Regrouping?

8 Copper beech
8 Copper beech

This new construction was first listed at $9.550 million in July, 2007 around the same time a similar sized house, #10, was listed for $9.495. The owners of #10 accepted an offer in February 2008 of $8.050 million but this one either didn’t get that bid or rejected it. Regardless, it failed to sell, despite eventually being dropped last July to $7.995 and today it was withdrawn. Will it return or will its owners move in and wait out the storm? Inquiring minds want to know.

16 Lakeview Drive, over in Riverside on the wrong (north) side of the Post Road but on a nice street nonetheless, never did catch buyers’ imaginations when it was listed back in 2006 for $3.265 million. It dropped a teensy bit to $2.995 but that didn’t work either and today the listing was deleted. Same questions for this property as for Copper Beech. Something has to be done with it, I presume.

9 Comments

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9 responses to “Regrouping?

  1. Cos Cobber

    Chris, are there two houses at 16 Lakeview? If so, what’s the status of the second home?

    • christopherfountain

      There are two, Cos Cobber, 14 and 16. Neither sold. 14 was rented (for $9,200 per month) in September and maybe that’s what the builder will do with #16.

  2. anonymous

    $8MM buys a lot more impressive house these days

    Would guess it’ll sell for 50% less, eventually….

    Markets can be illiquid longer than many sellers can remain solvent

  3. CEA

    Copper Beech is riiiight off the North Street Ghetto Of Unsold Spec Homes. Good luck to them. Remember 1 Flagler!

    Copper Beech a curbed, feel-of-a-development street with dinky houses next to the big ones (a la Byfield Lane). Also wetlands issues. We looked at a couple of houses there and could never get over the bland “feel” of that neighborhood.

    • christopherfountain

      I like the land here, CEA. The builder bought lots on Copper Beech and the road just to the south and combined them, producing deep back yards that have a lot of privacy. North Street noise didn’t seem a problem when I was last there but all ears differ. But, as locations go, I wouldn’t rate this a bad one. At least, compared to some locations that are currently host to spec homes in this range. I think the biggest problem was price. #10 got out just as the market was ending – this one didn’t, and now must either wait (the Gaithner approach) or slash and run (the Fountain advice).

  4. CEA

    Don’t disagree on the land. I just feel that if you’re spending $8 mil on a house, you should have a nice street to drive up to get home… with similarly-priced houses. Just seems strange to have dinky-dinky-dinky-GINORMOUS-GINORMOUS-dinky-dinky as you head towards the cul-de-sac!

    • christopherfountain

      Yeah, CEA, it’s sort of like Dandy Drive, write large. This is what happens when the music stops.

  5. anonymous

    Location and “feel” of setting are more important than ever when sober, value-conscious buyers can be choosy

    Bubble-era buying patterns are like the 2AM “beer goggles” at trendy bars, when any orifice seems equal, like any absurdly priced spec house

  6. Anonymous

    I may be wrong – but I don’t think #16 Lakeview is finished inside.