30 Nearwater LaneThen and Now
In January 2005 this property was listed for sale as a building lot for $1.199 and sold immediately via bidding war for $1.305. 18 months later the builder, having done little to improve the lot other than tear down the existing house, put it back up for sale asking $1.595. Buyers weren't convinced that scraping off an old house was worth that kind of premium so the property didn't sell until July, 2007 and received only $1.215. If you think that this story illustrates that the ones who make out best are those who sell at the beginning of a boom, rather than at its end, you'd be right.
In any event, the new owner has indeed built a very nice new house and has been trying to sell it for $3.195 since April. Today it was marked down 6% to $2.995. That might be enough to move it; then again, it might not.
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3 comments:
The problem with this house is its fit in the neighborhood. Yes, the house is on a cul-de-sac with "winter water" views - but the remainder of the neighborhood is mostly older, smaller homes.
Also, and correct me if I am wrong, a 6% price cut doesn't seem like very much in this kind of market. Wouldn't anyone who wanted to pay $2.9 have offered it in the first place?
That would be my thinking but obviously the seller disagrees.
The best house by far on that street is at the end of the cul de sac with direct southerly view over the Mianus. Too bad the developer didn't have that plot to work with. The house right next door to this is a nice looking, but rather out of fashion split level ranch asking $1.4m and the pricing in the neighborhood drops from there -- spec house building 101: never be the biggest house on the block.
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