Like Winston Churchill, some builders never give up, never surrender. Case in point is this aging spec house at 1 Butternut Hollow Road (ML#74012). Built on land purchased for $2 million in 2004, it has been for sale since April, 2005, starting at $5.895 and dropping to $4.350 in June, 2008, when it was yanked from the market and presumably converted to a used house by renting it out for a year. Now it’s back, for the same $4.350 it couldn’t sell at a year ago. Okay by me – good luck.
Interesting side note is that this land sold for $2.4 million in 2003 but when it was put back on the market in 2004 it could only get $2.0050. That might have served as a warning, had the builder been listening.
And then there’s a four-lot subdivision in Havemeyer on Halsey Drive, back again today at a new, lower price of $2.7 million. That’s $675,000 per lot, so you’d have to get what, maybe $1.7 million for each house you built there? I don’t think so – not right now, anyway. Top price ever paid for a house on Halsey was $975,000. Then again, nothing has been built on the street (at least nothing that’s been listed on the MLS) since 1950, so presumably new construction would fetch a higher price. The question is, how much higher?