can now be yours for just $8.950 million. If your Shearson stock lost $2.8 million this week you can still buy this house and be right where you were.

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  1. Anonymous

    1 Meadowcroft: $10 mil. Max.

    I do not understand builders who “put it out there” at a price they KNOW they won’t get, then lower it 3 months later. Do they think that a completely unaware buyer will come by and simply MUST have that house (even though it looks like 4 others that the builder did?).

    It is like, they want to at least SAY they priced it at X. Which leads me to wonder if there is some clause in the builder’s contract with his financiers, saying that the house will be priced at a certain number, or at a certain % over costs.

    Because otherwise, it makes no sense to price where you know it can’t sell – like $1,000/sq ft.

  2. Chris Fountain

    Good question.