And with it, the clouds will dissipate, the economy will heal itself and Greenwich real estate properties will return to where they were two years ago and resume their meteoric rise. Or so some sellers seem to think.
Here’s a new price reduction today, from 54 Doubling Road. Purchased for $1.5 million in 2003 and untouched since then, the owners listed it for $2.295 million this November. Not a crazy price, were this 2006, but not one that will move it today. But the owners must feel that, if The One is coming in to heal our wounds, why give away the store? So they’ve dropped the price a whopping $46,000. Yeah, that should do it!
122 Cat Rock road may have the same problem. These owners paid $2,125,000 in 2000 and again have done nothing but live in the house since. They’ve been trying to sell it for $3.595 since June and now have reduced it to $2.950. That’s a substantial reduction, but if we’re really approaching 1999 or 2000 price levels, and I think we are, then this one still has a ways to go. Unless, of course, we really do see a miracle on Pennsylvania Avenue this afternoon. I have my doubts; many others do not.