Monday, May 20, 2013
A Greenwich House Aims to Sell for $190 Million
By ALYSSA ABKOWITZ
On Friday, a waterfront estate in Greenwich, Conn., was put up for sale. With a price tag of $190 million, it's believed to be the most expensive home now listed on the market in the U.S.
The 50½-acre property includes a 12-bedroom Victorian, French-renaissance mansion, 4,000 feet of water frontage on Long Island Sound and two offshore islands.
The listing marks the latest test of the ultra-high-end property market, which has seen several record-setting sales in recent years. Pricing in this stratosphere is an imprecise science, however, and it can be difficult for sellers to predict whether a nine-figure listing will lead to a nine-figure sale.
A number of U.S. properties that marketed themselves with price tags of $100 million or more have wound up selling for less—or not selling at all. While record price tags can drum up attention for the property—"a vanity price is a great way to get your 15 minutes of fame," notes New York real-estate agent Donna Olshan—they can also lead to multiple and very public price reductions.
Last year, hedge-fund executive John Paulson bought a 90-acre ranch in Aspen, Colo., for $41 million from Saudi Prince Bandar bin Sultan. The home originally was listed for $135 million in 2006. "At the time it was a very strong market," says Aspen broker Joshua Saslove, of his client's original listing price. "But it didn't sell at that price…so obviously it was the wrong price."
http://online.wsj.com/article/SB10001424127887323716304578481020743972716?mg=reno64-wsj.html?dsk=y
On Friday, a waterfront estate in Greenwich, Conn., was put up for sale. With a price tag of $190 million, it's believed to be the most expensive home now listed on the market in the U.S.
Huge Listing
Natalie Keyssar for The Wall Street Journal
![[SB10001424127887324082604578485290472433784]](http://s.wsj.net/public/resources/images/OB-XM316_0516bi_D_20130515142131.jpg)
Named Copper Beech Farm, the Greenwich, Conn., estate sits on 50½ acres and includes a 12-bedroom Victorian, French-renaissance mansion, 4,000 feet of water frontage on Long Island Sound and two offshore islands.
The listing marks the latest test of the ultra-high-end property market, which has seen several record-setting sales in recent years. Pricing in this stratosphere is an imprecise science, however, and it can be difficult for sellers to predict whether a nine-figure listing will lead to a nine-figure sale.
A number of U.S. properties that marketed themselves with price tags of $100 million or more have wound up selling for less—or not selling at all. While record price tags can drum up attention for the property—"a vanity price is a great way to get your 15 minutes of fame," notes New York real-estate agent Donna Olshan—they can also lead to multiple and very public price reductions.
Last year, hedge-fund executive John Paulson bought a 90-acre ranch in Aspen, Colo., for $41 million from Saudi Prince Bandar bin Sultan. The home originally was listed for $135 million in 2006. "At the time it was a very strong market," says Aspen broker Joshua Saslove, of his client's original listing price. "But it didn't sell at that price…so obviously it was the wrong price."
http://online.wsj.com/article/SB10001424127887323716304578481020743972716?mg=reno64-wsj.html?dsk=y
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