11 May 2010

Falling Prices

What a difference a year makes: this house in New Canaan, designed by Victor Christ-Janer, was listed at a shade under $3.5 million a year ago (it was on the New Canaan Historical Society's Modern House Day tour last May). The property is beautiful, there's a cottage and a garage with an apartment (if I recall correctly), and the house itself is nice though not spectacular.

Now it's being offered at $2,199,000. That's a 37 percent discount, if I did the math right. Is that because of the recession or because of an inflated view of what the house was worth? Probably a bit of both. -- ta

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