252 Milbank

Going down? I liked this house very much when I first saw it earlier this year. Seven bedrooms, 8,000 sq.ft. (or something like that), a nice location just two blocks from the Avenue, and all that. What I didn't like was its price and neither, apparently, did anyone else. Except its builder, who kept that price pegged at $7,775,000 from December '07 until October 2, when he finally succumbed to market conditions and dropped it 10% to $6.975. He didn't wait so long for the second drop: yesterday, he lowered it another 3% - $200,000 - to $6.775, a cool million off its original asking price. Whether that's enough to move it is another question - what fascinates me is the slow motion train wreck we're witnessing - how low are we going, and how quickly? I sure don't know.