Hmm – here’s a project that’s not going well, and no wonder. First of all, the builder, an experienced local boy so who knows what was going through his head, paid $1.5 for the land back in August 2007. Not only was that awful timing, he paid the record amount for the street and previous sales included a house (!). Charter Oak may be, as the listing for this describes, “in the Byram Shore area” but as everyone knows, Byram Shore Road on the waterside is a completely different animal than the landside, and Charter Oak is landside. We’re talking $23 million vs. $1 million, just to give you perspective. 100 feet, $22 million – go figure.
Okay, so he over-paid for the land. Next up, he lists it for $3.2 million last January, or 3X more than anything on the street has sold for before. It’s a wonderful house and some family will be very happy in it but who would pay that much to be a pioneer? No one, apparently, because he eventually, and much too late, lowered the price to $2.995 in March. Today he made another mistake by lowering it again by just $200,000 to $2.765 million. I keep saying this but it can’t hurt to try again: at this price range, buyers have already discounted your offering by at least that much, so if you aren’t getting offers, itsy-bitsy price cuts aren’t going to do it. Go big or stay home, says I.
Oh, and one final mistake? Check out the snow in the picture. On the eve of Memorial Day, I can’t think of a better way of demonstrating that no one, buyers, seller or listing broker, has any interest in this house. Not smart.