384 Round Hill RoadSome sign of life: two houses were reported under contract today, 79 West Brother Drive, in Millbrook ($2.495, ask) and this fantastic property on Round Hill Road. This is a 1745 Colonial originally owned by a Lockwood and still has 6.6 acres attached to it. Diddle McAlister of Round Hill Partners originally listed it in September at $5.250 which was not a silly price whatsoever but, in this market, nothing was happening and so she and the owners slapped two quick price cuts on it, one 30 days after it listed and the second three weeks later, on October 28th. The third price, 15% off the original, or $4.450, did the trick. The lesson here is price your house reasonably to begin with and if it turns out you miscalculated - easy to do in a declining market - don't hesitate to correct your error. This house was on and off the market in less than 60 days, which is a good result in a strong market and a real accomplishment today. Congratulations to Diddle and her clients.
So do two contracts mean we're out of the woods? I don't think so - check back in a few minutes for my report on a lunch I just had with two real estate lawyer friends. They're discouraged.
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6 comments:
Their neighbor - at 81 - are a very nice family - Scott Wilson & family!
Very interesting Chris!
That's 81 West Brother Drive - Chris - nice neighbors - the 'Wilsons'!
$4.45 for 6 acres? Is that a "split-able" 6 acres? Because that does not bode well for those 3 acres on Vineyard with a nothing house for $5 mil.
cea
wonder what that means for 7 Orchard Drive right around the corner. Probably doesn't help them get the price they want.
I heard contract price was in the low $3 mill range
Low $3s for the Round Hill Road property? If that's right, we're in even worse shape than I imagined. Sheesh.
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