416 Davis Avenue
You’re looking at the only activity recorded on the MLS today – a listing that expired. Will this enormous new mansion on a dodgy street with the improbable tag of $7 million come back next year with a dash of realism worked into its price? Not on your life – the builder will probably raise it, just to teach you a lesson.
Advertisement
Plenty of properties renting, however! And in this, the slowest period of the year. Maybe rentals are all we get for a while. And the rental income certainly takes the heat off more than a few anxious sellers….
Those rents are being reported at big discounts: $3,000 on a $4,500 asking price, for instance, and I defy any builder with a construction loan to even tread water using the rent his unsold mansion brings.
Oh, tosh! Rents are NOT falling in Greenwich! I continue to hear this from my fellow brokers, meanwhile, the rents being reported are the same as last year or better. Keep in mind, in any year, winter rents are going to be less than spring/summer.
With this one, they must have really restricted their pool of potential buyers with the . . . ummm . . . unusual architectural style. Or is that a selling point these days? I do kind of like the front gate, though . . . but not matched with the house.
It’s not a bad-looking house but the picture does it no justice. What’s going to kill it, at least at its hoped-for price, in my opinion, is its location. A friend suggested awhile ago that the way to deal with this project is to cut it into apartments and perhaps that will happen, but probably not by this seller.