Heard of a sale today up the line: seller paid $3.6, had it on the market for two years and sold it today for $1.6. We haven’t quite reached that point here in Greenwich but I am seeing more and more houses at least approaching reality. Three today of note:
99 Husted: Asked $5.250 million in ’08, now $4.150
11 Pinecroft: Asked $4.350 million in 2007, now $3.295
180 North : Asked $5.495 million in 2007, now $4.495
Eventually, these will all sell. If your house still occupies their original price point, you might want to consider what will happen to a bank appraisal should you be lucky enough to find a buyer. Because if your house doesn’t compare to what the lender’s appraiser considers a comparable house, there will be no financing.