New Listings

$5.295 million

$5.295 million

Presented without (much) comment: 55 Birch Lane, $5.295 million, Unit B-1, 559 Steamboat Road, $4.495.  Birch is a total renovation of an older house. The sister unit of the condo on Steamboat asked $6.950 in 2009 and sold for $4.850 in August, 2012, so I guess the builder learned his lesson.

22 Comments

Filed under Uncategorized

22 responses to “New Listings

  1. Guest

    Birch is becoming a street of rebuilds and teardowns. There are not that many older houses left. there. The one thing I note is that rebuilds command a huge amount of money while the old houses that have not been touched really do not. Better to have a rebuild when you are selling. The street has two price ranges.

  2. Anonymous

    Chris,
    Any insider info on 6 Dialstone in Riverside,
    Zillow shows it as being in “Pre-Foreclosure”
    It mentions a sale of 600k from Feb. of this year,
    But it has renters in it?

  3. Anonymous

    North street and CMS district
    400 bucks/ft…that’s 2.4 million
    Anything over that, you’re a sucker
    There are homes twice the size of the one on birch asking 6 million in the same district, a lot of them actually.

  4. The only thing that matters is....

    55 birch seems a bit expensive – prob overpaid 1.5mm

  5. Great House

    If you ever rebuilt a house, you probably discovered it costs a fortune. Add in a pool, added wings, nice landscaping, and you are talking about creating a house that costs double what you paid for. Five years ago, these teardowns were going for about 2 million as is. Add another 2 or 2.5 million for the rebuild in this grand style and you got yourself about 4.5 to 5 million dollar product. No one is going to sell at breakeven price for a great liveable working house. So before you criticize a price, probably you need to price the cost of houses in Greenwich. Price around 4.9 is ultimate selling price probably on target in May, not December.

    • Value is what someone will pay for a property, not what the seller put into it. That said, this house will certainly sell at a price closer to what is being asked than the commenter’s prediction of under $3. At least I hope so – we’ll see what Obamaworld looks like next spring.

  6. What Do I Know

    assuming $400/sqft and 6k sqft, $2.4mm for the build, another $1mmish for the land – gets you to $3.5mm or so

    even going over by $500k and you are at $4mm

    I’m sorry $5mm is far too high in this market

  7. Guest

    Some of the rebuilds on Birch Lane went very high, even recently. One that was just redone again sold for $3 before the 2nd redo, and one in top condition sold for $3.75. Both were big houses. It seems the market is a little higher than when these sales took place.

    I have not seen the places to compare to 55, but the rebuilds on Birch do get high prices, and $2.4 is not even in the ballpark for the other recent sales. Buyers seem to love the street, and while the old houses are not so popular the rebuilds may as well have a magnet saying “Buy me at a high price”, because that is what has happened recently.

  8. The builder at 55 birch did not shop at lowes or home cheapo silly

    to get 400 / sq ft, you are probably shopping at a box store. 55 is the kind of place that the products are usually special order or millwork charging 110/hr for labor and premium price on real, not lowes, materials. it get expensive. tour a house someday and you will see the difference in materials. 5 million is not that much anymore either. if you have to ask, greenwich is out of your price range.

    • “If you have to ask, Greenwich is out of your price range” is exactly the reality-defying attitude that has caused the collapse of the $4 million-plus market. In fact, buyers do ask and they’re asking with far more intensity now than before the housing bust. Sellers who think they can price at whatever they wish and that buyers will come begging are living in a fool’s world. And living in a house they no longer want, because it’s not selling.

  9. The only thing that matters is....

    you can get very high end finishes for under 400/sqft if you negotiate/compare/haggle and not just blindly pay sticker price

    the buyers paid 500k-1mm more than replication costs

  10. you get what you pay for and can affordably enjoy

    everyone loves to quote numbers. the only thing that matters is someone who probably never got into rebuilding a house. if you are looking for bargains, go to the foreclosures and don’t look at stuff you only criticize and cant afford. once you got that “bargain” at 400 / sq ft, then you can learn the cost to bring it to the quality level of a 55 birch. also, you probably look forward to taking two years haggling with craigslist losers and still getting an inferior house.

    • Sorry to burst your balloon, but the high end houses actually selling these days, as opposed to the dozens sitting idle on the market, are selling precisely because they can be purchased for far less than replacement cost. Most buyers in this price range fully understand and appreciate the care and the expense lavished on some houses, but why pay full dollar for something when you can buy its equivalent for a third off?

  11. Total Makeover

    Is the 55 Birch an extreme makeover? When someone plunks that much into a rebuild, I hope they plan to stay there for years. Only then can you enjoy the nest you created fully. Also over 25 years, those expensive changes are still enjoyed for generations of buyers in the future. Probably not worth it to sink money in a house to this scale unless you are willing to stay for years. That is the only way you will get your money back. Stay long term and the appreciation is finally the payoff. No more quick flips anymore.

  12. Guest

    Still, the rebuilds on Birch are expensive. They do not come cheap. They sell at high prices. I have no relation to the owner, and do not own a rebuild. I have not seen this one, but the last one sold at far more than the seller who renovated it put in in total. The new buyer post renovation lost some money. I think the same is true for the one before it. These are premium houses because it is hard to get an easily accessible family friendly street in Central Greenwich on town water with no highway noise, very little traffic and North Street School/ Central Middle School.

    • Anonymous

      You could do a giant prefab on Birch and spend well under a miilion for the house. That would sell nicely with Home Depot materials.

  13. The only thing that matters is....

    why should a rebuild be worth more than a brand new house? if anything it should be discounted

    if the buyer had simply bought land and built a new home he would have saved 1mm+

    he paid a massive premium bc he wanted to live on that exact street and had to have it NOW, but there are teardowns nearby with the same characteristics (mid-country, town water, NS/CMS, quiet street) that are selling for land value only (and an acre on Birch is not worth 2mm) and one can build a beautiful new house for well under 400/sqft

    why is this so complicated?

  14. Fixated

    The “only thing that matters”is a guy or gal who is simply fixated on a number. With a thinking cap like that, he or she should live in a FEMA trailer cause it’s FREE and that’s the only number he or she would enjoy living with.

    • Only a fool pays no attention to cost-if you’re one of those homeowners with an overpriced home, waiting for a fool greater than you to appear, you may want to check out FEMA trailers yourself- after the foreclosure you may have the opportunity to discover how cozy they are.

  15. What Do I Know

    Great House/Guest/The builder at 55 birch/You get what you pay for/Total makeover/Guest/Fixated = all the same person

    either the buyer or his agent (or maybe both)

    price does not equal value, and just because the house down the street sold for a ridiculous amount doesn’t make repeating the mistake on another home the right decision

  16. Doots

    Only thing that matters : Actually, there is good precedent for what an acre on birch would sell for….check out 10 Birch. Sold in the last year for
    1.86 I think…just over an acre….with a tear down….now there a big hole in the ground where the house used to be.

    Chris can confirm but in last two years or so it would seem the high end houses on Birch have sold for some healthy prices…