25 Beechcroft Road finally closed yesterday and we now know that an out-of-town broker convinced her buyer to pay $4.475 for it. Thank God for these foreigners (defined as folks from Westchester and Darien), they’re often the only hope sellers have left after the local Greenwich buyers’ community has rejected their offering.
This house was admittedly poorly designed (although not by its builder, who waged a ferocious commentary campaign last time I ridiculed him here) but might have sold at a higher price if the builder had accepted reality earlier. He did not.From a preposterous start at $8.2 million in 2007, he lowered (and raised!) its price sixteen times before, four years later, he hit upon $4.475 as the winning number.
I think the buyer was a chump but regardless, the builder didn’t do so well on this monstrosity. He paid $3 million for the land in 2007 and then borrowed $3.5 million against it. Bad as it is, I doubt this house could have been built for just $500,000 so I suspect there was a ton of money poured into it from the builder’s pockets. Oh well.
The trouble with failed projects like these is that, once built they stick around, marring the landscape. Beechcroft was a good-looking lane just a few years ago before the developers showed up to desecrate it while visions of sugar plums danced in their heads.