A listing of the top ten cities for first time home-buyers just came out and whatya know – no New York, no Connecticut. As a matter of fact, NINE out of the ten cities are in states run by Republican governors. Funny how fiscal responsibility works.
The list got me to looking at houses here in Bedford that have been for sale for years, a decade in some instances. Mostly huge houses, with bells and whistles no one wants anymore.
Case in point, back in 2015, I blogged about 72 Guard Hill Road that reduced its price to $7,249,000, as if that was a bargain from where it started at $8.9m. Only ever lived in as a rental. Built in 2009!!!!!!!!!!!!!!!!!
Today, now for sale at $4.85m, the listing says HUGE price reduction!!! INCREDIBLE OPPORTUNITY!!
I’m smelling desperation. I don’t know if the builder still owns it but whoever does is taking a shellacking considering the carrying costs. The taxes alone are $145,000. Yes, you read that right.
Another huge house that has been for sale forever, 63 East Field Drive. Beautifully private location, close to town, long driveway, on a lake, much to love. Alas, it was built at the height of ugly homes, 1997, in the age of conspicuous consumption, with a whole wing that is an indoor tennis court (for the kids who were blossoming tennis champs) and indoor swimming pool. I know the family that built this house, nice folks, who did what so many others did who earned lots of money young – they built a huge home. I don’t begrudge them their choice but now it’s coming home to bite them, big time. He’s a managing partner of a hedge fund in NYC so I doubt he’s worried that this is sitting unsold, other than the hassle of keeping the lights on and the lawns mowed. They long ago moved. Me, I’d price it for a stupid low price just to get out. It’s actually SO ugly, if the price were right, I’d tear it down and build something simple. As I said, the location is fabulous.
The price history doesn’t even go back far enough…it “only” goes back to 2012. I am sure it was for sale before then, at over $10m.
There are a dozen or more homes with the same problem – unsellable because no one is moving here who wants white elephants.
The good news is there are houses selling here, in the under $1m and the $1-2million range, reasonably sized homes that young families can manage. Lots of these sales are homes in town, in neighborhoods within walking distance of the Village Green.
Long way of saying when we do sell, we are going to sell low to get out. Take a tax loss and move on. I’m ready.