So, when $7 million dollar houses drop to $6 million, what happens to $6 million dollar houses?

85 Richmond Hill Road sold for $7.1 million in 2006, was listed again in 2007 for $8.890 (snicker snicker, hoo hoo) and today is asking $6.144.

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11 responses to “So, when $7 million dollar houses drop to $6 million, what happens to $6 million dollar houses?

  1. Fred

    capital stack compression…

  2. location location location

    CF question for you … what is going on over at the Cos Cob Power Station it roughly bounded by Metro North Railroad tracks, the Mianus River and Sound Shore Drive ? I m speaking more of the cranes and so forth that seem to be building out or reinforcing the shore line as can be seen from train or cos cob marina … any idea ? thanks

    • They’re trying to make a town park out of coal fly ash which, as any Greenwich High School administrator will tell you, is supposedly toxic. So they’re burying it all under tons of fill, dousing it with pesticides and pcbs and will then turn your precious children out on it so that they’ll glow in the dark.

      Or that’s the plan, anyway. Hey, it’s Cos Cob.

  3. Cos Cobber

    The activity on the inner harbor side of the metro north bridge is the Mianus River Club (name?) rebuilding their bulkhead/pier.

    Not sure what activity is happening on the Cos Cob power plant site itself. The town is always using it as a staging area. Long term (think 50 years from now) the Cos Cob power plant site is supposed to become a park and when it does, it will offer terrifc views of outer Cos Cob harbor and the sound.

  4. Anonymous

    Why don’t they call this a “correction”? The media complex in effect states that rising prices are good and falling prices are bad – when it come to home prices.

    Why that party line? If prices had continued to spike through rampant, fraudulent speculation, who could afford homes? Why the billions, if not trillions, spent supporting bad investments as public policy?

  5. Inagua

    Sound Beacher – Teri Buhl is eveything good journalist should be, hard working, fearless, candid, and an excellent wordsmith.

  6. Anonymous

    Sounds like the clock is coming around to midnight for Ms Buhl……..

  7. Anonymous

    @Inagua, you’re kidding, right? I find her articles painful to read now that she doesn’t have anyone editing her work.

    She lost all credibility for me with her Facebook stunt involving her now ex-boyfriend’s minor child. I find her to be reckless with the truth and her methods questionable.

  8. Anonymous

    I’ve always wondered why there are so many of these fancy homes that get tuned over after only a year or two. Even if they had somehow convinced themselves that they weren’t buying into a market on the decline, did hey think that they’d recoup transaction costs? Te this many people unexpectedly changing jobs, losing their money, getting divorced etc. or is moving just a rich person’s hobby?

  9. Anonymous

    It’s alot of money to maintain these big homes and yards. I think the new rich spend too much on aquisition and have nothing left for running the house. Then they put it up for sale–assuming they will get out of the hole. The hole may be too big these days.