How about a bailout for Greenwich home owners?

45 Baldwin Farms South

45 Baldwin Farms South

This spec house started life as an Ogilvy listing a year ago priced at $9.750 million. Buyers didn’t like its long driveway to a back lot, I guess, or perhaps its lack of a back yard (but a killer view of a small pond) and it’s price gradually fell. It’s been with Tamar Lurie for awhile now and she, too has been dropping its price so that today it’s down to 61% of its original price, or $5.975 million.

The other South Baldwin spec house, number 14, never sold for its asked price of $7.9 million (or was it $9 ?) and is now available through its lender, I think. Perhaps not, but it’s not looking like an immediate candidate for sale.

We did have 2 contracts reported today, the land on Round Hill and a 2006 spec house on Orchard that dropped over the years from $3.795 to $3.195 and probably fell to a buyer in the 2s. Bet that’s the last time for a long time that a builder will pay $1.5 million for Orchard Street property, eh?

All told, with those two contracts, we’re up to a whopping total of six for the month and we’re half way through. Time was when 18 contracts a week was about normal. Time was.

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One response to “How about a bailout for Greenwich home owners?

  1. rosy-o

    “PepsiCo… saying its Frito-Lay division would would add 20 per cent more chips to its family-sized bags of corn-based snacks such as Doritos and Tostitos, to “increase its value offering” to customers.”

    Greenwich homeowners (and their agents) might think about increasing their value offering by lowering home sale price 20%, as a start.