I'm feeling too dyspeptic today, obviously, because I'm looking at the hoped-for prices and thinking that these people are totally, freekin' nuts. I'm sure I'm wrong, and that the fine professional realtors of Greenwich are the ones accurately reflecting the current market price values in Greenwich, while I'm still mired in the negative thinking of the past seven years of dismal sales in the high-end, but as I said, I'm in a sour mood, so I'll just have to return to observing the market tomorrow.
Before I leave the subject, though, there's 32 Pecksland Road to consider. It's new today at $7.2 million: 1929 house, updated in 1998, on 3+ acres. It's a lovely, if obsolete house, and the owners paid $5.2 million for it in 1997, so it's understandable that they'd like to get back at least the cost of their renovations, but it might have been kinder had their Realtor™ explained what's happened to Pecksland Road prices in the past two decades, rather than get their hopes up.
Or rather, not the past two decades, just the last one: since the crash, the old mansions that once made Pecksland so desirable to generations of aspiring home buyers have lost their appeal to the younger generation that's powering what's left of the high-end market, and they now look like aging old matrons trying, and failing, to attract the attention of their club's pool-boy: heirloom jewelry only goes so far when it adorns sagging, flabby turkey arms and wobbly neck flaps.
In fact, the only comparable house on Pecksland to sell in this price range, post-crash, was : Number 9, a 1930, gorgeous charmer that fetched $8.250 in 2012, but that was David Ogilvy selling his own listing to his own customer, without ever bringing it onto the MLS. Some people might question whether that was indeed a full test of current value.