2003 all over again?

347 Sound Beach Avenue, a Doran Sabbag/Jim Hoffman/ Sound Beach Partners project constructed in 2002, sold new in 2003 for $3.075 million. The new owners made improvements and put it back on the market at $4.5 five years later before, finally selling it for $3.7. This time, it came on at $4.105, dropped to $3.295 and today reports a contract. Assuming normal negotiations on that price, we seem to be back 15 years, at least for this particular house.