Long Term Speculation

The spec house at 249 Bedford Road, located at the intersection with Riversville Road, has sold for $3.150 million. Its builder bought the land for $1.520 million in 2003, razed the house that sat on it, and built new, putting the finished product on the market in September of 2005. Many years have elapsed since then, of course, and though the house’s time on the market hasn’t been uninterrupted, potential buyers have had many opportunities to bite at its steadily decreasing price. Now, one has.

It’s interesting to see how buyers in the western part of town are marketing their wares, like this:

Luxury living awaits you in Greenwich, CT, at this stunning stone and shingle Georgian Colonial nestled on 4 lush private acres. With taxes LESS THAN $30,000 PER YEAR, the nationally ranked Greenwich Public and Private schools, this exquisite oasis, near the Westchester border, enjoys a prime location just 10 minutes to Greenwich avenue, 5 minutes to Armonk Village, 10 minutes to White Plains and 12 minutes to the train.

(circa 2003)