Daily Archives: May 24, 2012

A good day for the high end, finally

38 Cedarwood Drive, central Greenwich, has an accepted offer – last asking price was $6.895 after starting at $7.795 in early 2011. sellers paid $6.5 for it in 2003 when it was new and put some real money into it in 2005, so I’d estimate that they’re getting back their 2003 purchase price but not their improvements. That seems to be the course these days for much of Greenwich.

5 Indian Drive

Of course, then there’s Old Greenwich, which just keeps rolling along. 5 Indian Drive (off of Ledge, non-waterfront), also has an accepted offer after just 42 days, asking $3.295. I’ve almost given up estimating the proper price for some of these houses down there – it sort of reminds me of my father’s summation of the financial world when he cashed out his investments in the later 1980’s after starting work in the industry in 1929: “I just don’t understand Wall Street anymore”.  But I’m not intending to retire, yet, so ….

Of course if I do retire, news today of an accepted offer on 32 Hendrie Drive, tidal waterfront in Old Greenwich asking $2.895 million, is cheerful news indeed. Not much difference between Old Greenwich tidal property and Riverside’s just across the creek. Obviously a fine value, great price.

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Well this one seemed obvious

341 Stanwich Rd

341 Stanwich Road has sold for full asking price of $1.6 million. The seller had paid 41.410 for it in 2000 and put a lot of renovations into it in 2008 so this was a good deal. I mentioned it here back when I saw it on an open house but my own clients weren’t interested. Of course, just because a house offers good value it is of no use if you don’t want to live there.

And in what will come as a relief to the 160 remaining owners of $5 million + homes currently in our inventory, 2 Walsh Lane in Belle Haven, asking $7.995 million, has an accepted offer. Started off at $10.3 million and will surely sell for less than its last asking price but heck, it’s a start.

Belle Haven too rich for your blood? You could have bought in Havemeyer for a tenth Walsh Lane’s cost but 11 McArthur Drive, $789,500, also reports an accepted offer, so you’ll have to keep looking.

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And so we’re back from the tour, frustrated.

Nothing. I was amused at my brother Gideon’s listing on Sound Beach Avenue  Extension, priced at $625,000. The house was owned by a long-time family friend who unfortunately never had much money and the house reflects that. What I found amusing was the thought of taking a client from the Mid-West who’s just sold her four acres, pool and mansion out there for, say, $600,000, bring her to this house, fling open the door and exclaim, “welcome to Greenwich!”. Of course, I find the idea of a grown woman collapsing in shock and tears sort of funny – those of you with a heart may want to avoid that spectacle.

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Money talks, nobody walks – especially if it’s Rockefeller money that’s talking

Inland Wetlands, an agency usually known for its unflinching opposition to any development anywhere in town has approved the Rockefeller’s request for a “temporary” road to their 124 acres off Zaccheus Mead Road. Subdivision and development to follow. This should shut up all of you whiners who’ve been complaining that Greenwich has changed from its glorious days of the past.

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Off to (a few) open houses

Slim pickings again. I appreciate saving on gas but I still have buyers looking for houses and I’d gladly spend a little money and recoup it on a home sale, but there’s just not much coming on that’s in a desirable area and priced reasonably. That’s annoying, but I suppose it’s related to what I’ve been saying the past three years or so: if you don’t have to sell your house right now, don’t.

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How desperate is the NYT to keep their man in office?

 

Awww….

Desperate enough to dredge up a touching (pun intended)  three-year-old photo and run an article on it today – “remember when everyone loved Obama, when he was the great healer? It’s not over! It’s not over! Turn those machines back on!”

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