A Mediterranean-style mansion in Greenwich, Connecticut, returned to the market Sunday with a new $12 million price tag—a discount of almost $20 million from when it initially hit the market in 2007, but an increase of almost $3 million from its last ask—according to property records.
The 18,307-square-foot home on Taconic Road has six bedrooms, 10 bathrooms, a handcrafted wood-paneled library, a billiards room, a first-floor guest suite with a separate entrance, a 3,000-bottle wine cellar, a home theater and an indoor pool, according to the listing with Jason Kinard of Kinard Realty Group, who is handling the sale.
Luxury Homes in Greenwich, Connecticut, Selling Faster—and at Higher Prices https://t.co/0xicASmnb8 pic.twitter.com/WYmZBEnf5j
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The house is owned by a couple who bought the property for close to $7 million in 2000, property records show. They spent nearly $14 million and four years building the house, according to the New York Times, and first put it on the market in 2007 for $31 million. Its price was dropped over time, even going under the hammer in 2008, according to reports. Most recently, in May, it was asking $9.39 million.
After years on the market, a price bump is an unusual move, but it’s not unheard of. The house recently went through a spruce-up, Mr. Kinard said via email.
But another reason for the recent price jump could be the rebounding luxury property market in the Connecticut town that’s widely considered to be one of the country’s wealthiest.
Last month’s $25 million sale of billionaire trader Stanley Druckenmiller’s Greenwich estate, Sabine Farm, marks not only the priciest transaction in the affluent area this year, but tangible evidence that the Greenwich market is picking up after several slow years. The transaction marks the third home to have sold for more than $20 million this year-to-date in Greenwich, according to The Wall Street Journal. By comparison, there were no sales above that price point last year.
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In the second quarter of 2017, the median sales price grew 16% year-over-year to $5.8 million, though the number of sales remained flat, according to a report released in July by brokerage Douglas Elliman.
The luxury market in Greenwich and broader Fairfield County, popular with hedge fund managers and financial industry bigwigs, has been stagnant over the past few years, with many top-tier properties lingering on the market unable to find buyers. Over the past three years, for example, only 39 homes in the county sold at $8 million or higher, compared to 148 sales at that price level during the three years from 2006 to 2008, according to Zillow data prepared for Mansion Global for an earlier story.