79 Dingletown Road is back on the market today, asking $5.795 million, a significant hike from the $5.1 million the owners paid for it in 2012. The house is unchanged, so it's hard to fathom why they think it has appreciated during their ownership, when no other houses in this price range have.
But as the headline suggests, this isn't the first time this has happened. It was a BSF spec house back in 2007, the crest of the market, was listed by Ogilvy and sold to an Ogilvy client for $6,787,500. That price, just about exactly the asking price, surprised me because, as noted, it's a BSF home, which means absolute top quality, but also absolutely undistinguishable from any other BSF construction: once you've been in one, you can go in blindfolded to another and walk the floor plan from memory.
But back to price history. Two years after buying it at the height of the market, the owners in 2009 put it back up for sale and Ogilvy, no doubt trying to be funny, listed it at $7.195, when the market was in a tailspin. He kept the listing for years before finally losing it, and Ellen Mosher sold it for the aforementioned $5.1 million in 2012.
So again, we have an owner who thinks this particular house appreciates over the years, despite the market's demonstrating exactly the opposite.
I put my faith in the marketplace.