That’s the question posed by the NYT’s Floyd Norris on his blog yesterday. Good question, but I wonder what Mr. Norris would think of 44 Close Road,built in 2002 and never occupied, or 21 Cornelia Drive, built in 2004 and still vacant and advertised as “new construction”. Cornelia’s builder at least has cut his price as his dreams have faded, from a preposterous $11.7 million to a still preposterous $6 million. 44 Close has defied all market signals and sticks at $10 million, perhaps hoping that we’ll get that Zimbabwe-like inflation some people (but not Paul Krugman) are worried about. Eight Copper Beech is three years old, and North Street has so many three and four-year-old houses we should start a nursing home for them. Beechcroft, Dingletown, Byfield, Baldwin Farms, Doverton, Dairy, Clapboard Ridge, Keoffram, Sound Beach Avenue and so on – aging “new” homes litter the landscape and none of them are growing more valuable – just older. Whoo boy.