Nothing to send spec builders’ hearts soaring, I suspect, but 154 Cognewaugh (no details available on the Net because it’s a Sotheby’s listing) has gone to contract. This is a large new shingle style house built on land purchased for $1.4 million. The house was originally priced at $4.895 in July, 2007 and the builders have been adjusting their ambitions downward ever since. The latest price was $3.150 million as of January and I’d be surprised if the buyer bid full price. Even if he did, the builder will have just $1,561,000 left after deducting the land cost, commissions and taxes. If the constuction loan was at zero interest, then no problem.
The same builder, by the way, has reduced the price of another project, 137 Cat Rock Road, to $4.295, from its original price of $5.495. Like Cognewaugh, this is a beautifully crafted house and this one has a very nice, huge flat back yard and Mianus River Parkland behind. Nothing wrong with it that I can see that a stronger market won’t cure.