Big price cut, but big deal

3 Hekma Road (across from Conyers, next to Stanwich Club) has cut its price today from $17.5 million to $14.8 million. It’s an impressive house: grand design, excellent construction, but when the Russian oligarch moves on, it’ll still be just a house, with no neighborhood, on a puny four-acres of land. Buildings depreciate; a four-acre plot stays four-acres, no more, no less.

What you really have here is a big honking pile of brick, plopped down on a completely-duplicable chunk of nondescript land carved from a once-grand estate. The land’s worth, maybe, $1.5 - $2.0; pay what you will for the house itself.

No zebras in sight (probably shipped back to Siberia for Vladimir to shoot), but it does have its culinary equivalent, the spaghetti faucet. Tres droll!