12 Sawmill Lane is now asking $6.4 million, down from the $7.8 it originally asked a year ago. It’s a gracious old (1937) home, with beautiful grounds and close to town, but when you price, say, a $6 million home at $8 million, you kill interest. Tough call here because the usual $8 million home probably takes a year or so to find a buyer, so you don’t want to slash the price too soon, but if you’ve misjudged the proper price, that year waiting for a buyer is wasted, waiting for a buyer who isn’t going to appear.
It will be interesting to see whether that buyer shows up now. Unfortunately, after too long on the market many homes are shunned by buyers: “no one else has wanted it, why should I?” The answer is, “because no one wanted it at its original price; it’s well priced now”, but the stigma remains.