The Changing Market

A reader asked what was happening to the spec house at 1 Birchwood Drive but as far as I know, the answer is, “nothing”. The property came on as a building site priced at $1,600, 000 in early 2005 and in the height of that market was pursued by builders. The winner, and I suspect he regrets his luck now, took title with a bid of $2.017 million and proceeded to tear down what was there and put up an 8,000 sf ft (plus basement) house. He priced it at $6.495 in December ’06 and never dropped that price until it expired unsold in September ’07. He then switched brokers and repositioned it at $5.875 and again wouldn’t drop that price. The second listing expired in September 2008 and the house is either occupied by the builder or perhaps was sold privately – it hasn’t reappeared on the Multi-list and I don’t think it ever sold.

Regardless of its status, it’s revealing that a bidding war erupted for the opportunity to build on this  site in 2005 and no one wanted what was eventually built, at least at the builder’s hoped-for price. What would it sell for today? I don’t know, but I’m pretty sure it would be considerably less than the last asked-for price.

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One response to “The Changing Market

  1. I think I remember seeing somewhere that it was listed as “rented” and there are definitely people living in the house. It’s a nice house but that was a lot of money for that location even when the market was doing well.