82 Butternut Hollow Road has dropped its price again and is now asking $2.050 million, down from its first price of $2.495. This is a perfectly decent house, with a good yard, decent location, and a pretty low price, to my eye, but it hasn’t sold. The owner paid $955,000 for it in 1993, which was a lot of money back then, and updated/renovated it in 1995. Those improvements look dated today, but I’ve been watching this house with curiosity, to see what houses of this era will sell for. So far, we don’t have the answer.
Similarly, 14 Hope Farm Road, a 1977 house that was priced at $5.495 million last June, is now marked down to $3.995, and probably has further to fall. It sold for $4,125,500 in 2004, sold again in the 2009 down market for $3.550 (after starting off in 2008 at $5.4 million), sold again, after some expensive improvements, for $3.487 in 2012 and, as noted has been trying to find a buyer now. There was no one at $5.495, and there may still be no one at $4.
I’m sure both these homes will find buyers in the spring market, but I’m curious to see what that market will pay.