The 55 Perkins Road listing has moved with David Ogilvy to Sotheby’s, but its price remains unchanged: $12.8 million. This is a piece of relatively new construction — 2006, that was purchased new from its builder in 2008 for almost full price, $8.561 million. Why anyone would pay so much for a house on Perkins eludes me, but the Ogilvy agent representing these owners was not known for sharp bargaining, belonging as she did to a generation that frowned on such unladylike behavior. And the builder was represented by Jean Ruggiero, who brings a more modern, robust attitude to the negotiating table.
Whatever the reason, there seems no rational explanation of how this property could have gone up nearly 50% from its value at the apex of our real estate bubble, just as it burst. Certainly the town doesn’t think it has, and appraises it at $6.4.
And to add to the price woes of this house, its elderly owners have decorated it to their taste, which is entirely understandable, of course — they’ve been living in it, but I think it would show better empty, or at least stripped of most of its wall accessories and window treatments. But there’s no hope of that until the owners move out, and that’s unlikely to happen until the price drops to, say, $4.5?