For the third time and heading into the 2017 spring listing season, General Electric CEO Jeff Immelt and spouse Andrea have cut the price of their New Canaan mansion, now listed at just over $4.7 million.
After initially listing their home at 705 West Rd. in May 2016 at $5.5 million, the Immelts shaved $500,000 from the price last October, dropping the price below the $5.3 million they paid for the property in 2001 a year after its construction in a gated cul-de-sac.
New Canaan's real estate market has been dead since Bear Sterns went belly-up in 2008 and wiped out that firm's young Turks, who for some reason, all chose to live there, and with GE leaving the area, who's left to buy expensive homes? (There's my childhood pal from Riverside's Summit Road, Chase Carey, but he already has one.)
Immelt is buying, or has already bought, an $8 million triplex in Boston, so if he were a normal human, he'd drop the New Canaan place down to a salable New Canaan price - maybe $3.5? and get on with things, but I can't imagine he really cares, so he can leave it to his agent to deal with, and one day, at some price ....