Please be patient – will sort all this out eventually. And thank you, Google – my old blog is still locked up by their computers. These are the guys who are supposed to help stamp out the flu?
Daily Archives: November 11, 2008
As of today, November 11th, we’ve had one contract reported for a single family house in Greenwich this month. That was 384 Round Hill Road, a 1745 Antique on 6 1/2 acres, asking $4.45 million and, one reader reports, rumored to have gone for somewhere in the low 3s. By contrast, Nov. 1 -11, 2007 saw 16 contracts. For the entire month of November last year we had 39 contracts, a record it wouldn’t appear that we’ll exceed this year.
I liked this house at 20 Heronvue ( a made up name for a made up street off Cliffdale, way over in Northwestern Greenwich). It’s a tad funky on the outside but the interior is very nice with lots of exotic woods and a very comfortable, informal floor plan. There’s a huge walk-out basement, the upstairs has lots of light and the backyard is fairly large and ends at the Byram River, not much more than a creek up here. originally asking $5.4 million, it’s recently been reduced to $4.875
But how do you price in the out-of-the-way location and the rather sketchy approach to the house itself? It appears that the builder has put up a couple of expensive homes at the end of a dead end that begins with more modest ones (I’m being nice). The house is 11,000 sq.ft., which I think includes that huge basement I mentioned. That computes to $443 per sq.ft., if you include the basement, which, nice as it is, I’m not sure you should. That would be an excellent price a couple of years ago but now? I don’t know.
It’s always interesting to see the advance and retreat of high-end housing in Greenwich as the market fluctuates. This area was originally just a couple of huge estates. When things were good in the 60s some builder/pioneers ventured out here and put up some simple ranches and capes and probably did okay with them. Not much happened until the past decade when new builders appeared and started erecting some very large, very expensive homes. They sold, just like the first big ones on Richmond Hill, even further north. But that was then, this is now, and I suspect that builders who came late to the party rue the day they first set pen to paper to buy some of these lots. Someone will sell their projects, eventually, but that seller may bot be the original builder.
None of which question of what this house is worth. It already is lower than comparable houses are priced in more convenient locations but those aren’t selling either, so their prices will probably fall. As they do, like any ebb tide, they’ll lower all boats. Will this one end up stranded on a mudflat? Stay tuned.
5 myths about recycling, from Popular Science. Whether you’re for or against recycling (here’s a surprise: I’m against it) there’s an argument here for you.
Left undiscussed, because I’m sure it never ocurred to PS editors that such a thing could exist, is Greenwich’s practice of using earth movers and trailer trucks to collect our leaves and haul them off to oblivion (or out of sight, anyway).
Off to broker open houses – Caludette, I’ll let you know how David Coyne’s house is making out.
228 Stanwich Road was first listed for sale in February 2007 for $2.125 million and eventually sold that August for $1.7 million. The new owners returned it to the market this past July at $1.895 and I opined then that I doubted the market had improved so much since the summer of 2007 that a $195,000 bump was justified. Apparently not, because the property’s price has been dropping ever since and today it’s been cut again to $1.699 million. It used to be a rareity to see someone lose money in Greenwich real estate, although flipping after just one year has always been risky. I believe we’ll see a lot more people discovering that nothing, not even Greenwich, is bomb-proof.
My old law school classmate, Peter Lathouris, attended that auction for the “Chateau” and reports that it was a bust. I’ve posted his remarks to the comments section of that post but essentially, the highest bid was $3.5 million (minimum was supposed to be $6.5) and that bidder’s check was no good. Peter also has gloomy tidings on the New Canaan real estate market in general so, as they say, read the whole thing.