Why Billy Joel's Home Has Been Listed for 'The Longest Time'
Singer Billy Joel
seems to be making the same mistake that a lot of home sellers are making: Reducing the listing price by a smidgen when a slash is in order.
The Piano Man just can't seem to get out in front of the market on his home in Sagaponack Village
in the Hamptons, which came on the market at $22.5 million, inched lower to $19.9 million when we last proclaimed our love for it
, saw another teensy price drop to $18.5 million in January, and now slips another inch down to $16.8 million -- which is what he paid for it in 2007.
Yes, he did some renovations
in 2009, but buyers these days just look at the bottom line. With market price levels closer to 2002-03 than 2007, it's time for a reality check. If Joel wants to be "Movin' Out," he better give up on the "Easy Money" and realize it's too late to "Get It Right the First Time." (Sorry, we couldn't help ourselves.)
Real estate lesson here: Price competitively and don't dribble your way to the bottom line.
The house? It's one of those mighty pretty New Englandy homes that reeks of class and elegance and simply had the misfortune to come on the market at what is arguably the lousiest time in history -- a product of Joel's divorce from Katie Lee Joel
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