Mid-Country spec house pending

8 Buckthorne Lane, off Parsonage, is pending. Asking price is $3.995 million, though what it is actually selling for we won’t know until it closes. Builder started at $4.995 in early 2018, obviously aiming for the traditional building formula of 1/3 for land ($1.650, in this case), 1/3 for construction costs, and 1/3 for profit and overhead. That formula hasn’t worked in Greenwich for some time, and it didn’t here.

Still, for a rather sterile, back lot spec, he’s doing all right, even if it goes in the mid-$3s.

UPDATE: I have it on good authority that the builder turned down an offer “in the mid $4s” last year. That’s a common occurrence with both builders and homeowners: often, that first offer is the best one you’ll see.