Recent sales

Bidding war!
314 Sound Beach Avenue, a modest little cape, came on this spring asking $1.39M and went to contract almost immediately via a bidding war. It closed yesterday, so we in the real estate world could finally learn the winning bid: $1,510M. The successful bidder was represented by an agent who often works with builders so this house may be destined for razing, I don't know. It's a brave builder, if so, but it's nice to see multiple buyers out there seeking the same property. Gladdens the heart of every would-be seller.

34 Cedar Wood Drive didn't go to multiple bids, but this new, big (9000+ sq.ft) house asked $7.895M and quickly accepted an offer of $7.375. Smart builder, in my opinion.

Two that haven't sold include a two bedroom in Cos Cob that sat on the market unwanted for just under $2M. I thought it should be asking far less than that, somewhere in the $1.495 neighborhood and I expected it to sell for even less, perhaps $1.395. Instead of lowering the price, the seller renovated the master bath kitchen and a lower level bath and has returned it to the market for $200,000 more than its original asking price. If, as I suspect, it's the location that's been hampering the sale, then the renovations won't help - the location remains what it is. But we'll see, and if the house sells, I'll have learned a lesson, one which I'll pass along.

17 Marks Road, in Riverside, provides a nice illustration of our declining market, at least for old (1898), smallish (3 bedroom) homes. It sold in May '04 for $2.250M and with no major improvements, was put up for sale again September 1, '05 for $2.835. That didn't really work out but it did sell in July '06 for $2.495. Now it's back again and yesterday its price was dropped to $2.45. After deducting commissions, conveyance taxes and attorneys' fees, someone's going to be hurting.