Contract

48 Parsonage Road

48 Parsonage Road

This house was built on land purchased for $2.440 million in May, 2007. The house was listed for sale in May 2008 at $7.850 and reduced about a million to $6.895 in January. It’s reported as under contract today by an “out of town broker”. If it’s going for anywhere close to its final asking price, that’s encouraging news for builders. After all, what’s a million dollar shaving from an imaginary list price?

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4 responses to “Contract

  1. Dr. Antell house @ 133 Pars is bargain @ 5.7 mill

    The buyer could have saved more by knocking on dr antell’s door right down the road.

  2. Kidding Really??

    Wonder if the out of town broker noticed the cemetery across the street?

  3. ff

    Have to say I’m suspicious about the “out of town broker”. In my old stomping grounds, sellers used to change the name of their legal entity to gin up losses when their bank remade their bad loan. It also served to rebrand a house that brokers and sellers have given up for stale and dead.

    Since the owners of 48 Parsonage Road LLC were 4 months past due on their $5.3 million Bank of America LIBOR + 3.85% (floor of 7%) mortgage , they had to hit a fancy number to pay the bank, especially after racking up interest, carry, brokerage and conveyance tax bills.

    While I hope that the sellers retire to St. Barts on the profit, I suspect we will see this again soon.

    • christopherfountain

      FF, I suppose I mentioned the origin of the broker because I too have noticed that when spec houses sell for surprisingly high prices, they often do so through the services of an out of town broker. I had attributed that to the fact that perhaps the broker and his client weren’t familiar with Greenwich prices and thus overpaid but your cynicism (and experience) reveals me as the naive waif that I am.