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.
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.
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.