Beechcroft price cut

Drive it off the dealer’s lot and watch those dollars fly off

35 Beechcroft Road, which was purchased new in 2006 for $4.995 million and placed back up for this sale this past January at $5.385 is now down to $4.250 million. Nothing wrong with the house, and certainly nothing wrong with Beechcroft, so I’d attribute this to normal depreciation; high-end Greenwich houses are beginning to resemble luxury cars.

UPDATE: I just posted this addendum to the note on the Doubling Road foreclosure, now priced at $4.295, but it occurs to me that it’s also applicable here:

“Out of curiosity, I ran a search for houses built in 2000 and later, in the Central/North Street school district, priced between $3.5 million and $5 million. There are 18 active listings in that range, most of which are roughly comparable to this one. Expanding those price parameters, there are 10 more in the $5-$5.9 tranche. While most of those $5+ homes offer more than this one, I might be worried if I were the owner of one of them, because there’s not that much difference in the houses, but there’s a large difference between, say, $5.9 and $4.1 ish.”