Just back from showing a house (no, I won’t say where it is because my client loved it and wants to bring his wife back to see it – I’m in this business to sell houses, not to look at them) and I was struck by the fact that a good lot with a well-executed house can still look reasonable even at above $5 million. Builders get so caught up in their own projects that they can’t be objective but if they could, some of them with their $8 million houses would look at this one and figure out what my clients and I did – they’re overpriced by half.
A marginal lot cannot command a huge price, no matter how large a house you put on it or how many dishwashers you stick under those granite counters. A great lot, on the other hand, can. There is far less premium land in Greenwich than bad, yet the prices of houses usually don’t reflect it. And the houses on bad land usually don’t sell, either.
Amazing that any competent builder able to start with a “clean sheet of paper” would choose a dubious or too small piece of land; can’t ever solve bad land; and good land in Greenwich is relatively cheap vs comparable land in any upscale US suburb
Most spec sellers (and clueless buyers) erroneously opt for quantity over quality in placing their bets w/finite capital
I think comedian Ron White (of Blue Collar fame) put is best though he was talking about women. When discussing the potential of our ability to “enhance” ourselves, he makes the memorable point:
“You can’t fix stupid”
I think it applies to a bad lot as well.
And no, I am no mysoginist and this is not meant to be demeaning. In fact, here’s White’s context but please note, it is a bit racy in an adult comedy sort of way.
Love it, Fly, stupid is forever!
Haven’t commented recently because, well, the blog has been as dead as the market, but it just annoys me when that anon comments on cheap Greenwich land. He or she is WRONG and continues to post the same comment all the time!