Old Greenwich contracts

27 Meadowbank Road, which came on the market at $3.8 million and quickly dropped to $3.3 went to contract and is now reported pending, all in 17 days. Smart move by Krissy Blakely to make that fairly draconian price cut so quickly, because in this market, a price that isn’t attracting good offers within just a few days is a price that’s too high. I have no idea what the dynamics were here, but sometimes clients and their agent will disagree on a home’s price and a compromise is reached: they’ll list it at the homeowner’s preferred price, but if a good offer hasn’t materialized in a specified time: say, 14 days, they’ll drop to the agent’s suggested price. Again; I don’t know if that’s what happened here, I’m just noting that it’s not unusual when it does. The real lesson here is that a quick price cut can produce swift results, and 17 days from initial listing to pending deal is an excellent result.

Not to be outdone by her Sotheby’s colleague, Lisa Weiker’s listing around the corner in Lucas Point at 18 West Way, $4.250 has gone to contract in just 20 days.