Greenwich Estates Slash Prices: Unreal Estate

Gibson's Old Mill Farm property has a 1928 Tudor-style mansion designed by architect Charles Lewis Bowman, 15 bedrooms, 18 bathrooms, a maze, a stable and an extra log cabin. But even a great hall with a 40-foot cathedral ceiling and a stone minstrel's gallery haven't been enough to woo buyers, which led Gibson to drop the price.

"The sellers at Old Mill Farm have been extremely reasonable and perfect and understand the market," Barbieri says. "Previous prices have been within 20% to 25% of the market price, which creates a lot of marketing time and adds nothing."

It's a cautious optimism. Barbieri estimates that 10 homes have been sold for more than $10 million this year. Unless he and his fellow brokers go on a tear, sales will fall short of the 23 luxury homes sold last year.

Despite this, Barbieri just listed the 20-acre, 20,000-square foot Oldfield Farm equestrian estate for $39.5 million. Sure, the horse-head fountain in front of the main villa and the equestrian center with room for 39 horses, paddocks and a practice polo field will draw enriched enthusiasts, but will its wine cellar, seven fireplaces and 11-car garage justify its lofty price?

"Sellers with new properties have to be careful because everyone was looking for 20% off before homes were repriced," Barbieri says. "Now the prices are very attractive and, in a few years, they'll be worth more."

-- Reported by Jason Notte in Boston.

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