Sparks of activity

28 Welyyn, Rvsd

28 Welwyn, Rvsd

28 Welwyn Road, off of Indian Head, has gone to contract today. Listing price is $3.650 million so that’s a nice sign. Good house, built in 2003 either for the present owners or they bought it from its builder but a solid home and Welwyn’s a great street.

35 Sunshine Ave. also in Riverside but north of the Post Rd. was reported as under contract before, I think, but in any event, it’s there now. This house needs replacing, even though (or because) it served as home for those rowdy Kaye kids, and was listed as land, first at $790,000 back in July and then this February at $650,000. The last reduction seems to have done the trick.

Thene there are some price cuts reported today that, while they aren’t yet sales, at least show that their sellers are getting serious. 173 Stanwich, a contemporary on 2 acres, originally came priced at $3.595, today it’s $2.195. Two Grimes Road, in Shorelands, sold for $1.250 million in 2000, was put back up for sale in 2004 at $1.745 and sold in a bidding war for $1.904 (remember 2004?). Those buyers tried getting $2.795 in May, 2007, and after two years of waiting for a buyer to appear have reduced it today to $2.325. Twenty-sixValley Road, a speck of a lot in Cos Cob, debuted at $640 in May and has now dropped to $425,000. Thirty-seven Midwood, off of Glenville Road, tried things out at $1.750 for awhile and is $1.395 now.  And then we have 98 Glenwood, in Belle Haven, which must have had a beautiful setting when it was built in 1838 but which now overlooks the Belle Haven Club. Nice water views and how painful can it be to look over a beach club, but still, its first price of $16.8 million brought to mind Crazy Eddy and not necessarily in a positive way. It’s got a new broker and a new price today: $12.5 million. Still a tad out of my range, but an improvement.

4 Comments

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4 responses to “Sparks of activity

  1. anonymous

    taxcard is no gospel but nonetheless values this property at $2.9 mm based on “Oct 2005 valuation”. Assuming closing price is within 20% of final asking, this place will have sold for well north of 2005 valuations. A good sign for OG/Riverside.

  2. New Buyer

    Have many — or any — new listings come on the market in Riverside or OG in recent weeks? I’ve been watching MLS, Raveis, Coldwell sites and have noticed next to no new listings in these neighborhoods. Am I missing new listings or are home owners holding off putting their homes on the market during this less than robust Spring selling season?

  3. Retired IB'er

    From Zero Hedge (I, Retired IB’er, would assume that lower Fairfield Cty will experience same as MSA for NYC/White Plains):

    Interesting report out of Deutsche Bank over the weekend, presenting hypothetical upcoming current-to-trough declines in real estate prices, based on DB’s proprietary Home Price Appreciation (HPA) model outlook for the top 100 Metropolitan Statistical Areas (MSAs). While the full report should be read in its entirety, a good summary is the chart below which demonstrates (in the right most column) the worst-case modelled downside to home prices in the 20 worst U.S. MSAs.

    The top 5 MSAs where the pain will be most acute? (no real surprise there):

    1. New York-White Plains-Wayne
    2. West Palm Beach-Boca Raton-Boynton Beach
    3. Miami-Miami Beach-Kendall
    4. Fort Lauderdale-Pompano Beach-Deerfield Beach
    5. Long Island Nassau-Suffolk

    In summary: be very weary of snake oil salesmen telling you home prices have bottomed…

  4. Anonymous

    I noticed from that report that the DB. Q4 08 to trough price outlook was -47.4%. If I wish to pay a price reflecting those, I am not ‘bottom feeding’, it is me not wanting to take that hit.
    As I said previously, I live in a condo, ask price $1.4m, perceived value max. $800K. Only a fool would buy at either price.