When I hear sellers say, “I’m not going to give it away” or, “Does the buyer have any idea as to how much I’ve spent over the years maintaining this property?
The market has no mercy, nor does it care about it’s players – on either side.
25 Lower Cross, a beautiful 80 acre equestrian parcel in Conyers Farm, was purchased by the seller in 2004 for $45M.
It closed today at $21M after 790 days. It began its listing odyssey with a price of $65M hoping to get a premium over the downward trend that we’ve seen in Backcountry Greenwich.
I still maintain that the pendulum with swing the other way when people tire of noise, proximity to neighbors and other urban sensibilities. But we haven’t seen this tension shift yet.
For buyers who like Conyers Farm, and would like an equestrian property, here one that is still available.
2 Cowdray Park – 6,750,000
It was purchased in a short sale or foreclosure for 3.8 and there was some work done, however, there’s more to go, so most likely room for negotiation, if I had to guess…