History repeats itself

3 West End Court, Old Greenwich, asking $499,000 reports a contract; It started at $699,000 a year ago.

Back in 2004, I listed this same house at the client’s insisted price of $650,000; it sold in late 2005 for $450,000. Nothing much has been done to the place since then, but apparently there’s still a difference between what the owner originally thinks it’s worth and how the market views it.

I think a price in the $4s for even a cardboard box in this location isn’t a bad deal, whether in 2005 or 2019. And adjusting for inflation, today’s price is pretty cheap compared to fourteen years ago.