It happens all the time… and this one is a perfect example. Every property has a value, and even properties with less “desirable” locations will eventually sell. If the owners/partners don’t get their price, they often go to the rental market. Hopefully, a tenant will cover most of the carrying costs…..but days, often years on market – until….ding, ding, ding – PRICE DROP.
45 Meadow Wood, as it stands, debuted in 2007 for $17,900,000. It is in Belle Haven, but very close to 95 – never attractive and always a loooong shot at getting full price…
6 years later, a couple of agents, and 3 million less – now offered at $14,900,000 – Finally, at Coldwell Banker with Tamar Lurie, it’s at the right price!
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| 45 MEADOWWOOD – BELLE HAVEN |
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| 45 MEADOWWOOD DR – ONE VIEW |
Is the map not visible or not printing?
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Other examples:
- 329 Riversville Rd – Looking up at the Merritt – in contract – List $2,695,000 – cannot wait to see the final number – 500 – + days on market
- 28 Brynwood Lane – Overlooking the Merritt – first asking $3,850,000 (and I’m sure that had the builder been able to stick it out, he would have dreamed of getting at least $5M – since the homes at the beginning and middle of the street are worth approximately $4.5M – $6.5) 28 finally sold half finished for just over $2M – It sat on the market for 300 days.
- 309 Taconic Rd – on the border of Stamford (always a discount) – on the market since 2005 – it started at $26M – up and down – 3 or 4 realtors finally expired once again at $9.7 and rented for $30K/Month after asking $35K
I could go on, and on….
Builders/LLC’s would be well advised to hire a realtor before construction or re-packing begins, to determine location versus – rather than expecting them to market an overpriced property.
