64 Butternut Hollow Road has been on the market since 2015 when it was listed at $3.250 million. Today it dropped another $300,000, to $2.295. I've been waiting for the collapse of the high end of our market to squeeze the middle range down, but this house enough drawbacks that you can't really draw any conclusions.
It's an unpopular style for Greenwich, was grossly overpriced to begin with, and it's clad in Dryvit, the synthetic stucco that, when first introduced in the 1980s was considered a wonder material. Several decades of class action and individual law suits later the wonder is gone. Dryvit's manufacturer is still in business and in fact, I received a reassuring letter from one of its executives some years ago after I'd posted on Dryvit's flaws: he said the process has been improved, now, but 64 Butternut was built in 1994. The owners can get a transferrable warranty to ease a buyer's mind, but there are some realtors, myself included, who would advise a client to go find another house.
So that can't help this property's prospects. Maybe it was a $2.5 house, and the new availability of $5 million homes knocked down to $3 pushed this one's value still further down — comparative shopping can be a bitch for owners with overpriced homes. Or we're just witnessing here a house settling down to the level where it should have been back in 2015.