A depressing sale on John Street

Definitely not depressing for listing broker Barbara Zaccagnini, who just reported this sale at $5,000,000 and who represented¬†both sides of the transaction, but for the rest of us, this is confirmation of the¬†continuing difficult selling climate for Greenwich’s backcountry.

63 John Street first came on November 2012, at $9,949,000 (Town assessment presumes a market value of $10,030,100…ha!). Two years and four big price reductions later (down to $6,900,000) it finally gets the deal done at a paltry $5M, yikes!

This was a BIG property, with 13.61 acres, a pristine but boring 1980’s French-style main house of about 5,000 sq. ft., an equally large, but much newer “guest” house, designed by the firm of Hilton VanderHorn, a small cottage for security and/or staff, and various barns and outbuildings, everything in perfect condition. Oh, and pond, meadows, hills. you name it.

All that for five million shows you how far the backcountry’s values have diverged from the rest of the Town. Really amazing.

63 John Street, off upper Round Hill Road. Owner had no need to sell, but after two years of waiting, decided to let it go cheap.

63 John Street, off upper Round Hill Road. Owner had no need to sell, but after two years of waiting, decided to let it go cheap.

Check out the photos on the link below…(on first-time visits with a mobile device, just click “no thanks” if you don’t want the (useful) Houlihan Lawrence app, then you’ll be sent to the listing).

63 John Street