Curt Shilling Drops Price of McMansion as suburbs still very slow in the real estate market.
Schilling, who just announced his retirement from baseball, has lowered the price on his marvy Medfield manse to $5 million – some $3 million less than when he first put it on the market.
The 11,000-square-foot, three-story house, with attached eight-car garage, has been on the market for more than a year – with no takers.
So last week, Schilling and his bride, Shonda, bit the bullet and shaved a whopping $3 million off the price.
“A basic rule in the world of real estate is this: if something is on the market at a certain price and it doesn’t sell for a year, it’s overpriced,” said Brian Rugg, a Realtor at ERA Boston Real Estate Group and the author of the Boston Real Estate Report, which tracks housing sales in Greater Boston. “You don’t have to be a professional to figure that out.”
Adding to Curt’s woes is the fact that single-family home sales plunged 14.6 percent in the Bay State last month – a new low for the battered real-estate market.
The Schillings bought the house in 2004 from former New England Patriots [team stats] QB Drew Bledsoe for $4.5 million. Bledsoe had originally put the house on the market for $9 million back in 2002 when QB/QT Tom Brady [stats] took his job and Drew shuffled off to Buffalo. It took Drew two years and a 50 percent price reduction to sell it. Continue (via Boston Herald)