Short sale on Belle Haven Peninsula pending

13 Meadow Wood Drive, cheek by jowl to I-95 with a current asking price of $1.8 million is reported as pending. It's a short sale, meaning the mortgage is greater than the current price ($2.3-ish), so "pending" should be interpreted as a signal that the lender has agreed to some sort of loss on the money it extended.

Not a terrible house, if one can accept the highway roar, but the original broker David Ogilvy did his clients no favor by initially pricing it at $3.5 million back in 2011. At seven years on the market, this was not our oldest listing, but certainly not our freshest, either, and a better initial price and speedier price cuts might have shortened the waiting period considerably.

I am impressed, however, at the premium a location on the Belle Haven Peninsula commands — not homes inside the Belle Haven Association's boundaries, mind you, but simply within aspirational distance. This house on, say, Riverside's Lockwood Lane, also a neighbor of I-95, would probably sell for $500,000 less.

Location, and a desperate hope to hang out with the rock stars may explain it.

UPDATE, July 5th: A reader corrects me; this house is within the Belle Haven Association boundaries. I have never understood the Association's bizarre boundaries, and probably never will. It makes political gerrymandering districts look positively logical. 

(The same reader says that he looked at the house some time ago but rejected it because of the noise, so at least I got that part right.)