39 Perkins Road, on the market since November, 2014, when it was priced at $6.2 million, has been marked down again, and now asks $3.995.
Once owned by a Chinese native, who tried to sell it in 2004 for $7.995 million, fiscal difficulties arose (tax records show a $9,958,195 million mortgage extended to him by a Hong Kong bank in December, 2007, which just illustrates the risk of lending from far away, in a market you know nothing about), and title eventually passed to the lender, who sold it to these owners for $2.1 million in March, 2014.
The new owners returned it to the market November 24, 2014, priced at the aforesaid $6.2 million after what the listing claims was a “complete, down-to-the-studs renovation and redesign”. Maybe, although nine months is pretty quick to accomplish all that; regardless, at least to my eye, the interior renovation work was done more with an eye towards speed, than taste, but that’s just my opinion.
Three-nine, or at least, three-five isn’t an unreasonable price for Perkins Road, so perhaps this latest cut will do the trick, although that depends on the market’s reaction to this particular house and that, so far, has not been favorable.
The cost of those renovations must have been substantial, and even with a low basis of $2.1, four-plus years is a long time to wait to recoup one’s “investment” and move on. In the meanwhile, the house sits vacant.