Cos Cob land

12 Cottontail

12 Cottontail Road, now down to $950,000. Owner paid $1,058,800 in a bidding war in August, 2018, has second thoughts, and put it back on the market this August at $995,000. So far, no takers; it seems that the other bidders in that bidding war now share the winner’s doubts.

This is a nice, flat acre-plus, and I like Cottontail Road, but it’ possible that the difficulty 17 Cottontail is having finding a buyer may be scaring builders off. 17 sold new for $3.053 in 2002, and was relisted at $3.495 in 2016. Today, it’s priced at $2.695, and still for sale.

So what would be a safe price to pay for this land? The town says it’s worth $699,000, and that does sound safe. There’s no way, however, that the seller’s ready to take that kind of haircut, so either he’ll persuade someone to pay in the $8s for this or the property’s going to be hanging around for a while.

17 Cottontail Road, now asking $2.695 million