
77 Valleywood
Cos Cob continues to tear up the pea patch in sales activity after lagging behind other areas of town for months (4 out of 7 contracts this month were for CC). Today this Valleywood Road house sold, for $1.080 million, down 12% from what the sellers paid for it in 2005 ($1.230) and quite a bit off its initial asking price of $1.450, but these days, a 12% bite isn’t horrible.
82 Buckfield Road, on the other hand, isn’t doing so well. It first asked $4.790 back in April 2005 and hasn’t sold, despite dropping its price steadily. Today it’s down to $3,194,876 – usually, an oddly precise number like that is what is owed the lender.
UPDATE: Oops! This house was reduced from $3.495 to $3,494,876 in January so it was then, I would guess, that the bank started looking for its number. Today’s reduction is a signal that they’ve begun to accept the fact that they’re going to lose money on their loan. It will be interesting to see how far that acceptance runs.