Price Cuts, price increases

249 Bedford Road was once new construction (4 years ago) built on land that cost $1.520 million in 2003. It was listed for $5.885 million in September, 2005 and has sat empty ever since. I blame the location, at least in part, as this is at the far northern end of Bedford Road within a stone’s throw of New York. There’s a limited Greenwich market for houses up there. In any event, it’s been slowly whittled down and today it’s been priced at $4.995 million. Still a tough location.

25 Keofferam, in Old Greenwich, does have a great location, on a well-liked street, but it came on in the fall at $5.995 million just in time to watch the market dry up. Today it was reduced to $5.550 million but I question whether that size price cut will have any effect. I’d suspect that potential buyers had already discounted the place, in their minds, at least that much, so a builder’s confirmation that he’ll take less than his requested $6 million isn’t going to come as news.

56 Havemeyer Lane

56 Havemeyer Lane

Then there’s this new construction on Havemeyer Lane. It started at $2.195 million in March of ’08, dropped to $1.895 in September and expired unsold in December. It’s back on the market today at $2.195. I know all about our traditional spring market but I think buyers will look at the September price and wonder where an extra $200,000 in value came from.

53 Park Avenue South in Old Greenwich, that crazy Victorian with just three bedrooms, didn’t sell at $2.777 and quite rightly, in my opinion. But today it was knocked down to $1.495. There’s got to be value there, at that price, no?


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10 responses to “Price Cuts, price increases

  1. Anon

    From $2.777 to $1.495 in one cut? If so, that has to be the biggest percentage cut I have seen yet.

    • christopherfountain

      No, 53 Park has been bleeding out slowly. But it’s getting close to complete loss of blood now.

  2. OGRCC


    Can we get a picture of 25 Keoffram. . . What does the yard look like?

    That is a very nice location.

  3. OGRCC

    word of the day:

    To deprive of or drain of blood.

  4. Anonymous

    is that house 1.495 or 1.925?

  5. Anonymous

    Withdraw your comment quick before they all see it!

  6. Anonymous

    My wife and I are new to Greenwich and are looking to buy a home and we actually know 53 Park – saw it in the Fall of 2008.

    While there’s some confusion over the price ( is it $1.9m or $1.5m ?) Even if it’s at $1.5m (Chris – please clarify) we’re not so sure that it’s even worth that.

    For the next five years, we as a nation will be living in a deflationary world – lower prices for EVERYTHING – including income.

  7. realtor 101

    how bout the fireplace_eh, feels like the roman gardens in italy. truly classic

  8. realtor 101

    how bout the fireplace_eh, feels like the roman gardens in italy. truly classic

  9. Adam Breckler

    Wow, two different worlds!
    New to wordpress (just started an account) but came across your blog. Interesting reading!
    I live in the rural area of NW Ohio where a house like this would top maybe $300 but I doubt it. A house in this area would include a three car garage, huge lot, not on top of other houses and not only room for a pool it would have a pool.
    Two different worlds!