Don’t be stupid

Owners of 32 Dairy Road paid $4.5 million for the place in 2008 and made the following improvements:

CONCEIVED & EXECUTED BY AN INTERIOR DESIGNER ADD’S & EXTENSIVE MODIFICATIONS HAVE RECENTLY BEEN COMPLETED. A 2ND FLR ADD W/BR SUITE OFFICE & PLAYRM/GYM, NEW KITCHEN, ALL NEW BATHS, CAL CLOSETS THROUGHOUT, CRESTRON SYS, NEW TELEPHONE SYSTEM, NEW SEPTIC, CUSTOM DESIGNED KOI POND W/NEW FILTRATION. THIS IDYLLIC HAVEN W/EXTENSIVE NEW LANDSCAPING. NEW POOL & WATERFALL, NEW POOL HSE, TERRACES & VINE COVERED PERGOLA & NEW CUSTOM AWNING OVER TERRACE.
Asked $5.495, got $4.4.

280 Stanwich

 At least this owner didn’t put anything into his purchase except for a heated driveway. Paid $2.5 for it in May, 2007, and sold it yesterday for $2.1 150. Even after commissions and taxes, he got off lucky.
 
 
 
Owners of this Old Greenwich ranch asked $1.695 for it in May, 2009, sold it yesterday for $1.250. I wonder how many buyers they lost between listing it and selling it?

27 Shadybrook Lane, Old Greenwich

 
 
 
 

7 Comments

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7 responses to “Don’t be stupid

  1. shoeless

    I wonder how many buyers the Shadybrook folks missed for the ajoining piece of land they are still trying to offload on Deepwoods Lane.

  2. Cos Cobber

    CF, are you out of your mind? I am stunned 27 Shady Brook fetched $1.25MM. Do you think its worth more? I dont think they undersold at all. I dont see how this house manages anything more than $1.250 in the spring of 2009 or today. Kudos to them on selling for a good price in my view. btw, their selling price remains well above the assessment.

    • To the contrary, CC, my point was that, by over-pricing it at $1.695, they drove away buyers for 2 1/2 years. I personally think they were lucky to get as much as they did, but they might have had that long ago. There’s an opportunity cost to money.

  3. Cos Cobber

    CF, Most of the time, I agree with your point about the opportunity cost aspect. However, I think in the case of Shady Brook, how can you argue a missed opportunity when they managed to sell at the price they did. I would have guessed a closing price around $1.1 million in spring 2009 (tops) and $975,000 in today’s market. At $1,250 million, they did very well whether its 2008, 2009 or Dec 2010. Despite their quantum initial miss-pricing, they still came out on top. I dont see this one any other way. Its better to be lucky than to be good.

  4. Anonymous

    I will note the Zestimate(tm) for 27 Shady Brook LN was $1,278,500 .

  5. Anonymous

    Dairy Road sold for 4.25 in 2008