541 Lake Avenue was withdrawn from the market a couple of months ago and its $5.625 listing finally expired today. This is a nice, older home but its value was the land, 3 acres in the two-acre zone. In 2007 it sold for its full asking price of $6.250 in just eight days. This time around, it couldn’t fetch that. I thought it was an attractive lot and Greenwich’s largest mansion (well, a huge one, anyway) is going up right next door, suggesting that the location will support a big-ticket house but I guess the spec builders with the wherewithal to take on a project of this scope are still on the sidelines. Or bankrupt.
UPDATE: a reader informs me that the owner has decided to build here for his own use.