Lake Views. Three-Bedroom Colonial. Pound Ridge Address. But No Takers. What Gives?

There are 11 homes around Robin Hood Lake in Pound Ridge, each with plenty of space around it, unlike homes around other Northern Westchester lake communities. “A number of the lakes have a multitude of tiny homes originally intended to be summer cottages,” says realtor Mary Ann Condon of Houlihan Lawrence in Pound Ridge. “The result is a sort of shantytown. Robin Hood Lake has larger zoning so there are fewer homes surrounding it.”

Among them is a three-bedroom Colonial at 1 Sherwood Road, with its own dock, lake access for canoeing, swimming, fishing, and skating; and a whopping 4,825 square feet. Asking price? Well, originally it was $1.15 million. Today it’s $999,000. It’s been on the market since November 7, 2007.

What gives?

“A Colonial is the most desirable type of home,” says Condon. But not those in the million dollar range. “Homes seven-hundred thousand and below are moving the fastest in this economy. Plus, the young couples with one or two kids that come to see it think it’s too big for them. Other buyers want a pool, but it’s hard to get approval with the proximity to water.” And some don’t like that the acreage is more lake than yard.

Sale Price: $999,000
Original Price: $1.15 million (11/7/07); lowered to $1.095 million in February 2008; lowered to $999,000 March 2008
Price/sq ft: $207.05
On Market Since: 11/7/07
Address: 1 Sherwood Rd, Pound Ridge
Style: Colonial
Exterior: Vinyl Siding
Street Type: Cul-de-sac
3 BR, 3 full baths and one half bath, 4,825 sq ft
Acres: 2.01
Year Built: 1958 (expanded in 2000)
Taxes: $15,987
School System: Bedford
Pluses: low price per square foot ratio, three fireplaces, lower level 880 square foot family room, convenient to Stamford and Bedford Village, close to Mount Kisco and Bedford trains, mooring/dock with lake access
Minuses: Formica in kitchen, vinyl siding
Agent: Mary Ann Condon, Houlihan Lawrence, Pound Ridge (914) 764-5762 (914) 299-9956; macondon@houlihanlawrence.com