Another Lake Avenue sale

400 Lake Avenue

This is a beautiful house and one that I really liked. Unfortunately, it was priced at $4.8 million when it first came on the market in February, 2010, and what are you supposed to do with that? It sold today for $3.5. purchased for $3.2 back in 2001.

8 Comments

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8 responses to “Another Lake Avenue sale

  1. Burning Madolf

    Kind of a round tripper. Bought before the blast off, probably could have sold for at least a million profit near the bubble peak, and now after commissions and conveyance, barely break even. No?

    Guess it wasn’t far enough up Lake to warrant a certain hedge fund billionaire’s interest.

  2. FlyAngler

    $704/sqft at 3.5mm and 4,969sf (Zillow).

    High end but 10% less than 1003 Lake on a sq foot basis.

  3. stump

    I wish FlyAngler’s calculator had a function to factor in acreage and location.

  4. Anonymous

    FlyAngler should use 2010 assessments!

    However imperfect, that at least *tries* to take into account land value relative to location, age of house, etc.

  5. FlyAngler

    Stump:

    As I have said here before, smaller lots in better locations command higher prices on a sq ft basis. Multiple-acre houses over 5000 sq ft seem to be clearing in the $500 to 630/sqft range. Smaller houses in OG or Riverside seem to be clearing in the $575 to 700 range. Those clearing north of $700 seem to have some extraorinary combination of build quality, location, etc.

    The application of $/sqft works best when comparing true comps in size, location, quality, etc. Comparing a 9,000 sq ft house north of the Merritt with the 3,500sqft house near Todd’s Point will not work as the former will trade in the mid-500s and the later in the mid-6s to over $700/sqft. However, compare the Merritt vicinity house with a comparable 8,500sf house on Loch Lane offered at $480/sf and I could argue that the Loch house is reasonably valued.

    As for assessments, please tell me how that is better if it is based on the metrics of a tax card with a physical inspection of the house? Where does lot placement, house floor plan, build quality, physical condition and other real-world factors come into play? I have lived in my house through the last three valuations and not once was the house inspected and o think our situation is pretty typical.

  6. Anonymous

    What he is trying to say is your price/sf calculations could be done by a five year old and really add no value to the discussions on this blog. What would a lot sale trade at? Infinity per sf? Whithout taking into the value of the land the statistic is useless.

  7. FlyAngler

    Anonymous:

    What in love about folks who comment on blogs as “anonymous” is their lack of conviction at being identified, even with a nickname, so the other readers can track their contributions from post to post. If you are a regular reader, why not have a screen name that you consistently use so others can differentiate you from all the other Anons in the world? Without that courtesy, we have no idea who you “are” what your perspective might be or whether you have a consistent message.

    As for your suggestion of the utility of sqft valuation, go back and read my various comments. I have consistently said that you have to be using these numbers on relative comps, not across a town as varied and widespread as Greenwich. If you apply this to homes with similar locales, sizes, finishes, etc., it has utility. But, as I have noted several times, comparing large homes in backcountry to R-20 zoning in OG is useless. I have never suggested otherwise.

    As for land value calc, there is NO application of this as you so rudimentally point out.

    And including land value is in the calculation. My home has a land discount due to a particular feature and that is included in the assessment. A 20% land discount in fact which also works it’s way into the market value of my home. Thus, my $/sqft value is lower than it would be in other neighborhoods and that is reflective of the property discount.

    Lastly, CF, if this is you commenting as an Anon to send me a message (I don’t think so), please let me know by PM and I will cease to comment on these lines.