Two properties whose price and sales histories have not been cleaned up (yet) expired unsold today, for the very good reason that they were over-priced (attention B.J. O’Rourke, lawyer attorney and member of the bar: the marketplace determined that conclusion, not I).
12 Doubling Road, originally a 6.68 acre parcel with a great old, tired house on it was listed in ’04 for $14.5 million. The house and 3.75 acres of the land it sat on were carved off and sold for $7.575 in ’05 and the remaining land met a similar fate in 2006, when it sold for $4.130. The house was renovated and put back up for sale at $13.5 million last September and never dropped its price, despite the resounding silence of the market to its presence. It expired today and whether it will come back again or the owners have decided to stay put and enjoy the work they put into the place, time will tell.
A ridiculous example of over-pricing, 54 Rock Maple Road (off Stanwich) also expired today. Purchased new in 2002 for $5.3 million, the owners made no improvements worth mentioning yet put it back up for sale in September, 2007, at $11.750 million. When I speak of houses that aren’t seriously for sale, this one comes first to mind. Five price-cuts and two or three brokers later, it finally reached $6.950, which would probably have been a good place to start two years ago. Now that it has sat and been laughed at since then and the market for homes in its price range has evaporated, I predict an out-of-pocket conclusion to this sales experiment.