Throw a number in the mid-$2s at it; it probably won't stick, but so what? Walk away

Bank-owned 11 Hedgerow Lane dropped its price again today to $3.750 million. That’s a nice price if they can get but I don’t think they will.

Hedgerow, like Birchwood and Gate Field, which I mentioned yesterday, is part of that 2000-ish development up near Will Merry. Houses did well there, originally, and there were a number of sales in the $4s, but there hasn’t been much activity in a long time.

Until just this past July, when No. 8 Hedgerow sold for $4.105 million. Which, again, is a nice price, but the owners paid $4.225 for it in 2004 (there’s that year again), put a ton of money into it, and tried for 1,007 days to get rid of it these past 3 years.

There are three other homes for sale on Birchwood, all priced in the $3s; no one has wanted one, yet, and whoever bought 42 Birchstreet yesterday certainly looked at all 4 houses on Hedgerow and passed. There’s a message there.

So, will a mid-$2 figure take this one? Probably not, but it’d be a safe number to “invest” on this street, and of the four Hedgerow houses available, the owner who paid pennies on the dollar for the underlying debt is the one most likely to blink. The house has been vacant for a year — do they really want to maintain it through another winter? Maybe you should wait a few more months and if it’s still around at the end of October, toss in a bid.