First, some market activity that was reported while I was out enriching the Saudis.
4 Cat Rock Road closed, for $1.750 million after 302 days on market. Nice old (1908a house and nicely renovated, it’s real problem was that it sold for $1.880 in 2005, was improved, yet sold for $1.860 in May, 2011, and when this was put back on a year later at $1.995, buyers balked, probably because they saw the price decline and speculated that it would continue down. If that’s what they guessed, they were right.
1361 King Street sold, $2.125 million ($2.495, ask), proving only that you can get a lot of house for $2 million if you’re willing to live under the flight path a long way from town. Some people are.
5 Butler Street, Cos Cob, on the other hand, didn’t linger. It was priced at $835,000 and went via bidding war for $842,100. As an aside, it’s often smart to throw in an odd number in one of these things. Win or lose, you don’t want to tie, which will only set off another round of bidding.
And waay, way up in nose bleed territory, 15 Upper Cross whacked a cool million from its price today so that what would have cost you $9.1 million yesterday can be yours today for $8. That’s an improvement over its 2011 price of $11.995 but, at least to my taste, this is about the land this old pile of stone sits on and not the house itself. So, what’s five acres near the Banksville border worth? Not $8.1 million, certainly, so we can anticipate more price reductions in the years to come. Of course, that’s just my opinion of the house; someone else may come along who falls in love with the place and will pay for the privilege of restoring it. Maybe.