To paraphrase the great Yankees (radio) announcer, John Sterling, “If you think you can predict [real estate], you’re crazy”.
Take the case of 79 Dingletown Road (link shows before/after). This is an absolutely beautiful house by builder Rick Rowland’s “BSF Properties”. He’s built roughly the same house at other choice locations, all sold for big fat prices. 79 Dingletown was just one of the many in a long string of successful spec-jobs by BSF. In November, 2007, it sold for $6,787,500.
So imagine my surprise when this time around, it only gets $5,100,000. And, it was perfectly furnished/decorated and the new owners added a really nice pool! Meanwhile, the oft-mentioned 35 Club Road, during approximately the same period, sells for $8,675,000 (2008) and then, a few weeks ago, for $8,450,000! To quote Homer Simpson, “Doyghh!”