The market place is still the best adjudicator of value
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“Built by much-revered Tony Chimblo”
A couple of the new condos at 89 River Road, Cos Cob, are on the open house tour this morning, and I was reminded that none of these eleven units have sold yet, despite having been on the market since last September. These days, that’s a remarkable record of non-performance.
There could be other reasons why buyers are shunning this project, but I’d blame price: The units were initially priced between $2.995 million to $2.550 and are now down to $2.495 to $1.750. At some point, buyers will bite; I wonder where that point is?
