105 Rockwood Lane, a 1954 colonial on two acres, has just been listed for $3.2 million. That price surprised me – I’d have thought two acres here would be worth about $2 million – but when I checked the records I saw what I’d forgotten, namely that the last two similar lots on Rockwood, numbers 56 and 69, respectively, were each priced in the low $2′s in 2008 and went in bidding wars for $2,610,000 and $2,729,000, respectively. That, of course, was in the spring of ’08, when there were still some builders who hadn’t received news of he market’s demise. I don’t know what’s happening with no. 59 Rockwood but no.69 has been for sale ever since purchase, asking $2.995, with no takers.
So what will happen here? Does Rockwood still retain its magic and will this place sell in the high 2′s, or will the street prove vulnerable to the same market forces afflicting the rest of Greenwich? Stay tuned.
Chris,
#59 was sold to a young couple moving into Greenwich and their new house is in the process of being framed right now. I believe the other house on the street that was on the market for $3.695 is under contract, but not sure.
Rockwood (not 105!)
That’s good to hear, Rockwood. Even if they over-paid $400,000 more than they might have for the land, that cost, factored into cost of the total house, especially if they’re planning to live there awhile, wouldn’t sem like too big a deal. Hurts a lot when you’re a developer with a much shorter time frame and profit considerations.
this is why you have buyers around
http://www.spiegel.de/international/business/0,1518,638732,00.html
the job cuts at banks are all but complete. The bankers left standing, and I know a few, all just had their base salaries INCREASED from $250G to $750G – $1.5MM. They are dancing, and looking to buy houses at 30-40 pct off peak.
It’s an interesting street because developers can never get the underlying land cheap enough to make the #s work because there’s always an end-user willing to (a) pay up for the land (like #59) or (b) renovate the existing home (like we are doing with our house). As a result we don’t have the gaudy McMansions lining so many other streets, which is just fine with me. It’ll be interesting to see how 105 sells and to what type of buyer….I’m betting on the end user though.
I could almost have been your neighbor, Rockwood, because when he was first contemplating moving out here in 1953, my father bought a lot there and even had house plans drawn up. Then Gilliam Lane became available and he bought that instead. Continuing the Fountain tradition of never gaining on real estate transactions, maintained since our ancestors first landed with the Dutch and promptly abandoned Manhattan for Staten Island and Brooklyn, he sold the lot a few years later for about what he’d paid for it.
“first landed with the Dutch”…who are you kidding? my bet is that with your ‘wit’ your ancestors were on one of these coffin ships mine were on….
Well the Hugenot side came with the Dutch but the Scoth Irish Caldwells were indeed present on your rainy isle, Riverside, driving you people from the bogs and onto ships where you could come here and be civilized by the Hugenots. What humanitarians!
don’t make me come down to that bog you’re living on right now …belated Happy BDay
))))))))
We’re all watching. I think Rockwood is right that the land/location is still magic. I would add, the neighbors too.