Not every short sale is a bargain

One North Street in Cos Cob (across from the filter plant) has expired unsold after being listed last year at, first, $849,000 and later, $829,000. Owners bought it direct from a foreclosing bank in 2008 for $880,000. Nice house and neighborhood but sometimes it’s best to let a house sit on the open market and be exposed to market forces rather than rely on getting a “behind the velvet rope” price.

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