Taking price cuts early and often

118 Glenwood Drive, Belle Haven, cut its price to $15.5 million today. It started at $17.975 in May, was dropped to $16.975 in July, and now another substantial cut today. That strikes me as very smart.

This is a very special house, to my eye, with, of course, the water views contributing much of that attraction. It's on the east side of Overlook, so thee's no direct water access, but no one's going to build anything on the west of the road — there's no land to do so, so you're high and dry, looking down the Sound. And you wouldn't want to moor a boat here on the exposed side of the peninsula anyway, and swimming and small boat sailing is available just around the corner at the club.

Is this, finally, the right price? Beats me, but Belle Haven commands a premium price, and there aren't many lots in the neighborhood that offer this kind of view. Listing agent Chris Finlay's usually pretty good with his pricing estimates, and if he missed a bit here, he and his clients are adjusting rapidly, rather than let the house linger, overpriced, and growing stale. Like I said, smart.