Is $3.5M Such A Bad Price?

390 Round Hill Road, Greenwich. Started at $5.8M, final ask $4.0M. Sells for $3.5M.
List: Sandy Shaw

Much will be made of the fact that baseball star Bobby Bonilla’s former house on Round Hill Road has today closed at $3,500,000, but really, it’s not such a bad price for a 2003 house in Greenwich’s backcountry, walking distance to the Strain family’s country store.

Mr. & Mrs. Bonilla* paid $1,900,000 for a tear-down on the property way back in 1992, built a new mansion, got divorced, and eventually sold it for $5,000,000 in August, 2011.

Since then, the demand for backcountry has undeniably diminished. There are fewer buyers, certainly, but it is completely inaccurate to say “No one wants to live back there”.

Reduced demand means lower prices, as ol’ Adam Smith would say. Add to that the fact that the house is now 15 years old (well maintained, but not substantially updated) and, by gosh, $3.5M is impressive.  In most towns, that’s a %#@&-load of money!

*Bobby Bonilla fun-fact: The Mets send him a check for $1,193,248 every July 1st, through 2035. Why? Because the owners of the team, the Wilpons, believed that the money they “invested” with Bernie Made-Off would earn them 12% per year until the end of time, so they could easily afford such an extravagant contract. 

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