Trading Now

Trading Now

Wednesday, September 2, 2009

DEFLATION report: Rich and not so Famous in Greenwich are selling homes at deep discounts, some back to 2005 prices

*this guy cracks me up.

Sales and price cuts
from For What Its Worth
62 Wesskum Wood Road in Riverside sold yesterday for $2.025 million. Sellers paid $2.206 for it in 2005. Assessed value (70% 2005 market value) is $1.586, so it’s fair to say that this house, anyway, sold for its 2005 value. Other areas of town are faring worse.

Like, for instance, Stillman Lane, over in Glenville. Yesterday Billy Gardiner’s 8,000 sq. ft. spec house at #8 sold for $4,850,000, down appreciably from its original asking price of $6.650. Today his former partner, Shay, dropped his own spec house at #16 from $5.850 to $4.475. Nothing like a fresh comp next door to concentrate one’s mind.

Down in Belle Haven, 29 Field Point Drive, a wonderful, renovated carriage house, finally sold for $4.875. I really liked this house and so did the clients I showed it to but it’s configuration made it hard to accommodate many families. I’m glad it found a buyer. By the way, its last listing price was $4.995, so this sale will show up in the Greenwich MLS records as 97.5% of asking price. In fact, it started life back in 2005 at $6.995, so it really sold for just 69%. I’m sure it’s accidental that the days on market and list / sell ratio will be so skewed.

No comments:

Post a Comment


Wikinvest Wire