Ya Gotta Live Somewhere

Five sales, two contracts reported so far today on open house day. I refer to these as “shelter” deals, because no matter how bad the economy, no matter whether there is a 20% confidence gap, ya gotta live somewhere, preferably somewhere that can be purchased on an insured mortgage. One, 446 Valley Road in Cos Cob, actually sold in a bidding war – asking $525,000, got $540,000 or $270 a square foot.

423 Stanwich, on the market since Warren Buffett was a little boy, is in contract today. Originally asking $5.7 million back during the Sydney Olympics, will likely be south of the current $2.4MM ask. Nice land, the house……….a bit confusing

Can you build in Greenwich for less than $270 a foot? (Valley Road)

18 Comments

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18 responses to “Ya Gotta Live Somewhere

  1. Enjoyable post, FF.
    I like the identity crisis at 423 Stanwich — especially, the carpeted ballroom with Jetsons fireplace and drippy gold chandelier.
    Wow.
    Pseudo-chic. Or — as my dear, late mother enjoyed saying — “Puh-suede-oh chick.”

  2. @MC at 3:22 am

    I checked out your link to Mish’s Economic Trend Analysis. Love the site. Thanks.

  3. Anonymous

    @XyzZy, thanks for that fun link. It will be much easier to find out who’s “swimming naked” once that rolls out. :D

    For example, I am aware of a local (to me) agent who claims to be a big short sale expert…according to Redfin, maybe not so much. I compared her to a SoCal realtor linked in Chris’s sidebar (bubbleinfo.com) who appears to be the “real deal”. Close after close after close after close. Kaching!

    The GAR princess must be feeling quite ill. :lol:

  4. Anonymous

    Actually I think that house on Valley Road is charming, especially in the Spring, when purple and lavender flowers are in the garden, because the front door is lavender too.

  5. Inagua

    The Greenwich market continued to be stable in September. Forty houses were sold through MLS, of which four were for $5+ million.

  6. TraderVic

    What is the school district for the Valley Road house? I tried to figure it out myself but the “Greenwich School Finder” link is not working.

  7. Correct me if I am mistaken, but the home on Valley Road was subject to major litigation over 10 years ago. The realtor did not disclose that the home had a cesspool that went underneath Valley Road. Somebody (the seller or realtor at the time) paid big time. It was a stinking mess, no pun intended. Does anyone recall the outcome of this, or is my memory a little off?

  8. Anonymous

    You should do the readers of this blog a favor and post all the big ticket sales (5+ mm). It’s what everyone wants to see.

  9. Anonymous

    Keep dreaming Inagua!! Bill Gross is calling for a world wide recession. Greenwich real estate is going to get hammered!

  10. Anonymous

    MIanus–what a name.

  11. Inagua

    “Keep dreaming Inagua!! Bill Gross is calling for a world wide recession. Greenwich real estate is going to get hammered!”

    Anonymous – I am not dreaming; I am citing facts. We are in a recession, and Greenwich real estate got hammered. But the hammering stopped last summer, and the market has recovered since then, with both volume and median price up significantly.

  12. Anonymous

    Inagua, “double dip” means there is another dip (i.e. down trend) coming your way in Greenwich real estate prices. This next phase should be a doozy and this time you will see some real pain.

  13. Anonymous

    Inagua are you saying the volume of activity in Mianus has increased?

  14. Anonymous

    @Anon 6:41pm.

    I may be wrong about this but I believe Inagua is an interested bystander, not an owner of Greenwich property. As such, I think he deserves to be heard and his opinion and research considered fairly.

    Bill Gross is a very smart man but never forget that he’s a money runner and that 99.9% of the time he’s talking his book. either investment or political or both at the same time. :)