Stag Lane Lisiting

26 Stag Lane is new to the market today and priced at $4.495 million. It’s a nice house and exceptionally well built, but its builder told me it was the “dumbest land purchase” he’d ever made. The lot is off Stag Lane, down a long, steep driveway and bordering the Merritt Parkway, and that turned off a lot of buyers back in the day. Built in 2005, it finally sold in 2007 for $4.250; a nice sum, but by then my builder friend had been hammered by the carrying costs. Not a happy adventure in homebuilding.

And it turned out to be an unfortunate purchase for his buyers, too: they lost the place to foreclosure in 2013. The bank sold it for $2.6 million that year, and beginning in 2015 those buyers tried to resell it for $3.950, before giving up and selling it in 2017 to the present owners for $2.825.

Improvements have undoubtedly been made over the past six years, but the land abides; I’ll be curious to see what happens.