It’s my house and I’ll cry if I want to

15 Knollwood has expired after 18 months, still at its original price of $10.750 million. It looks like a nice house, set on two acres in a one-acre zone and encompassing either 12,000 or 13,000 sf, depending on which listing you look at. It has an interesting history: built in 1999, it was first sold for $5.5 million in February 2000, put back on the market in June of 2001 for $8.750 and found a buyer in July 2002 for $6,49,900 – it went in a bidding war, after all that time.

The current owners did some renovation in 2007 and have had it up for sale since April of that year. I don’t know whether they’ve pulled it for the holidays or just grew discouraged but clearly they’re not in the mood to lower their price. That’s fine, as long as they’re happy living where they are.

3 Comments

Filed under Buying/Selling Greenwich Real Estate, Mid Country, Neighborhoods, pricing

3 responses to “It’s my house and I’ll cry if I want to

  1. CEA

    Wait, they bought it for $6.5 and want to sell it for $10.75? They did $4+ million in renovations? yeah, right.

  2. clueless

    This story sounds so familiar. You discuss such amazing value appreciations frequently, is there a tax rightoff one can make if property fails to sell after performing renovations? It often puzzles my little brain.

  3. christopherfountain

    Well, you can claim them as a long term capital loss, but those can be used, if I remember, only to offset long term capital gains. Usually not much use, and there may be a limit ($2500?) for how much you can use each year. But my tax law days are long behind me so check with someone who knows something current about them.