More red meat for the base

At long, long, last, 12 Byfield Lane finally finds a buyer at $4.475M

At long, long, last, 12 Byfield Lane finally finds a buyer at $4.475M

I hesitate to post this one because it will fire up all the doomsayers, but…oh, what the heck!

Ok, so what we have here is one of the very last of the leftovers, a perfect example of the exuberant, happy days of the late 2000’s, just before the US Government’s 25-year policy of forcing mortgage lenders to first loosen, then finally abandon altogether, any credit standards whatsoever, all in the name of “equal opportunity”, caused a horrible, cataclysmic economic catastrophe in the fall of 2008.

I actually met this particular builder, seemed like a nice enough chap, although his apparent permanent costume of Hawaiian shirts, jeans and cowboy boots gave me pause (so did the bright red Dodge Viper sports car). Yep, I said to myself, too many people getting into this mansion-building business, can’t be a good sign.

The house pictured above hit the market August 20, 2009, at a price of $11,999,999. I can just imagine the conversation among the principals…”If we keep it under twelve million, we should do ok here”. But  the writing was on the wall by then, in big, bold letters: YOU MISSED THE MARKET, IT’S OVER!

Eventually, some poor bank ended up with it, and now, six long, agonizing years later, it has sold for $4,475,000. Truth is, that’s not a bad price. Had they put it on way back then at, say, $6.995M, they probably could have picked up a couple extra million, but either way, I’m sure the bank is happy it’s over.

12 Byfield Lane, Greenwich, CT (honestly, it’s not a bad house!)

Note: the link above takes you to the second-to-last listing because I wanted you to see the photos, which are not included on the very last listing.