Broker open house Tuesday is upon us once again and as has been the case recently, there’s no need to waste gas to see the handful of houses being shown. In the Back Country there are three repeats, one 2006 house coming back on and that’s it – 4 houses, total. Below the Merritt, there are just six single family houses to see, all repeats, and with the exception of a Belle Haven house @ $8.995 million, the highest price asked is $2.995 (one of those), one asking $1.995 (down from $3.2), one at $1.295, a $799,000 and bringing up the rear, $534,000. Phooey.
The new listing in Back Country, 170 Old Mill, is of some interest if only because it’s coming on asking $7.8 million after selling new in 2006 for $8.850 million. It now joins the other 28 houses asking between $7 – $8 million, for a total of (drum roll) …29! Five houses in the $7-$8 range (asking, not getting) sold in all of last year, with just two finding buyers in the past six months. I keep asking what’s going to happen to this part of our inventory and so far, can’t see an answer. The houses are just sitting on the market gathering dust and presumably something’s got to happen, either they’ll be withdrawn or some owners will chop their price. Depending on what percentage of owners decide to throw in the towel and move their property down a few notches, those houses below them are going to get hammered.
Or everyone will just decide to stay home. Hey, it’s Greenwich, and real estate values always go up, right?