Follow-up: Governors not immune to the housing bust

Ted Nesi at wpri.com has a follow-up to a story he wrote back in February: Chafee cuts East Side home’s asking price by $60,000

Over the weekend, Gov. Lincoln Chafee and his wife Stephanie reduced by $60,000 the asking price for their 3,900-square-foot home on Providence’s East Side, a decrease of 6.7%.

The Chafees are now seeking $829,000 for the seven-bedroom, three-and-a-half-bathroom property at 54 Barnes St. That’s down from the initial listing price of $889,000 ...

This price cut was predictable - like many sellers, the Chafees had priced their home too high. Nesi notes that the Chafees purchased the house for $939,000 in 2006, so at the current asking price they are looking at a $110,000 loss plus closing costs. Ouch.