A contract in Old Greenwich

I don’t know what to make of the news reported today that 6 Irvine in Old Greenwich has gone to contract. It’s a tiny little house that’s been up for sale since 2006, asking $1.699 million. It finally dropped to $1.347 million in November and now someone has agreed to buy it, at an unspecified price. The last ask is 20% less than the first and I’m sure the contract price is lower still, but does it tell us much about the market, other than, thank goodness, there are buyers out there with checkbooks? I think not, because I was never impressed with that first price, even in 2006. There are a lot of houses out there dropping their prices to where they should have been originally, in a live market. That may prove to be too late.

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