Builders' Payback for selecting compromised lots...
It happens all the time... and this one is a perfect example. Every property has a value, and even properties with less "desirable" locations will eventually sell. If the owners/partners don't get their price, they often go to the rental market. Hopefully, a tenant will cover most of the carrying costs.....but days, often years on market - until....ding, ding, ding - PRICE DROP.
45 Meadow Wood, as it stands, debuted in 2007 for $17,900,000. It is in Belle Haven, but very close to 95 - never attractive and always a loooong shot at getting full price...
6 years later, a couple of agents, and 3 million less - now offered at $14,900,000 - Finally, at Coldwell Banker with Tamar Lurie, it's at the right price!
|45 MEADOWWOOD - BELLE HAVEN|
|45 MEADOWWOOD DR - ONE VIEW|
- 329 Riversville Rd - Looking up at the Merritt - in contract - List $2,695,000 - cannot wait to see the final number - 500 - + days on market
- 28 Brynwood Lane - Overlooking the Merritt - first asking $3,850,000 (and I'm sure that had the builder been able to stick it out, he would have dreamed of getting at least $5M - since the homes at the beginning and middle of the street are worth approximately $4.5M - $6.5) 28 finally sold half finished for just over $2M - It sat on the market for 300 days.
- 309 Taconic Rd - on the border of Stamford (always a discount) - on the market since 2005 - it started at $26M - up and down - 3 or 4 realtors finally expired once again at $9.7 and rented for $30K/Month after asking $35K
I could go on, and on....
Builders/LLC's would be well advised to hire a realtor before construction or re-packing begins, to determine location versus - rather than expecting them to market an overpriced property.