The sellers of 398 Stanwich Road clearly hope so, because they’ve listed it today for $5.695 million. There’s an interesting history here. The house was built in 2004 and placed for sale in June of that year asking $5.745 million. It sold in just fourteen days for $5.550 million. In January, 2009, the new owners tried asking $6.345 million (apparently they’d added improvements) but sold it 491 days later in July, 2010, for $5.350. Now those buyers are trying their luck (no further improvements noted) at $5.695. I assume that, after some negotiating, they’d like to get back their 2010 purchase price.
And they might. This is a nice house, if you like this style of building, and 2010 did seem to mark the bottom of the market, either temporarily or permanently. I’m curious to see how this one does.
Fringe location? Well, maybe not exactly fringe, but unlike RHR, Lake Ave and North St., Stanwich Rd has no direct access to the Merritt Pkwy. IMHO it’s worth a premium to have easy access to the Merritt. So maybe not “fringe” (gotta love that term that CF has popularized here) but just not as good. Location, location, location.
IMHO it’s worth a premium *not* to have direct access to the Merritt Parkway.
Where’s Stanwich when we need him?
One of the best things about Stanwich Road is the lack of a Merritt exit. Those exits cause so much thru traffic on North Street, RHR, etc. By the way, ever notice that North Street is Exit 31 and Den Road is Exit 33? Stanwich Road was supposed to be Exit 32.
Stan, I’d say the reaction to Stanwich’s lack of (easy) access to the Merritt is about equally split. Some buyers want the convenience of the highway, the other half welcome the diminished traffic. I personally would prefer the lightened traffic load but I don’t commute to the city every day – or ever, come to that. It’s sort of like swimming pools – half of the mid and back country buyers want them half don’t. Personal preferences and circumstances, I suppose.
It’s not just about diminished traffic. Criminals are more likely to feast on homes closer to those Merritt exits.
http://christopherfountain.wordpress.com/2009/01/02/crime-along-the-merritt/
Not since I moved away, Anon.
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