What a deal - IF you believe the Yahoo. This a "money pit" times 10! The property is only worth what someone is willing to pay for it - regardless of what "others" believe it may be worth - completed or not. This is NOT 2005 where the perceived $$$ value (& sqft area) drive the numbers; that ship sailed. If you’re looking in the area, and want "real - in your interest" consultation, just let me know. I've lived and worked in the market for more than 25 years and won't waste your time (or mine!) to "spread frosting on the cake"; who has the patience for that? Let me know if I can help - cheers.
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The house at 266 Michigan in New Canaan is listed at two different prices, as you have noted.
The lower price reflects the fact that the house is 70% completed. The higher price reflects a finished home, complete with pool and tennis court. The last time I walked through it there were schematics on display to show what it would look like in a fully completed state. This is a story of a remodeling project where the builder ran out of funds.
I work out of New Canaan with Barbara Cleary's Realty Guild and would be happy to answer further questions off-line.
Barbara Cleary's Realty Guild
6 South Ave
New Canaan, CT 06840
The reason for the 2 prices is that the main house (15,000 sq ft) is unfinished , but the guest house is finished. The $5,675, 000 price is the 'as is' price. To get the home done will cost no more than $9,995,000 (all inclusive) so that price reflects what a top builder will guarantee to finish it according to the level of the construction build. The listing agent wanted to put both prices out there, representing both scenarios. If you would like to see the home this weekend I am available to open the door for you ad show you around!
I hope this is helpful!
Lisa Jones 203-218-6664