Snow’s still on the ground, the spring market, according to some non-experts, has yet to begin, but homeowners are beginning to slough off some of their misperceptions about their house’s value.
186 Lake Avenue is an example, cutting its price today to $5.550 million after hitting the market at the beginning of the month at $5.9. Of course, and as is the case with the second house discussed below, this is not the first go round for this property, so the owner isn’t just coming into the land of doleful discovery.
It sold new for $6 million, in 2005, was put up for sale at $7.5 in 2012, dropped to $6.250 in the begging of this year, expired unsold and came back on at the aforesaid $5.9. This house has two things going against it, besides price: it’s at the lower end of Lake which, although offering convenience, subjects it to the daily traffic jam at the Lake Avenue rotary and it is the exact duplicate of the house a few doors up on the right. It’s my understanding that ladies hate to arrive at a ball wearing a dress identical to the hostess, and perhaps they have the same disinclination to share houses.
Further north and east, that old warhorse 105 Dingletown has suffered the ignominy of yet another price cut and now asks $3.450 million from the $3.9 million it wanted this morning. In fact, this is beginning to look like a very attractive buy. This is a 1919 home, with two acres still remaining, on a good street. It obviously wasn’t worth the $7.5 million demanded in 2008 and again in 2010, nor the $5.5 asked in 2012, or the $4.750 of 2013. I say “obviously” because no one bought it, but at around $3 million? I’d certainly take a new look.