Attention, Cos Cobphiles

142 Cat Rock

142 Cat Rock

I’ve always liked this house on Cat Rock but wasn’t all that enthusiastic about its first price, in 2007, of $5.450 million, especially because it sold new in June, 2005 for $4.050. The market was going up then, but not that much. However, it’s been whittled down over the ensuing two years (now you see why I counsel patience for my buyers) and today it’s asking $3.195. Assessment is $2.476 million but, for once, I think that may be too low; $3 million strikes me as a pretty good value here.


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6 responses to “Attention, Cos Cobphiles

  1. cos cobber

    CF, if I buy this place, I better not get stiffed with a crappy 08630 or 08631 zip!

  2. Stanwich

    Something nice to say about Cos Cob AND a house you think is priced to sell!! Wow, pigs do fly.

  3. Kimbado

    Given the large gap between what they paid and what the ask is down to, at what point are they better off just walking away from this one? If you have negative equity are you better off just bailing? Curious about your thoughts given legal background.

    • christopherfountain

      I suppose, Kimbado, that as long as you have other assets to protect, you’re better off trying to avoid walking away. But at some point, why bother? I heard from a lawyer today that he’s doing 133 short sales in Greenwich as of now and expects a new flood of business when variable mortgage rates reset August 15th. That’s a lot of Greenwich homeowners giving up.

  4. Anonymous

    Sorry, I’m confused.
    Do you mean that there is no longer 51 contracts, but now 133?!
    Or is it that 133 homeowners have instructed the lawyer to negotiate with their lender, in advance of finding a buyer. If that’s the case, I want him as my broker!

    • christopherfountain

      No. I assumed he meant he was negotiating with lenders on behalf of norrowers to approve a sale. Only when that is achieved does the house hit the market.