2005: $1,230,000. 2009: $1.175 (ask)

77 Valleywood Road

77 Valleywood Road

Valleywood Road has always been a popular street for young families. I’d think that the failure of this house to sell must be due, at least in part, to a dearth of young families entering the Greenwich housing market these days. Statistics are always useful to gauge the overall state of the market but concrete examples are useful, too.

4 Comments

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4 responses to “2005: $1,230,000. 2009: $1.175 (ask)

  1. anonymous

    Agree…looking at specific houses, esp those built in past 5-10 yrs, prob reveals more than macro-stats about pricing changes, esp if look at actual transaction prices, not asking prices

    Ask prices may be sticky/delusional for a long time

    And even if an I-Banker/trader were laid-off today, would guess most have enough savings to keep up appearances for at least ?12mos before having to even list their house for sale, let alone having to finalize a sale….layoffs are only beginning at most major firms

    Likely lag in seeing drops in actual selling prices, which prob will start to show in late ’09 onwards….will see rugrats pulled out of private schools in Fall ’09 as a leading indicator of distress….

  2. Anonymous

    Have you seen the house? What’s your opinion on the place and the pricing level? Please tell.

    • christopherfountain

      Honestly, I don’t remember seeing it – that’s not to say I haven’t, but I don’t remember any details. The street’s a good one – I particularly like the houses on the east side of the street, without the hill to climb but both sides have sold well in the past (I don’t know which side of the street this one’s on). $1.175 doesn’t sound like a crazy price at all but as long as the owners are losing money, why not bid $995 and see whether you can’t protect yourself still further from any future price declines?

  3. fred

    Whats it got, gold toilets? For that kinda money, you could do way better in OG. If the owner is losing money, its nobody’s problem but theirs.
    Protect yourself with 879K. Dont be a schmuck and throw good money after somebody elses bad. Its got a weird looking roof (addition)too boot.