Would you buy this house for $6 million?

41 Birchwood Drive

41 Birchwood Drive

My own clients won’t. They don’t like the swamp that surrounds it and they don’t particularly like the street. I can see their point about the swamp, and I’m not madly in love with the layout of this place, but it’s well made and will work for someone who wants lots of house (8,000 sf, + – the basement) and not a lot of land to look after. It does provide an interesting snapshot of the history of our recent boom. 45 Birchwood, right next door, was listed at $2.795 in February ’04, hung around unwanted for 232 days and then a bidding war broke out and the lucky winner took it for $3.02 million. He fixed it up a bit and put it back up for sale eight months later  in September 2005 for $5.7 million. That was a bit rich even for 2005 but he did sell it, finally, in May, 2007 for $4.9 million. Those were the days, for sellers.

But that was two years ago. This house has been completed and ready for a buyer to move in since April but so far, no one’s bit. The builder must be a man of principle and deep pockets, though, because he’s never budged from his opening price. I’m sure his neighbors are grateful.

3 Comments

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3 responses to “Would you buy this house for $6 million?

  1. anonymous

    Chris – If I remember correctly, 45 Birchwood was a 4 acre lot. The builder (who is actually a Greenwich housewife “playing” at building spec houses) bought 45 Birchwood, renovated the existing house and sold it with 2 acres. She then built this house at 41 Birchwood. The price was shocking to me from the start but in today’s economy, it’s just absurd. She does have deep pockets (assuming her Wall Streeter husband didn’t invest with Madoff and has a diversified investment portfolio) but this is probably the end of her dabbling in spec home building.

  2. anonymous

    Just re-thinking this – she made $1.9 million minus her renovation costs on the sale of 45 Birchwood AND got the land for 41 Birchwood for nothing. How much would you estimate it cost to build the house ? She may actually come out ahead of the game even in this market.

  3. christopherfountain

    I don’t know – if she’s not a real builder and hired one to build this for her, you can bet HE got paid, so maybe, what, $3.5, $4.0 million? Tops, I hope. But I don’t see anything on Birchwood selling for much more than that today so she’d be well off either cutting her losses (or small gains) now or blessing her husband for being successful enough to indulge her in her hobby.