Price reductions can move a property

49 North Stanwich, five acres way up off Taconic, dropped from $5.2 million to $2.9 and is under contract today. I’m guessing it will sell for close to its appraised value (70% 2005 market value) of $2.5.

30 Crescent has not sold yet, but its owners cut its price today to $1.650 – they paid $1.760 for it in 2004, in a bidding war. Wrong move.

19 Knoll Street cut its price from $1.795 (2008) to $1.495  and has a contract. Two years to figure that out?

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2 responses to “Price reductions can move a property

  1. JoeKnows

    I thought 30 Crescent is going to foreclosure auction…

    • I don’t know what they’re doing with that place. Last fall, Wells Fargo’s distressed property division didn’t even know they owned it and the former owner was chasing off visitors with his leaf blower. I’ll look into it again because at the right price – $1.1 maybe – it’s an okay house.