A builder’s frustration shows

There’s a great house at 9 Boulder Brook, built by one of the town’s best contractors, on land purchased for $2 million in 2007. Four months later, in October of that year, the land was offered for resale at $3.4 million, which happens so often in Greenwich that I’m beginning to believe that builders, at least, see some logic in the tactic. That logic escapes me, and in any event, the land didn’t sell so building commenced. The house started at $6.750 and over two years dropped down to $6.450, without success. Yesterday the listing was deleted and the house is back on today for $7.325 million. How did an extra million dollars of value appear overnight? Ask the builder. I’m guessing that he just got annoyed at no one buying the place and perhaps he’s received what he thinks are lowball offers and concluded, “if someone’s going to lowball me, I might as well make them start at a higher price.”

Or not – maybe a pool and five extra acres were flown in by helicopter yesterday.

UPDATE: Never mind! The Board has just corrected the price to $6.325 million (so why was it deleted yesterday?) and I assume the higher price was someone’s mistake. Of course, the listing now shows the house as being a million dollars cheaper than its “original asking price” of $7.325 when in fact, that price lasted just one hour, but that’s what your agent’s for – to keep you informed about such things.

4 Comments

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4 responses to “A builder’s frustration shows

  1. anonymous

    Do they not teach about time value of money or opportunity cost in Business Common Sense 101?

  2. xyzzy

    maybe that was the trick. Make it look like its a “bargin” by looking like they have taken $1 million off the price.

    • christopherfountain

      I don’t think so in this case, XXYZZY – a fine builder, reputable agent so I think what happened was that someone punched in the wrong number and even though that was corrected, out wonderful listing program automatically grabs the previous price and posts it. Knowing the primitive state of our board’s computer program, the error probably can’t be over-written.
      Now if certain other agents had done that ….