More Mid Country blues

Going down?

Going down?

16 Dingletown Road takes another price cut, to $5.095 million. I like this house: it’s removed from Dingletown itself, has a nice back yard and a convenient location, but I did wonder at the owners’ decision to price it at $6.150 this past April after they’d paid just $5.6 for it in 2011. Now the elevator, having paused at the ground floor, is heading for the basement. Oops.

The owners aren’t alone in their overestimation of the value of this house, however; the spec builder who put it up in 2008 tried $8.995 and various lower price points until he found these people three years later who were willing to pay that $5.6.

I wonder if the buyers made the mistake of looking at the original asking price and figured they were getting a bargain? It happens.

1 Comment

Filed under Buying/Selling Greenwich Real Estate, Mid Country, Neighborhoods, pricing

One response to “More Mid Country blues

  1. Greenwich Dude

    Reminds me of a comment I heard a real estate agent made to client back in 2009. She said a “short sale” is “when a property sells for less than its fair market value”. I guess you can get anybody to buy anything if you tell them it’s selling at a discount.