What are the prospects for selling that $7-$8 million house? Pretty dim.

Having looked at the 29 houses priced between $7 and $8 million that are currently for sale, let’s look at the five in that price range that actually did sell last year. How’d they do?

Address                   Original Price   Sale Price            DOM

396 Round Hill            $11.500          $7.000             1,365

84 Butternut                 $  7.950          $6.300                406

124 Chimney Cor.       $  8.500          $6.950                 244

36 N. Stanwich             $10.300          $6.600             1,038

17 Wynwood                 $  9.995           $6.500                 712

 

That’s a total of $48,245,000 in asking prices and $33,350,000 in sales, or 69% of the ask and 753 Days on Market.

4 Comments

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4 responses to “What are the prospects for selling that $7-$8 million house? Pretty dim.

  1. Anon

    Great analysis Chris, your data is clearly unbiased. Very much appreciated.

    That’s why your blog is the best real estate blog in Greenwich.

  2. AJ

    CF, how long before 396 Round Hill and 36 N. Stanwich begin to look like Miss Havisham’s place?

  3. The New Normal

    sarcasm?

  4. Anonymous

    Very interesting observation Chris.

    We can make similar conclusions in other price brackets. For example, some of the recent teardown sales:

    Address Original Price Finish Price DOM
    425 North Maple $3.125 $1.75 292
    35 Winding $3.25 $1.65 667

    That’s an average of selling at 53% of asking and 480 Days on Market.