The apple has fallen, finally

599 days after starting at $4.4 million, 211 Orchard Street has sold for $2.5. It sold new in 2005 for $3.525 million, and to these owners for $3.7 in 2007 — $5.575 million in current dollars — so this latest sale must have come as a disappointment.

Back in the gold rush of 2002-2007, many agents, and as I’ve confessed before, I was one of them, thought that Greenwich real estate price might flatten, but they’d never go down. I learned my lesson the following year, when we witnessed some homes selling for as little as 40% of what their sellers had paid a few years before; I’m not sure that everyone did.