Price it and sell it

26 forest.jpg

26 Forest Avenue, on a back lot in Old Greenwich, has sold for $2.380, million, quite a drop from its original price 660 days ago of $3.295. I understand the sellers’ impulse to price this house above $3 million, because they paid $2.850 when it was new back in 2007, and made some improvements over the years of their ownership. but I think they grossly overpaid for it back then, thereby creating a false standard of value.

To my knowledge, there’s never been a $3 million sale on Forest; in fact, until this sale, there’s been nothing higher than $2 million, so going for $3.295 was … er … overly ambitious. Don’t believe me? Ask the market.