15 Stillman Lane, which sold new for $5.5 million in 2006, has reduced its price today to $4.050. My reporting on the price declines in this development are not intended to be some sort of piling on, nor do I take any pleasure at all from the owners' losses. To the contrary, I'm entirely sympathetic, because the homes here were all made by fine builders, and are for the most part very, very well crafted.
I do find it interesting that the houses aren't selling or when they do, selling at a substantial loss. It's location, obviously, but I'm puzzled why this location has become so undesirable. To be sure, it was never one of Greenwich's most favored areas, but it appeared, ten years ago, that was changing. Not so; it was a short-lived phenomenon. It's possible that when the rest of the Rockefeller property across the street is developed, these homes will recover and in fact, were I willing to gamble, I'd pick one up at these discounted prices and see what five years brings.
But that could be a $500,000 bet.