Inventory moves

Three Putnam Hill, unit 4-E, a top floor, renovated two bedroom, was originally listed for $455,000 back in September and sold yesterday for $350,000. Prices at the Hill are dropping bad.

25 Dorchester, in Riverside, sold new for $2.150 million five years ago, was put up for sale a year ago May at the silly price of $2.950 and eventually dropped to $1.999 – it went to contract yesterday for even less.

40 Sawmill, also new, sold in June,2006 for $6,000,000 and was relisted last September for $5.995 million. Its price has been dropping steadily since then and yesterday it dropped again to $4.995, or a cool million less than it was worth three years ago. Someone would have been better off renting at $33,000 a month and being able to walk away last year, when they wanted to. But nobody expects the Spanish Inquisition.

4 Comments

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4 responses to “Inventory moves

  1. anonymous

    $350K? Stuff even “landscaping workers” or maids or baristas can afford; probably beneath standards of a $200K+/yr limo driver (like John Thain’s) but who said Greenwich “property” isn’t affordable for the working class?

  2. Anonymous

    40 Sawmill is another BSF (Rick Rowland builder) house – unfortunately, you can buy the same house at 79 Dingletown – the Milstein house – or at 48 (?)Byfield Lane where BSF has later versions of the same house. Yeah, higher priced, but newer versions.

    • christopherfountain

      That is the problem with buying the same house, eh? Sort of like those developments in Northern Virginia where, by the time your house at the beginning of the street is a year old, the developers got three more at the end of the road, all newer, often at the same price. Virginians understood depreciation sooner than we here in Greenwich did, because they saw it first.

  3. FlyAngler

    Chris: Monty Python riffs now? I like it. What’s next, the Ministry of Silly Walks overlayed onto an upcoming Greenwich-related perp walk?