Not many people's favorite street, but the new price reflects that

10 Wykham Hill Lane

10 Wykham Hill Lane

10 Wykham Hill Lane, a 5,000 sq.ft home custom built for its owners in 1989, has dropped down to $2.1 million. It backs up to the Merritt, and its opening price of $3.595 million back in 2015 failed to account for that drawback, but it's now a heck of a lot of house for $2.1. Will this latest cut do the trick? It might, so long as a buyer understands that, just as he's buying at a huge discount, future buyers will expect to do the same. You Wall Streeters will have to abandon the concept of "buy low, sell high" and instead switch your aspirations and philosophy: "buy low, sell low".

The trouble agents have trying to convince sellers of these homes to price them reasonably is that the owners have adjusted to the noise while living there, and don't consider it a detraction - in fact, they no longer notice it at all. Potential buyers do, of course, and balk at paying a price that's the equivalent of a home that's not so handicapped. 

But again, at $2.1, you can get twice the house you could purchase somewhere else. For someone with a $2 million budget, not $4, that might be an attractive deal. Certainly it would comp out nicely for mortgage purposes - houses on Wykham, not all that much bigger or better, have recently sold for more than twice this, and far inferior homes have sold for no less.

Plus, it's got "The chair"

Plus, it's got "The chair"