Old Greenwich woes?

I thought that 54 Highview Avenue was fairly priced back in August, 2007  when it was first listed at $1.695. The owners had paid $975 for it in 2001 and completely renovated it so that, while it remained an unprepossessing builder’s special on the outside inside it was a comfortable, well laid out house, all up to date.

But the market was beginning its decline then and it didn’t sell, even as its price dropped and dropped again until it finally reached $1.295 this November. Today it was reported as under contract but “sold direct” meaning that the owners found a friend or neighbor to buy it, presumably for less than its last asking price. So it’s selling for at best 76% of its first asking price and probably less. Considering the improvements put into it in the past years, I wouldn’t be surprised if they lost money on this deal.

I make fun of a lot of houses that sell for far less than their first asking price and point out how ridiculous that price was. That isn’t the case in this instance, so we’re seeing a real market decline, rather than just a overly-optimistic seller finally accepting reality.

1 Comment

Filed under Buying/Selling Greenwich Real Estate, current market conditions, Old Greenwich, pricing

One response to “Old Greenwich woes?

  1. kidding really?

    “Greenwich real estate…. never goes down”