Our First Ever "WTF?" Pricing Award

9058 Lloyd Place (Norma Triangle)
$989,000
3BR / 3BA
1,508 sq ft ($656/ft)
DOM: 464

REDUCED!! A wonderful bit of Nantucket in the Norma Triangle. Storybook cottage with beautifully landscaped garden in front, lovely picket fence. Completely move-in. Designer perfect. Fireplace and cozy bay window in living room. Bookcases and built-in cabinets throughout. Very detailed with hardwood floors. Pine kitchen with updated appliances. It has great attached guest/maids quarters with kitchenette, also with its own separate entrance, great office area potential. Picture perfect.

There are obviously many other examples, but this Norma Triangle property hit my radar the other day after yet ANOTHER price change. Yes, you're reading things correctly, it's been on the market for over 460 days. Assuming the current owners are the same people who paid less than $400k for the property in 1997, I can only suspect one of a few things going on here that would lead to our favorite "death by a thousand paper cuts" strategy: use of the property as an ATM during the bubble years, a family/estate arguing over how to price this following the owner's death, or pure delusion.

Again, assuming the same owners as those who bought in 1997, they have their own mini-bubble example based on their purchase from the prior owners, who paid only slightly less for the property some 8 YEARS EARLIER!

This looks like a nice little property, and we've covered the allure of Norma Triangle in prior posts, but these sellers need to decide what they're doing fairly quickly. Anyone NOT think this place would have sold relatively quickly a little north of $1mm last fall if the sellers had woken up to reality, or at least the reality of there still being some willing bagholders around?

Sold: 9/89 - $335,000 (near top of past RE bubble)

Sold: 5/97 - $359,000

Listed: 1/24/08 - $1,450,000

Delisting/Relisting game played in the interim ...

Reduced: 8/2/08 - $1,390,000 (4% cut)

Reduced: 8/13/08 - $1,329,000 (4% cut)

Reduced: 12/5/08 - $1,285,000 (3% cut)

Reduced: 3/10/09 - $1,159,000 (10% cut, waking up but too late)

Reduced: 3/25/09 - $1,059,000 (9% cut)

Reduced: 4/21/09 - $989,000 (7% cut)