Different markets yield different results

Back in 2006, 25 Keofferam Road was listed as land for $2.195 million and sold to Sound Beach Partners (or whatever the proper name is; Jim Hoffman, Doran Sabag) a few months later for $2.250. Sound Beach builds to the very highest standards, so after they razed the existing home, built a new one, and listed it in 2008 for $5.995 million, the price didn’t seem all that outlandish to some of us (or to me, at least). But 2008 marked the beginning of the crash, and it wasn’t until 2009 that the current owners appeared, and got it for just $4.375.

And as it turns out, that was great deal for those buyers, because when they listed it with the Dutch Terror, Daphne Lamsvelt-Pol, last week priced at $6.950 million, buyers rushed in, and 8 days later it’s already pending. It’s fair to guess that this will be going for a price well into the $7s.

CORRECTION: I mistakenly gave credit for building this house to Sound Beach Partners, when in fact Peter Thalheim, under the name of 403 Sound Beach Llc was the owner/builder. It’s a beautiful house either way, but kudos to Peter.