High-end market woes

There are currently 156 active listings for homes asking $5,000,000 and up, while exactly five in that category have gone to contract since the start of this year.

And most of those five took years, and numerous price cuts to find a buyer.

24 Khakum Wood Drive, listed in 2008 at $14.5, had a final asking price of $6.650, and is presumably selling for less than that. 

21 Hurlingham, in Conyers Farm, started at $12.4, ended up asking $8.495.

16 Chimney Corner did better, with an original price of $10.750 and a final ask of $9.295

197 Otter Rock Drive, in Belle Haven, also did well, beginning at $6.250 and ending at $5.625. The sellers paid $5.4 for it in 2013, so it looks as though they'll almost break even.

30 Northway, Old Greenwich, however, originally asked $10.450 and 540 days later was looking for $6.995.

Certainly some of the current crop of 156 will find buyers this year (although they'll probably be replaced by new listings as the year progresses), but at just five sales in over two months, either the market will have to heat up to an astounding degree or many would-be sellers can count on keeping their suitcases in the attic for awhile longer.