From $7.850 million to $3.2 in 12 years

31 N. Porchuck Road has sold at auction for $3.2 million (including 12% “buyer’s fee”). This property sold new for $7.850 million in 2007 and for $6.250 in 2009. There were five bidders this time, none of whom were willing to be exposed to more than $3.2 on this house, in this market.

There are a lot (46 plus) homes in the $3-$3.9 range right now; their owners might want to consider what this sale signifies about buyers’ attitude and mood. For that matter, would-be sellers of more expensive homes might mull it over too.

UPDATE: Let me unpack that a little: a buyer looking to spend, say, $2.8-$3 million looks at a house asking $3.650, compares it to this one and says, “I know what $3.2 brings, and no way is this one equal to that house on Porchuck”, and either passes, or bids $2.8. “Oh, but Porchuck was an auction” doesn’t mitigate; the market value is what it is, and that $3.6 ask is above market.