New Construction, 35% off

154 Cognewaugh

154 Cognewaugh

The Pecora Brothers listed this place for sale back in July 2007 for $4.895 million. Today, eight price cuts later, it’s dropped to $3.150. That might do it – it’s an okay house – but they can’t change the road and, so far at least, they haven’t been able to change the look of the house behind it. At some price, a buyer will probably be willing to ignore a 1960’s, tired ranch with a broken down boat and trailer and discarded jungle gym set as back yard neighbors but they certainly weren’t willing to do so at this place’s original price. We’ll see if their vision is obscured at this lower one.

UPDATE: Additional thoughts. Just as we agents should be meticulous about inspecting the condition of our vacant listings, builders of new houses, particularly in this one’s original price range, should zealously inspect the product they intend to present to the buying public. Fill in nail holes in the shingles, replace missing shingles and down spouts and in general, show that you know what you’re doing. There’s nothing fatal about a paint job that wasn’t properly prepared, but it’s off putting. I always ask myself, “if they missed the obvious stuff, what about the stuff I can’t see?” Buyers do, too.

4 Comments

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4 responses to “New Construction, 35% off

  1. Owl

    These guys build a good house…this one is priced to sell as is their other one (Cat Rock). THe buyer can easily hide the neighbor’s boat with a few trees from Ceci Brothers!

  2. Towny

    First off, that “1960’s, tired ranch with a broken down boat and trailer and discarded jungle gym set as back yard” probably closely resembles the character of the original neighborhood. Just because one can build a $5 Million McMansion at 154 Cognewaugh dosent mean it is the right thing to do. I’m not saying it is necesarily the wrong thing either, but buyers are accutely aware of the nieghborhoods they are investing in.

    Secondly: Meticulous is an understatement. I’ve heard of empty spec’s that didnt even have mats at the front and rear doors. Shoe prints everywhere. Sand scratched hardwood floors. Lousy post construction clean-up whereby a fine layer of dust was still visible on everything. Cabinet doors and drawers ajar. Urine stains and water spots on the fixtures. Cigarette butts clearly visible in the bushes by the front door. Dirty windows and fingerprints on the doors. One house is going to be a black mold problem for years as the builder “forgot” to shut off the water and the pipes recently froze. His basement now resembles an olympic sized pool.
    At another one, water had evaporated from the sink traps and sewer gas was permeating the house.

  3. christopherfountain

    Yup, to all your points.

  4. Bill

    Real Estate is going so much lower – more importantly Greenwich will finally feel some of the pain the folks in the Midwest, South and Southwest are feeling. The layoffs are really just beginning and who do you actually think will be there to scoop up all these great (not so) deals everyone talk about in Greenwich. With more regulation on Wall Street and inflated salaries a thing of the past, reality will finally set in. I predict another 30-40% move LOWER for Greenwich real estate… I know it sounds crazy but I’m sorry to say it will be a reality. What is about to come will wake a lot of folks up….. Aside from Citibank on the verge of collapse, our beloved Wall Street will see pain like most have never seen before. Thank our Government and all the folks that rode The GREED Train. And by the way – there will be another Madoff situation right around the corner – stay tuned…..