16 Ridge BrookHow about this one?
This house was listed April 15, 2008 for $6.950 million and immediately underwent seven price cuts until by June 30th it was priced at a mere $3.695 million. It then disappeared for two weeks and popped up in mid-July at a new, higher price: $3.995. Today that failed experiment was deleted and replaced by a new listing of $3.495. Make up your mind, will ya?
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5 comments:
We couldn't believe the original $7 mil price when we saw it. $3.5 mil is closer to what it should have been listed for, but as you said previously - if it's worth millions less in 3 months, how much more room to fall, in a short period of time, might it have to go? I can only imagine the builder is desperate. Do you know who it is (you don't have to say) and if he is in financial straits?
I don't know who the seller is or what his financial condition is but he should be ok - he bought the place for $830K (from an asking price of $1.3 million, so what goes around...) in 1999 and fixed it up with 2004 dollars, so he's lived there and enjoyed the place, I hope, and can surely walk out and lock the front door behind him while still wearing his shirt.
Thinking about it, I don't know that the present seller is the same person who bought this place in 1999 (Dec 1998, actually). There could have been a private sale after that date and it would not show up in our MLS records. But I find it hard to believe that all that much money was sunk into this place.
Thanks Chris.
It's on a mediocre (though convenient) street, surrounded by houses of lesser quality. Now he wants a $3 mil profit (>400%) for a reno. We just didn't know if it was a builder or an individual. The price was so far off the mark originally, we thought it must be an out-of-town builder.
Well, I don't want to run afoul of the ethical standard that prohibits me from attacking a fellow realtor, but sometimes the listing agent, not the owner, is the one guilty of misjudging the market. By cooincidence, no doubt, these same agents seem to end up with a lot of listings. Of the various houses whose huge price drops I discussed last week, a surprisingly large percentage of them were listed by the same guy. Hmm.
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