The Real Estate Boom Moves Out

Rhode Island real estate has a story:

The grand old Tudor for sale on Blackstone Boulevard in Providence, Rhode Island, courted a lot of attention when it debuted on the market in the spring of 2002 for nearly $5 million.

The Wall Street Journal ran a story about the house—seven bedrooms, three fireplaces and an in-ground swimming pool—titled, “House of the Week: A Providence Place.”

People came to look, but nobody bought. Weeks passed; then months.

Today, the same house is still on the market -- for less than half the price.

“It’s a fantastic home,” said the property’s listing agent, Harold Silverman, “but it was way out-of-line.”

The new asking price is $1.95 million.

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