May 17th 2019 shall be historic in CT Gold Coast real estate. 282 Round Hill Road in Greenwich traded at "auction" today. It was the first luxury real estate auction that anyone can remember in Greenwich.
The good news is that the auction process worked. The real estate did trade at the seller's reserve price of $1.8mm. The bad news is that is that it did trade at the minimum.
Lars Toomre is sure many real estate types will say it was an auction and for some reason or other the price should be discounted.
Some trader types will say the price is very real because someone was willing to put hard money down and the seller was willing to trade. It was not a bank that sold the property. It was the owner who started four years ago at $3.8mm.