Dropped value on Keofferam

39 Keofferam Road, Old Greenwich, is new to the market today and priced at $3.150 million. That’s a bit startling, because this 1909 house sold for $3.250 in 2007 (admittedly, at the height f the market) and totally renovated and expanded by these owners. Improvements also mechanical upgrades, like ripping out the original steam radiators and installing a central air and heating system. In short, a large amount of money was put into this house, and the owners aren’t going to see a penny of it back.

To my eye, the house (inside) is beautiful, and Keofferam has always been a great street, so I wonder about the reason for the decline in value. The listing agent, Amy Rabenhorst, is a very talented, experienced agent and knows Old Greenwich, so I trust her judgement; she hasn’t undervalued the house, but has instead gone with current market conditions.

So what gives? The unpopularity of old homes among our current crop of buyers, is my guess, and that’s too bad; they’re passing up charm in favor of bland, modern construction that will be dated within ten years.

But that’s the market.