Stupid is as stupid does

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.

3 Comments

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3 responses to “Stupid is as stupid does

  1. Daniel

    Here is one for ya. Asked 45M and sold for 14.1M. Ouch
    http://hurwitzjamesco.com/property.php?lng=en&id=9

  2. Anonymous

    I just realized that even though the agents and builder of this house were angry over your posts and our comments, they did try to remediate the ugliness of those Rapunzel balconies by enclosing two of them.

    Compare the current picture to this older picture of the listing when it first went up for sale.
    https://christopherfountain.files.wordpress.com/2011/03/25-beechcroft.jpg

    I didn’t save the link but you also had an architectural rendering of the house at one point and, on paper, it looked quite a bit nicer than it did once executed. It just really never did pencil out on any level.

  3. Anonymous

    hideous crib! belongs on some reality show about gauche people in Greenwich.