317 Stanwich Road sold in 1995 for $1.8 million. The new owners did extensive renovations over the years and put it up for sale in January 2008 for $3.850 million. I thought at the time that they might have trouble getting their price because, although I liked the house, it has a quirky layout and there are two unbuilt-on lots next to it that, one day, will cause some construction havoc. Not fatal, but enough to affect its price. The market agreed with my assessment and the house didn’t sell despite a number of price reductions. But today it was marked down to just $2.250 million. Even ignoring the inflation of the past 14 years, that’s a remarkable price, in my opinion. Shape of things to come?
UPDATE: A reader asked about the owners applying for a sub-division of this land and wondered whether that accounted for the price drop. In fact (I just checked, I didn’t notice this before) the land has always been listed as:
“2.9 ACRES IN 2 ACRE ZONE SURROUNDED BY LAND TRUST. TAXES ARE AN ESTIMATE BASED ON DONATION OF 1 ACRE OF ORIGINAL 3.9 ACRES TO GREENWICH LAND TRUST.”
Assuming that the donation has not yet been made, I interpret that to mean that you can keep all 4 acres and pay higher taxes or go with the plan and sit on 2.9. Either way, that donation has not played a part in the reduction in asking price.