Beware of new construction premiums

Who wouldn’t welcome a new house, with unsullied kitchen ovens and polished, untouched (except by Canadian sheet rockers and other worker hordes) toilets, but there’s a price to be paid for that privilege. Case in point:

37 Mianus View Terrace, Cos Cob, sold new in 2006 for $2,002,500 million, has finally resold for $1.550, after eight years of trying (with several periods of rentals in between). I usually buy new vehicles by choice, so I certainly understand the appeal of new vs previously-owned, but do know that the depreciation axe will be swinging before you even leave the lawyer’s closing office.