Greenwich Real Estate Losses: Who Holds The Record?

For a minute there, I thought someone had finally beat the amazing $8,250,000 loss suffered at 112 Field Point Circle in 2009.

But no, this week’s closing of 25 Sherwood Avenue revealed a loss of “only” $7,900,000 *.

So, the record stands!  For now…

*A complicating factor in determining this ignominious record is the fact that the seller of 25 Sherwood had put hundreds of thousands of dollars worth of improvements into the property plus, in order to induce a quick sale, offered a higher than average commission and a $200,000 bonus to the selling broker. This commission “bump”, plus the bonus, amounts to $255,000. Did the seller’s loss, therefore, actually exceed the $8.250M loss at 112 Field Point Circle?  Undoubtedly.

The winner and still champion! 112 Field Point Circle, former “Victor Borge estate”, sells as a land listing for $25.75M in 2007 but only $17.5M in 2009.

25 Sherwood Avenue, spectacular estate on 15 acres, sells for $18.9M in 2009, and now, this week fetches a mere $11M.

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