138 Cat Rock
Last May, my clients bought 142 Cat Rock Road for $2.3 million, a considerable discount from the $4 million plus the seller paid for it in 2005 or so. Now the house right next to it, number 138, has come on for sale at $4.2 million (click on link to see both house listings). It’s a beautiful house; the owner is in the construction business himself and the care he lavished on its construction is obvious. I’ll be curious to see the affect of No. 142′s distressed price has on its neighbor. Will it drag its price down to that lower level or, best for my clients, raise 142′s? Just a little further down the street 195 Cat Rock has an accepted offer and got it pretty quickly (133 days) so I’m assuming that its sale price will be somewhere near its asking price of $3.7 million. If so, that bodes well for the owners of both 138 and 142, but I’m especially pleased if it turns out that my clients get the benefit of an increase in value for their purchase – they were, after all, just looking for a nice house to live in.
Great house!
http://www.architecturaldigest.com/homes/homes/2011/06/alexa-hampton-connecticut-home-slideshow#slide=1
Wonderful Roof !
Link not working
Should be now. Sorry.
142 is not really comparable. It a weird mountain lodge looking house that will always look out of place in Greenwich. That’s why that turd wouldn’t sell. Was it a lot of house for the money? Sure. Will someone tear it down in 20 years like the contemporaries of today. Absolutely. The other two houses are classic and much better long term investments.
I like your client’s house better than the one listed.
Four million? They have to be out of their minds. I’ve mentioned this how many times about CRR – 113 sold for 2.85, and now 195 went to contract, and I’ll eat my words if I’m wrong, but I don’t think they got anything above $3.3. So, I would venture to guess 138 has a few price reductions before actually selling. Nice decorating, yes, but that doesn’t STAY (so who cares!)….AND it’s smaller than 195 (no three car garage either….and those that can buy a $4M house, usually have more than two cars), AND it’s neighbor at 126 CRR just closed for $3.2 but had a nice pool, and better lawn. So, again, why bother placing a $4M price tag? Ain’t happening.
Apparently the builder (i.e., owner, as you say, Chris) is quite house proud. Also – anyone buying this house has to have the house appraised….and with the recent sales on the streets, the comps won’t reflect justifying a price tag in the low fours, high threes, so you won’t be able to qualify for your mortgage anyway – so why bother bidding on it. It’s just so frustrating when people overprice themselves out of a fast sale. Apparently they don’t want or need to sell. What do you say about this Chris, “death by a thousand cuts.”
In fact, it’s sold three times now. Just because you don’t like a house doesn’t mean all buyers share your taste. See comment above, eg
Anon at 6:35….I don’t necessarily like it better (142), but it did sell for a great price. And because of that selling price, and 113 CRR’s selling price (i.e., 2.85 – and it was a really nice house), someone has to be crazy to pay anything close to what they are asking. I’d love to know the reasoning behind the high price tag…..Chris, what do you think?
http://www.dailymail.co.uk/news/article-1373796/I-drinks-Ford-heiress-face-ban-charged-drink-driving-carrying-11-year-old-son.html
Move over Fred Bourke, one of your relatives also seeing a Court. Embarassing, you bet. The punishment, probation. Why do the rich get off?
Why can they not get better headlines?
Just 2 drinks, not from the looks of that mugshot!
$4.2 for that “beautiful house” on CRR? The interior shots look very nice, but the outside pics make the place look ugly, IMO, certainly not worth paying $4.2 in a fringe location. I haven’t seen it, and possibly the exterior presents better “in person”, but if Architectural Digest can’t make it look any better than that in its photographs, then who could? (National Geographic, maybe?)
I don’t understand the pricing of most new listings
Wow, 138 cat rock takes the cake for best decorated home in cos cob. Snow plow people have come a long way CF. I didn’t care much for the first shot of the home, but when I saw the unique garage and portal at the side and rear, wow cool….and fun. That all said, I don’t think the fun architecture will be enough to push the pricing over the low 3s. I love the cob, but I’m a realist.
Another Ford debates the future:
Nonie (Ford) Bourke divorced Ricky years before his felony conviction in a foreign bribery scheme. Oddly, Nonie’s maiden surname derives not from great-grandpa Henry Ford’s but from that of her father Walter Buhl Ford II (unrelated to Henry or her grandfather Edsel) who married her mother Josephine (nee Ford) Ford in1943.
Ricky Bourke is free pending his appeals which, given his deep pockets, could last well into the next century.
The main bone of contention seems to be what his appeal attorney Michael Tigar has called Judge Shira Scheindlin’s “ostrich instruction” to the jury.
“Ostrich instruction”: gotta love that Tigar!
Chris Fountain Bloggers -
Let’s start a little wager on this. This house is beautifully built (great details), although I agree the court and garage area is a bit strange, and the interior fixtures / finishings (not the furniture but the paint and drapes and door h/w etc) is quite nice. The land value is probably $800k-$1m, so the real question is what someone will pay for 6500 ft of great stuff plus 1 acre of good landscaping. I’d say $2.25mm for the house, $500k for the landscaping, so $3.75mm is my bet on this. Only real limit is, how much will someone pay to live near snow plowers. Don’t underestimate number of bankers, lawyers, hedge funders (yes, they still have money, just not as much as they hoped for) will pay to be DONE (rather than buy a house and have to remodel). . .
Anyone care to take the wager – - I’ll put money on over $3.5mm . . .
Jeremy
House is fantastic, location not so much… still bet it sells north of $3.5MM
I’m not interested in wagering. Its a beautiful home, just on the wrong street in the wrong zip and thats coming from a Cos Cob lover. I’d be happy for them if I am wrong about low 3s.
$3.75 for an odd-looking house in Cos Cob on Cat Rock?
I’ll take that bet, Jeremy. Given that street’s location and the recent sale price ($2.3) CF cites for the very nice-looking property right next to this, they will be lucky to get more than a smidgeon above $3. Even that may be a stretch.
Time will tell, and it may very well be a long time at that, but I will applaud and salute you if you are right.
My bet is placed on $2.95 mm.
Jeremy. The comps on the street don’t justify a $3.75 price. I’m going to say $3.2. That’s my number. And I think that may be a bit high. Game on.
Fellow betters – -
I like your mettle. Bet sounds good. Chris will have to make sure to release the sales price when it comes . . . (Note – I’d place $ on >$3.5mm, but I’m not sure Chris has petitioned state of CT for right to allow gambling on his site.)
Jeremy