Mad Monkey’s gonna love this one

71-fairfield-road1
71 Fairfield Road was purchased for $1.442 million back in 2002, underwent extensive renovation and has been returned to the market today at $2.850, or almost the Monkey’s specified minimum price of $1,000 per square foot. I’m not sure how one puts $1.4 million of renovating into a $1.4 house without expanding its size but I’ll be curious to see it.
"I do wuv this, I do!"

"I do wuv this, I do!"

 

14 Comments

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14 responses to “Mad Monkey’s gonna love this one

  1. anonymous

    Only way to add value to that lovely house is to tear it down….and start over….not sure even land is worth $1.4MM….

  2. fred

    CF: Dont get into a pissing contest with this monkey person at 71 Fairfields expense.

    • christopherfountain

      I have no such intention. I love the pond it’s on – in fact, I have a dim, but fond memory of skating there when friends of my parents owned a house somewhere along the shore in what must have been 1960 or so. The only beef I have with the road itself is high school traffic, but that’s about a 1/2 hour twice a day, 1/2 the year. Not a big deal to me. And I’ll bet the house is beautiful. I do wonder if that location will support $1,000 sf but as many readers have pointed out, they don’t bother with that calculation, so maybe they’ll buy it!

  3. Mad Monkey

    Ok Chris! I’ll play long! $1.4mm is not unrealistic. Question. Was it a gut reno? New electrical, plumbing, central air and mechinicals? New roof? Insulation for entire home? Sound proofing? Total home audio and lighting system? Finished basement! Wine cellar? Home theatre/media room? Luxury kitchen and baths? New landscaping? Very feasible that the owner spent $900k. The $300k-$500k represents a reasonable profit (buyer underbidding certainly priced in).

    Let me clarify. I think that prime Greenwich should be $1,000/sft. The rest of Greenwich can trade anywhere from $500-$900/sft depending on location. My home is in the very best area of Greenwich so no I’m never selling at any price below $1,000/sft. Trophy homes in the Hamptons are listed at $2500 (I’m talking weekend homes!). Same for Palm Beach. Park Avenue and Fifth Avenue apartments are routinely listed above $4000/sft. Greenwich is the #1 town outside NYC. Why should our trophy homes be priced below $1,000?

  4. Anonymous

    Hey MM — in what part of OG do you live?

  5. fred

    If it is truly a trophy home, and there are many in Greenwich, it may very well be worth 1000+ a sq. ft.

    Unfortunately, many Greenwich rank and file owners think that just because their home sits within the zip code, it is a trophy. Granted a slight price premium over Stamford, but most Greenwich homes are modest run of the mill. Irregardless of what your realtor tells you.

  6. anonymous

    As the Madoff scam illustrates, pools of dumb money are vast and deep in all these “upscale” places

    It only takes one sucker to pay an absurd amt for a used house in a place w/ample, cheap land…and no restrictions on new construction

    Go ahead and ask whatever price….there’s a sucker born every day, right?

  7. Mad Monkey

    The part that doesn’t tell Anonymous posters on this site where they live!

  8. Mad Monkey

    5:23pm – music to my ears!

  9. Cos Cobber

    Mad Monkey, don’t be shy when you finally sell. Be sure to revisit this site to share in all your glorious details. Even if you don’t sell until 2019, I’ll still be interested to know how you made out.

    PS – are you leaving our fair community or trading up to a real house? Got your eye on the Hemsley estate why don’t you…

  10. cynic1

    Hey Fred…. no such word as “irregardless”

  11. fred

    cynic1……yes there is such a word. look it up in the Fred’opedia.