The market has become unhinged

23 Boulder Brook

23 Boulder Brook Road, 1961 construction, 6,200 sq.ft. has sold for $2.950 million. It went to contract on March 13, 21 days after it was listed at $2.995.

16 Boulder Brook Road

The buyer of 23 passed on 16 Boulder Brook, which was still available, and which closed June 1 for $3.2 million. 2005 construction, 8,000 sq.ft., it had sold new in 2007 for $5,832,000.

The town appraises 23 Boulder Brook at $2,780,500, and No. 16 at $4,896,500. Both numbers may be off, but they do show relative values.

A buyer may choose 1961, smaller construction over an 8,000 sq.ft. mansion as a matter of personal preference, but to pay almost as much for that older house as the new one indicates to me that we’re seeing panic buying and a divorce from reason.