Three properties that have spent a long time on the market are back today, still asking for prices that didn’t work before. 228 Stanwich, purchased for $1.7 million in August ’07 , ws put back up for sale 11 months later for $1.895. It’s a land sale, if it’s anything at all, and over-paying for it in 2007 didn’t justify a bonus for the purchaser’s irrational exuberance in 2008. It’s been priced at $1.499 since March 3, 2009 with no luck, so I’m perplexed why it’s still at that level. Last year, I thought $1.2 might do for this place but that was last year.
What makes the mystery of 228 Stanwich even more puzzling is that the same owners have an unsold spec house at 127 Shore Road that is also going nowhere, slowly. They priced it at $4.2 million in May, 2008, which wasn’t wise, dropped it to $3.595 months ago and relisted it today at that price. There comes a time when it’s better to cut your losses and run and, while I wouldn’t presume to advise these people on financial matters, I’d think that that point is approaching.
And 30 Nearwater is back today too, also asking what it has since March: $2.695 million. Another spec house, this one was listed for $3.195 back in April, 2008 and sits empty today, even at its March price. I would have thought that 6 Loading Rock’s sale yesterday for $2.3 would have affected a pricing decision on this one (I like Loading Rock better, frankly) but obviously not. We live in curious times.