Price discovery in Old Greenwich

57 Lockwood Avenue was listed on May 27th for $4.895 million, dropped to $4.695 June 23, and dropped again to $4.3 million September 3rd. That did the trick; buyers rushed in, and it was under contract within days. Sold yesterday to a NYC couple (10016) for $4,361,000.

There’s nothing fatal about initially overestimating a home’s value, so long as you don’t stay wedded to your price; in this case, the sellers and their agent, Houlihan’s Noah Finz, reacted to the market’s rejection quickly and sensibly, and it all worked out. Well done.