200 Guards Road, asking $17.5 million, reports a deal. It's a beautiful, 16,000 sq. ft. home built in 2004 at a cost of $15 million on what many consider the development's finest lot: 30 acres on the pond, so its hardly surprising that someone has finally stepped up to take it. What's so discouraging about that? It started at $27.895 two years ago.
The original listing broker, Fran Erlich, suffered the usual fate of the who first get hold of an overpriced listing. She did all the hard work, even getting the place a nice writeup in the WSJ back in 2015, but it was all for naught, and the listing expired at the end of September, 589 days later.
At that time of expiration, the price had dropped to $18.795 million. Agent BK Bates grabbed it, dropped the price to $17.5 and 100 days later a buyer has signed on. That's how the business works, so I'm sure there are no hard feelings between the two, but it's a reminder of why it's a bad idea to take listings at an unsellable price: it's possible that you'll still be the agent when the owner finally faces reality but often, by the time that happens the owner's decided it was your fault all along, and out you go.
And so it goes.
Here's some of that WSJ article, for those of you locked out by its cash wall:
Jan. 22, 2015 1:12 p.m. ET
A 31-acre lakefront estate in Greenwich, Conn., is listing for $27.895 million, according to the listing agent, Fran Ehrlich.
The stone-and-shingle style home, built in 2004, is over 16,000 square feet and has seven bedrooms, eight full bathrooms and five half baths. “We fell in love with the property,” said Suzanne Weiss, 65, who bought the property with her husband, investment banker Stephen Weiss, around 1994 to 1995, she said. The couple was living in New York at the time and Mrs. Weiss was looking for a place to raise their children. She says they bought the land, located on Converse Lake, after a nearly 2-year search.
The property includes a tennis court, half-basketball court, three golf tees—including a sand trap—and pool, which Ms. Weiss said kept their four children active. There is a three-bedroom guest house with two apartments, a pool house and storage for kayaks and canoes for water sports on the lake. She said they spent more than $15 million on construction and landscaping.
Inside, the home is designed for a large art collection. “We wanted the home to look more like a French chateau as you come in,” she said about the space, which includes five fireplaces. The home is also big enough for large events; she said she has hosted up to 80 people for dinner at the home. There is also a home movie theater and gym.
Mr. Weiss was a co-founder of investment firm Weiss, Peck & Greer. He was also, along with Ms. Weiss, a major benefactor to Cornell University. He died in 2008. Ms. Weiss is a retired guidance counselor and is involved in philanthropy. She said she is selling the home because her children are grown and she is splitting her time at a home in Florida.