Chafee drops asking price for Providence home by $30,000May 3rd, 2011 at 1:53 pm by Ted Nesi under Nesi's Notes
Doesn’t anybody want to buy Lincoln Chafee’s house?
After two and a half months on the market, this week the governor and his wife reduced the asking price for their 3,900-square-foot home on Providence’s East Side by another $30,000.
The Chafees are now seeking $799,000 for the seven-bedroom, three-and-a-half-bathroom property at 54 Barnes St.
The Chafees bought the house for $939,000 in 2006, so selling at the current price would mean a $140,000 loss for the wealthy couple (before closing costs). They already tried to get rid the property in 2009 but didn’t wind up selling.
Home prices in the Providence-New Bedford area dropped 33% from the peak of the housing bubble in June 2006 through last December, according to a home-price index maintained by FNC Inc., a mortgage-technology firm. Prices on the relatively desirable East Side likely haven’t fallen by that much, however.
(photo: Residential Properties)