239-241 Round Hill Road
6.8 acres for the impressive sum of $6.5 million. It’s in the two-acre zone, but I’m pretty sure that its value is as one large lot, so $1 million an acre is an excellent price, for the seller. Building lots in the Round Hill neighborhood have sold between mid$2 and low $3, and if, like me, you consider this one building lot, the seller just pocketed a tidy windfall. (Technically, this was two discrete lot sales: 239, $3.6, 241, $2.9).
There’s another unusual twist to this sale in that it’s one of the few I’ve seen where raising the price actually produced a sale (well I have no knowledge of cause and effect but at least the price hike didn’t kill it). 239 Round Hill, one of the two lots, was priced at $3.9 for two weeks before being raised to $4.522 (?). It sold for $3.6, but still.
great location. This is a prime example that the right flat property in the right location will always demand a premium.
A good locale given there’s a GS guy building a ?15K sf house on 15+ acres nearby; $1MM/ac seems reasonable for premium RHR land in bulk; besides, silly to build any house on <4acres when good land is as cheap as stuff on RHR
I think $1m/acre is a good rule of thumb for central Greenwich, then you go up or down from there depending on exact location, noise, wetlands condition of any existing structure, etc. For example, an old and not updated but decently maintained house with expansion possibilities on 1.25 mostly level acres on a nice side road but just in from a busy main road could sell for $1.4 (land value plus something because there’s a livable house, minus something because it’s too close to the busy road). If the lot is not level or the land is below grade, drop it some more.
Yes, I do too, upon reflection. I might have tried for a bulk discount here but $1 million an acre for this land, in this location, is a decent price for both buyer and seller, I believe.
No structure on either property?
Horse stall and carriage house but nothing Monica and Walt would want to live in, despite that lodging for the girls.