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Distinctive Country Properties
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03.04.10 Some significant deals have closed between KENT and ROXBURY within the last few weeks. The biggest one involved the sale of the unique PRESTON property, located both in KENT(CT) and WASSAIC (NY), which closed at around $8.5 million, down from the original $13 million asking price, with all its 399 acres. It was purchased by a NY, and NW CT weekend resident, who is a very knowledgeable person on real estate, and has acquired a desirable and unique property at a price that was appropriate for its time. The other two sales were at, or below, the $5 million level, though asking prices were considerably higher. Does this indicate an end to a slump in the 'high-end' real estate market? Probably not, but it does confirm that, at the right price, there are buyers around in the premium priced market who will make a purchase. They can be very picky and only sellers, tired of holding out for prices now determined to be unobtainable and who respond appropriately to this scarce category of buyers, are getting their properties sold. Down the pricing scale, other deals are periodically occurring around our immediate corner. Mostly driven by local residents, who are on top of the day to day 'opportunities', good purchase 'deals' are being struck. The rest of the market is still sputtering, with many buyers, not yet ready to believe there is a market-of-movement, missing out on some great opportunities while waiting for further price adjustments that may not ever happen. © 2010 R. Leech features.
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Robinson Leech Real Estate 318 Main Street | P.O. Box 1627 | Lakeville, Connecticut 06039 Phone 860.435.9891 | Fax 860.435.9400 | info@robinleechrealestate.com
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