This “almost entirely new’ house sold in October, 2002 for $3.459 million. After enjoying it for four years but doing nothing to it the owners put it back up for sale for the remarkable price of $6.750 million. The buying public apparently didn’t perceive the doubling of value that this listing broker did so it hasn’t sold. Today, after three price cuts, it’s down to $4.7 million. That may still not be sufficient, but a $2 million cut at least indicates a seriousness on the part of the seller that was lacking before.
I haven’t run the numbers, but I have a sense that Belle Haven may have taken even more of a hit than some other neighborhoods this past year. I’ll check that over the weekend.