Tag Archives: 21 Cornelia Drive

21 Cornelia Drive update

I mentioned this place a week ago when it had endured seven price cuts over the years as its disappointed builder slashed and slashed again, from $11.750 million to, last month, $7.450 million. Today sees its eight price reduction, $500,000 off, down to $6.950.

(Some) agents emphasize the importance of trying to get the price right the first time because, once a house hangs around a couple of months, let alone years, it’s perceived as old and stale and buyers don’t want it. This house at its new price would almost certainly have sold quickly back in 2005. Three years on, it may require still more.

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Filed under Buying/Selling Greenwich Real Estate

Still waiting

21-corneliaThe 2 acres of land on which this house at 21 Cornelia Drive sits were purchased in July, 2003 for $2.1 million, not a crazy price for such a convenient location. It took a couple of years but in September, 2005 the buyer/builder offered up his creation, a 9,400 sq. ft. house, plus basement, plus pool, tennis court, plus plus, for $11.750 million. To this eye, that seemed -well, “unexpected” should cover it. There have been seven price reductions since then with the latest coming this past July and the house is now asking $7.450 million, 37% off. To its builder, I’m sure this place is still considered new; to buyers, it’s three years old and that won’t help. This seems to be an excellent house, with lots of amenities and, as I said, a very good location, so probably the only thing wrong with it originally was that price. Now it has age and a falling market working against it too. One reason I sleep well at night is that I haven’t been carrying a place like this around since 2003. Ouch.

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Filed under Buying/Selling Greenwich Real Estate