Sometimes, ya just gotta let go

stubborn mule

You can lead a mule to water, but a pencil must be lead

Two price cuts today illustrate what’s wrong with part of the Greenwich market: owners who just can’t, or won’t believe that this town will no longer support whatever price the homeowner sets on her property. I don’t think it ever did, actually, but the perception was always there, and we have houses in inventory that prove that that perception lives on.

180 Stanwich

180 Stanwich Road

Take 180 Stanwich Road, for instance, which today dropped $200,000 from its $2.6 million price demanded 657 days ago on September 17, 2014 (c0rrected). Yes, it’s a lovely old house, set on two beautiful acres in the RA-1 zone, and yes, the owners paid $2.6 for it in 2005, so it’s understandable that they’ve refused to acknowledge that their house is worth less than that now, but the market’s been telling them that for two years (!) Today’s 7.5% cut is a good sign that reality is sinking in, but it may be not enough of a cut to overcome the stigma of staleness and the”if it’s any good, how come nobody else has bought it?”question that settles onto old listings and just won’t lift.

24 Pecksland

24 Pecksland Rd

The owners of 24 Pecksland Road have shown a little less rigidity by dropping their house 14%, from $3.5 million to $3 million, after only a year of trying to get that first price. It’s a great house, with great potential, but besides being overpriced, it’s decorated like a mausoleum or, if anyone’s still alive in there, someone’s (rich) grandmother’s house; that’s not an attractive package for younger buyers.

The agent’s persuaded them to drop the price; now if she can just get them to move out, and take their furnishings with them.

ceiling

Friends don’t let friends wallpaper their ceilings

bedroom ceiling

Not even in bedrooms

 

23 Comments

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23 responses to “Sometimes, ya just gotta let go

  1. Guest

    Pecksland is a beautiful house if you take the flowers off the ceilings. However, busy street and western schools are a negative. You trade off to live in such a beautiful place.

  2. CT2CA

    Pecksland: $1000 PSF for a house that needs a new kitchen and a whole lot of undecorating is never going to happen unless Long Island Sound suddenly moves in across the street. It is a lovely house and sits on nice land….but by the time you clean it/renovate it you are in close to $1200 PSF. Never.

    Stanwich: I have liked this house from when it was listed but wondered why, if it has 2 acres, they had to build the detached garage so close to the main house that the views out some of the windows look like Old Greenwich on a bad day.

    • Anonymous

      The Pecksland land is probably worth more than $2mm. Once again price per foot is not a very useful measure.

      • CT2CA

        I don’t disagree—but that still means that it isn’t worth 3MM. Cost PSF is more of a validation number than anything else. The only way that property gets a big number on it involves tearing down and starting over. And it looks like we both agree that the dirt isn’t work as much as the current ask.

      • G-Town Shopper

        I’m not sure land like Pecksland’s is worth $2mm anymore. That part of town is hilly and rocky, plus Western school. I bet it’s more like $1.25-1.5mm. If you’re not building a maxi-pad, you could buy this in the mid to low two’s, put $1mm+ into an overhaul/ modest expansion and end up in the mid threes plus a little extra value for your efforts. That’s where the market seems to be today.

  3. Anonymous

    does pecksland smell like potpourri too?

  4. Anonymous

    That wallpaper reminds me of the hallway “The Shining.”

  5. Is it fabric on the ceilings? Or wallpaper?

  6. “Take 180 Stanwich Road, for instance, which today dropped $200,000 from its $2.6 million price demanded 657 days ago on July 9, 2015”

    657 days before today was September 17, 2014.

  7. Anonymous

    In the bedroom it appears the fabric on the bed and chairs matches the ceiling. Therefore, I believe it is not wall paper on the ceiling, but fabric. Not that the outcome matters. I would still paint the ceiling.

  8. G-Town Shopper

    280 Stanwich is a dump inside and the house would be difficult to expand, although it would be great if it could be preserved in some way because this is a nice vintage house. Even this land, flat, grassy and (just) inside the border of the “Golden Triangle”, would appear to be worth less than $2mm nowadays.

  9. Anonymous

    Best value on Pecksland is #116 down from @2.6 to 2.1. Signed – not the listing agent.

  10. Don

    Who knew that there was a rest-home for old wall paper, and it is at 24 Pecksland?

    That stuff has got to scare potential purchasers away screaming, my eyes! my eyes! Or into fits of laughter.