Note: This is not my listing!
Rightly or wrongly*, 45 Baldwin Farms South, on a crisp and brilliant January day in 2008, hit the market at $9,750,000. Back then, a few warning clouds (like dropping volume) were appearing on the horizon, but overall, Greenwich real estate was still looking pretty good.
Yep, in the winter of 2008, there was still time to sell your backcountry property, even at an “ambitious” price, and do quite well. There were always limits, of course, even in the best days of the market; overprice too much, and you’d sit, dead in the water. But at least you were sitting in a rising market!
Sadly for this property, and many, many others, sitting around after September 2008 was particularly damaging. For the first time in decades, the Greenwich market was actually falling, so if you began overpriced, you grew more and more so with each day. Classic Greenwich-seller lines like “I don’t need to sell,” and “All it takes is one,” or (my favorite) “I’ll wait for my price,” fell on the deaf ears of a spooked and shrinking market.
Six years later, here we all are, and the good news is?…lots of things have recovered! The stock market, for one, and Greenwich real estate, too, at least, parts of it: Riverside, Old Greenwich, Belle Haven, central Greenwich, all pretty much back to 2007 levels. Mid-country? Not so much. Backcountry? Definitely not, although I predict that 2014’s going to be very good for these two sections. Hesitant buyers may well end up wishing they had taken advantage of these last remaining bargains!