Attention, Cos Cobphiles

142 Cat Rock

I’ve always liked this house on Cat Rock but wasn’t all that enthusiastic about its first price, in 2007, of $5.450 million, especially because it sold new in June, 2005 for $4.050. The market was going up then, but not that much. However, it’s been whittled down over the ensuing two years (now you see why I counsel patience for my buyers) and today it’s asking $3.195. Assessment is $2.476 million but, for once, I think that may be too low; $3 million strikes me as a pretty good value here.

This ought to do it

22 Tomac Avenue has been reduced today from $2.777,000 to $2,775,000. In case you were holding off.

A contract!

Nothing to send spec builders’ hearts soaring, I suspect, but 154 Cognewaugh (no details available on the Net because it’s a Sotheby’s listing) has gone to contract. This is a large new shingle style house built on land purchased for $1.4 million. The house was originally priced at $4.895 in July, 2007 and the builders have been adjusting their ambitions downward ever since. The latest price was $3.150 million as of January and I’d be surprised if the buyer bid full price. Even if he did, the builder will have just $1,561,000 left after deducting the land cost, commissions and taxes. If the constuction loan was at zero interest, then no problem.

The same builder, by the way, has reduced the price of another project, 137 Cat Rock Road, to $4.295, from its original price of $5.495. Like Cognewaugh, this is a beautifully crafted house and this one has a very nice, huge flat back yard and Mianus River Parkland behind. Nothing wrong with it that I can see that a stronger market won’t cure.

One $ Million Off

149 Old Church Rd

This is a great old (1898) house bought for $1.975 million back in 1998, completely renovated and modernized and put up for sale a year ago for $3.795 million. Today it’s down to $2.795 million. That may or may not do the trick but it does make me wonder what the heck is going on with the decrepit old brick house down the street that, if memory serves, is still asking $3.75. It’s an estate sale and you’d think the heirs would be eager to see some money, but I guess not.

Update: here’s the second house – 1905, untouched since then (they may have added indoor plumbing, I guess) and the price is untouched, too!

Just sayin’, II

52 Round Hill Rd

Nice house, this.

Sold: $3.00 Million      7/00

List: $4.4     Million     2/08

New Price: $2.6  Million 2/27/09

Market developments today, Feb. 25th

As of 2:30, 0 contracts, 25 price reductions, and one sale from a contract several months ago. The sale was for land at 25 Richmond Hill Road, priced at $2.195 and on the market since July, 2007. It finally sold for $1.6, which really isn’t so bad for the seller. Its time on the market is more a reflection of the dearth of home-building buyers these days, I think, rather than a crazy original price.

Reductions include 16 Dingletown Road, new construction, $8.995 million when first listed. Today it’s $7.850 million. 

502 Cognewaugh, listed at $6.995 since June, 2007 finally dropped a million and is now $5.995.

27 Vineyard Lane, land off of Zaccheus Mead, started at $4.995 million and is now $3.495

15 Old Orchard, a new spec house abandoned by its owner to the banks has dropped from $1.995 million to $1.295. It’s unfinished and even its builder estimates it will cost $300-$400,000 to finish, so I don’t think buyers will find this new price attractive.

8 Tulip, on the other hand, is a newish house, originally $835,000, now marked down to $699. With a little negotiation, this might be an attractive deal.

And finally, just for a reality check, there is 31 North Porchuck Road, which sold as new construction in August, 2007 for $7.850 million. It’s back on the market today for just $6.995 million. That was an expensive rent for 18 months.

25% Off

F Troop Barracks?

This place up at 306 Taconic started at $3.650 million in May of last year and dropped to $2.750 today. A 25% reduction seems to be the new 5% although so far, it’s not helping much. Still, at four acres, we seem to be approaching what raw land itself was once worth. “Once’ being the operative word.

Price Reductions Monday Morning

There must have been some interesting discussions between brokers and owners last week because this morning sees several substantial price reductions reported.

221 Taconic Road, a beautiful older house pretty far up Taconic (near the original Stanwich Church) has almost five acres of fields and was completely renovated a few years ago. It sold in just 21 days for $4.150 million back in ’02 and the buyers must have thought they’d gotten a below-market deal because they relisted it soon after for $5.250 million. That didn’t work so they renovated what they’d purchased, adding a pool, a great new kitchen, etc. and tried again this past May at $8.2 million. No sale in 21 days this time, in this market, so today they’ve chopped $900,000 from its price and now offer it at $7.3 million. Nice land, nice house, bad market – we’ll see.

51 North Stanwich, the antique cottage discussed last week, has seen another price drop and is now priced at $1.790 million. The sellers bought it for $1.5 million in 2004, performed a “total renovation” and placed it back up for sale last May for $2.275 million. Today’s price drop brings it that much closer to its original price, pre-renovation.

One house that hasn’t seen a price drop is 19 Terrace Avenue in Riverside, which expired last November, unsold. I bring it up to illustrate what was happening to our market last year when prices were dropping and sellers’ expectations were not. This was an almost-new house (complete renovation) in 2005 and sold for $2.8 million back then. I was surprised at that price at the time and even more surprised when it showed up for sale again last year, looking for $3.495 million.  I didn’t think prices had increased 25% since 2005 – quite the contrary, but the sellers obviously did. The market didn’t share their optimism and, as noted, it didn’t sell. I’ll be curious to see whether it comes back on and if it does, at what price.

More price reductions with no effect

We’re seeing lots of price reductions now (112 in 30 days)  without a rise in sales. Why? There is still so far to go. I noticed four more reductions this morning, two of which dropped the price a cumulative million bucks from each one’s asking price. In the case of one, that’s a third off the price. My reaction? They still aren’t worth what they’re asking. And if I feel that way, imagine what a buyer who’d be parting with cash, rather than mere theory, thinks. Going down?