In this market, even governors struggle
Gov. Deval Patrick and his wife Diane put their $1.9 million Milton manse on the market back in June, 2009.
With their children out of the house, the governor noted he and Diane were looking to trade in their long-time Milton home for a downtown Boston condo.
The move, not surprisingly, drew a fair amount of media attention. In a market where sellers battle for any scrap of attention, it was the kind of publicity most can only dream of.
But nearly two years later, the Patricks still own their five bedroom, nine fireplace Milton mansion on Hinkley Road. Built in 1900, the stately home boats nine fireplaces and three and half baths.
In fact, the Patricks temporarily pulled their home - which they first bought for $562,885 in 1989 - off the market last December. And they've yet to put it back on.
So what's the story here?
Here's a short chronology:
- Listed for $1.9 million in June 2009
- Priced dropped to $1.7 million in October
- Pulled off the market at the end of November
- Back on the market in April, 2010 at the height of the home buyer tax credit sales frenzy
- Temporarily withdrawn from the market last December.
Despite having bought their Milton mansion for a song back in 1989, the Patricks may not have much flexibility in terms of lowering the price, having accumulated a substantial amount of mortgage debt over the years.
I also wonder about the idea of buying a downtown Boston condo. While it might seem a buyers' market, prices are still high. And there's less to pick from - the number of new condos is steadily dropping as the new towers that have opened over the past few years finally sell off their units.
If it were me, I'd stay in Milton for a couple more years and ditch the condo idea, How about you? Do you have any advice for the governor?
