11 Hycliff Road (off Riversville) is a “California Ranch”, whatever that is, on six acres of nice land. It’s been for sale pretty much constantly since February, 2007, first at $4.995 and now, three agents and a bunch of price cuts later, at $3.250. This may or may not be the right price today I’m pretty sure, however, that had they started here in 2007 the owners would be long rid of the place and already settled in a wherever they preferred to be. This isn’t all about a falling market – overpricing in Greenwich ahs been going on for a long time, but there’s just no margin for error any more.
Russ Pruner, Big Chief of Shore & Country Realty, sent me a fascinating spread sheet yesterday and when I can figure out how to post it, I will. He analyzed all sales this year – 91 single family houses (some of which went to contract in 2008) and compared their selling price with their full market value in 2005. On average, they were down 11%. But, as you’ll see once I post it, the real significance, at least to me, is that the few houses that beat the 2005 valuation were up a teeny bit – many, many others got hammered. Of course, that’s along the lines of what I pointed out yesterday: these low-priced sellers aren’t the exception, they’re the rule.