There was not much wrong with this new construction in Old Greenwich except, perhaps, its back-lot location. But it wouldn’t sell at $4.990 back in August ’08, and it lingered, gradually dropping to a final asking price of $3.695, which was probably closer to the mark. I see that the seller has also contracted to sell his late mother’s place on Meadowcroft (to Mariani, I hear, but I don’t know that). Has he given up on Greenwich? I wouldn’t blame him if he has, but this was really more about poor pricing in a soft market than anything else.
Here’s another loser in the pricing game. This started at $3.750 million in 2008 and is finally pending after dropping to $2.495 (assessment is just $1.669). The trouble with silly pricing is that the seller eliminates all the advantages offered by the multiple listing service. Yes, you have a thousand agents all working to sell your home, but we can do nothing for you when you’re being stupid.
Asked $3.495, 2009, dropped to $2.395, now pending. See comments above.