Has the oldest spec house on the market found a buyer?

21 Cornelia

21 Cornelia

That’s the word I have from someone who spoke to the guys hauling the staging furniture away yesterday. Another triumph for staging! This house first came on in September, 2005 at $11,750,000 and sat right there for all this time. It’s a decent house, but the land next to it is a vacant pile of dirt and Cornelia itself is a neighborhood of (very) modest homes – nothing like driving past bungalows to reach your $12 million mansion, I guess, especially if you pretend that those are serfs’ hovels and you are the Lord of the Manor.

In the event, no one wanted to pay that much for make believe, so the price has been dropping, dropping dropping. Last price as of May was $6.250, an improvement from the first price but still well above the assessed value of $4.2 million. But someone has struck a deal, so we’ll find out what kind of bargain he got, if he got one at all.

UPDATE: Confirmed – contract just reported on the MLS. Days on market:  1,388, which I think sets a record.  Any bets on selling price? We’ve got two here in the office, $4.9 and $4.375. Free drink on Walt at the Round Hill Club to the reader who comes closest.

14 Comments

Filed under Uncategorized

14 responses to “Has the oldest spec house on the market found a buyer?

  1. Helsa Poppin

    $5.1

  2. anonymous

    Wow, carrying costs and opportunity costs of missing a bubble defined in a case study of how not to profit in RE

  3. Mad Monkey

    CF, the market is starting to gain momentum. You can take that to the bank Ol’ Frosty. This is the bottom and we’re heading higher. Why? Well this is going to be a huge bonus year on Wall Street, thus the recent flood (it’s relative) of signed contracts. A few more back country sales above $15mm and I might have to put my estate up for $25mm. That’s my number. The market is starting to come my way just as I had predicted. Change the ridiculous negative tone of your blog and I might give you the listing. Beautiful house. Should sell in weeks. How does 6% sound? However, for every 15 days on the market your commission would be lowered by 0.05%. Deal?

  4. BackCountryGal

    $4.975

  5. Jack Martin

    Ever hear of the dead cat bounce?

    Once they are done burning through the TARP funds the sky will fall once again but this time with no TARP.

  6. cos cobber

    5.25

  7. Duffy

    Mid to high 5’s

    Despite the street and empty lot, pretty nicely finished and a lot to offer. Did not see inside passed the old “peek a boo” through a few windows. Enough though to get a general sense of the overall quality and effort put forth.

  8. Mouse

    Before I read the replies (honest!) I thought 5.125.

    • christopherfountain

      $5 – $5.125 seems to be the most popular range and I’ll defer to you guys. It will be interesting to see what it goes for. The mortgage is huge (memory says somewhere around $6 but that may be inaccurate) but regardless, this guy is taking a bath. I heard that when it was at $11.7 he turned down $9 and when he dropped it to $9 he turned down $7. Ouch.

  9. Anonymous

    I viewed this house in 2005 it was brand new. I said this guy is dreaming 11 or 12 million on this street . Sorry big mistake,my guess in 2005 was 5 million . This has been a long haul. How could he have turned down 9 million . He must curse himself every night.

  10. WaitingToBuy

    $5,312,500

  11. ?

    I see the assessment on this house is over 6 million.