The spec house at 291 Stanwich Road, built in 2014 and on the market since then, started at the improbable price of $6.695 million, and today has been marked down to $3.7. That’s probably still too high, considering the staleness of the listing.
There’s nothing wrong with the lot: the flat, front portion of a two-lot split; or its location, just a bit up the road from Dingletown, and the house itself is typical of this company’s work: good quality, installed in a predictable, boring design, which appeals to many Greenwich new-home buyers. But this same builder often gets himself in trouble when pricing his projects, and he did it again here.
Even at the height of the bubble: 2005-2007, say, this wouldn’t have fetched anything close to $6.7 million, and December, 2014, when this was first offered for sale, was very much not the height of the bubble. Those days are gone; the lamps went out all over Greenwich, we shall not see them lit again in our life-time.
Or something gloomy like that. In any event, I suppose this will eventually go in the $3s, assuming a lender doesn’t get it first, but that also assumes there’s still a market for homes in that range. Otherwise, high $2s?