Deep pockets

6 Meadowcroft: should be a $1,350,000 negotiating buffer now.

6 Meadowcroft: should be a rather generous negotiating buffer now.

Two days ago I mentioned that 6 Meadowcroft Road, priced at $13.750 million, was back on the market after reporting a fully executed contract back in June, and I wondered whether, as there were no contingencies, the defaulting buyer had forfeited his 10% deposit. I now hear that indeed he did; he found another house he liked better. As a product of the “new math” curriculum of the late 60s, I’ll have to leave it to you math wizards to calculate ten percent of $13,750,000, but it’s a lot.

8 Comments

Filed under Buying/Selling Greenwich Real Estate, Mid Country

8 responses to “Deep pockets

  1. Anonymous

    Could be picking off Biondi around the corner.

    • Flash

      Just reading about Biondi…seems like the kind of successful business and family man America needs. Did not see a skeleton in any closet.
      AND, what a fabulous estate.

      • Anonymous

        I visited the house when it was under construction and one of the workmen addressed me as “Mr. Biondi”- must have been the Armani suit.

  2. The New Normal

    maybe he was concerned about the school rezoning

  3. Anonymous

    Maybe it is the same guy who just donated $10mm to Brunswick.

  4. InfoDiva

    Does the seller automatically get to keep the 10% if the buyer does not perform…even if the house goes on to sell for as much, or more? Doesn’t the seller have to show actual damages due to the buyer’s failing to close?

    Just wondering.

    • Yes, Ct law will not support a forfeiture, despite all the language about liquidated damages in the contract itself. On the other hand, given the ridiculous backlog in our civil docket, a buyer could wait five or six years before he recovered his money. If the house sold for more than the agreed to price in that time, he’d probably get back everything except the legal fees he spent to get to that point.
      If, as is rumored, this particular buyer just walked away from the full amount, he must have decided he didn’t want to get involved in protracted litigation. For people whose time is extremely valuable, that can be a smart decision. And it keeps the blood pressure down.

      • The New Normal

        it’s also a pretty small town and if you’re a big fry you may not want to be perceived by the other heavyweights as being a “dck for a tick”