It’s a slow Saturday afternoon so I thought I’d check and see what we have in inventory as land. Not much. We do have 94 listings but they’re almost all ridiculously overpriced, in awful locations or both. Some that caught my eye, regardless of their price, include the following:
38 Khakum Wood, 3 acres, asking $4.8 million. Good location going for it, if nothing else. The owner paid $4.8 million for it in May 2005, put in a foundation to accommodate a 17,000 sf house and then panicked and put it back up for sale for $8.5 million in 2007 (I kid you not). It’s now back to where he started, but you’d have to rip out that monstrous foundation and start again plus, this is not 2007. Serious price negotiations are in order here.
38 Langhorne is very pretty property (4 acres?) , even if you have to drive by Antares’ 35,000 sf flop to get to it. The builder (Jordon Saper) paid $1.250 for it in January, 2007, leveled it, installed a septic system and re-listed it a year ago May for $4.5 million. That dream didn’t work out so he’s lowered its price to $2.65 million. How much does he want to get rid of this property? You might toss the original price at him and find out.
51 Mooreland Road, just up the street from Langhorne, is almost 10 acres of fields and nice views. Originally $9.5 million, it’s now $8.5 million. That price is supposed to reflect the presence of two building lots, but why would you want to do that to this nice piece of land? Try half – all they can do is say no.
508 Round Hill is four acres of meadow with a house on it that the owner, anyway, thinks is worth $5 million. Nice house but no longer suitable for this location so this is a land deal. The owner, by the way, is the very same Dom Devito I trashed on this blog several times. I’ve now had coffee with Dom and discovered that he’s a very pleasant guy. I hate when that happens, but I still think he’s wrong on his pricing here. Great land, though.
228 Round Hill, 4 acres in the 2 acre zone has been praised here before. I think it’s the best land, considering location, beauty and neighboring property, currently on the market.
112 Field Point Circle, the four acres where Victor Borge’s house once stood, is exceptional land. Deep water dock, lawns that swoop down to Long Island Sound and probably the most prestigious address in Greenwich. I don’t have $28 million burning a hole in my pocket right now but considering recent sales of waterfront property, this is not a crazy price. I suspect it’s not going anywhere soon but that’s a reflection of everyone’s caution these days. When things pick up, I’ll bet someone buys this for somewhere near its asking price. It’s unique, and it’s Greenwich. But we’ll see.