There are three similar houses for sale in Greenwich, all on the same street (just to keep my cellphone and emailbox less crowded today I won’t identify the street – these could be anywhere in town). One started at $3.750 million last spring and despite being a nifty house with beautiful grounds, is still unsold today after dropping a full million. Another started at the same price ($3.750) last September and has dropped to $3.5 and also remains unsold. Earlier this week the third house joined them on the market, priced at $4 million. I understand that every home owner considers their house to be exceptional but trust me on this – the age, architecture and state of renovations all appear to be roughly the same, and all are of very high quality. I wonder, then, at the decision to price the third house where it is, given the failure of the first two to sell at lower prices. But, as always, we’ll see.
And I note that another price reduction has been recorded today, again at an address I won’t give because the builder owner screamed at one of my colleagues and threatened to take their business elsewhere (funny thing, it’s not a Raveis listing) when I suggested, a long time ago, that it would probably encounter difficulty selling at its asked-for price. It dropped 25% today, which is too little, too late, but perhaps that builder will call back my colleague and apologize. You think?