It's always a challenge to sell when there's a tenant in place

211 Orchard Street, Cos Cob, started at $4.4 million in July and has dropped today to $3.3 million. The owners paid $3.7 for it in 2007, and have been renting it out since 2011, so at least there’s been some decent cash flow during the past decade.

This was one of two houses built by then-local David Van Hoesen (and maybe he still is here), and he put a lot of quality into the build, but renting never improves a home’s condition, and additionally, this one’s listing really carries the kiss of death:

Tenant in property through February 2023 - property can only be shown to buyer who wants to buy property with tenant in place - must have 24 hr notice for showing -

Without saying anything specific about these tenants, of whom I know nothing about, but as a general observation, it’s understandable that tenants who have paid an often princely sum for the quiet enjoyment of a home don’t rush to accommodate realtor showings, or keep the place in impeccable condition, and getting buyers in to see the place can be burdensome. You certainly can sell a house with a tenant in place, but from a buyer’s agent’s perspective, it’s always disheartening to see on a listing that the cooperation of a renter will be required.

UPDATE: A reader reminds me that the house next door, 215 Orchard Street, by the same builder, is also for sale, asking $3.775, down from its July price of $3.995. Unlike the owners of 2011, who paid $3.7 in 2007, these owners waited until 2009, and paid just $3. Considering that 2011 also started off in July of this year at $4.4 and have now dropped to $3.3, it wouldn’t surprise me if 2015’s owners, having less invested, might show an equal flexibility.