5 Sylvan Lane, Old Greenwich, is reported as under contract. Asking price was $5.195 million, and though the final negotiated price will doubtless be less than that, it’s still bound to be a substantial sale.
So that’s great news, for some, and a boon to local optimists, but from a glass-half-empty perspective, I’ll note that this spec house has been on the market since August, 2016, and started at $6.8 million.
True, “asking” is not often “getting”, but the listing agent is an experienced, highly-competent person, who certainly based that 2016 price on recent sales of comparable homes. If so, something has obviously happened to the higher end of our market.
Which is why I’m not as enthusiastic about real estate trends as so many of my peers, statistics notwithstanding.