High end rentals

One Butternut Hollow, Greenwich (photo may have been enhanced - Ed)

One Butternut Hollow, Greenwich (photo may have been enhanced – Ed)

A reader asked about high end rentals recently and I found nine that are either active or have been rented in the past two years. My search parameters were, to the extent I remember, Central/North Street School district, south of the Parkway, built since 2001 (I limited the search thus because that’s what the reader was looking for).

Those that rented did so at prices ranging from $15 – $19,000 and most, rented and unrented, start at about $25,000. Just in case you’re wondering.

Here’s one that hasn’t rented since it came on in August, 2011 at $17,000, 1 Butternut Hollow Road. It’s back as a new listing today asking $19,000 which may or may not improve its chances of finding a tenant, but I’m somewhat surprised it hasn’t gone yet. I showed it to a client last winter and we both liked it: 2006 construction, nice quality, good location and good house. My client opted to save a ton of money and look farther west in town (we found a comparable house for $11,000) but One Butternut was in the running until the end.

Not so sure that the little pond next to it really affords  “a spectacular view of a shimmering lake”, but forgive the realtorese and check out the house, if you’re looking for this kind of rental. You might want to dicker over its price, however because sooner or later, the owner’s going to do the math and discover how much it’s costing her to have it sit empty while waiting for her number.

19 Comments

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19 responses to “High end rentals

  1. Au début de 1980, nous avons vécu tout près de Château de Chillon à Montreux en Suisse. Ravi de le voir une fois de plus. M’ennuie de ces jours.

    http://www.chillon.ch/en/

    • Rivman

      Beautiful castle and kid friendly. And if your kid isn’t friendly Lake Geneva has so many boats you can easily drop them in mid-lake and no one will notice.

      • Rivman: Or put the kids on a Swiss train and no one will notice that either. I remember when we could drop off our suitcases in the tiny village we lived in and they would travel by cog and train then magically appear at the Geneva airport waiting for us to check in. Lord, those were the days.

  2. Balzac

    CF – For these nice rentals in the range of $15,000 – $25,000, what are the values of the houses? Please give us your judgment: for a real estate investor with typical leverage, do the economics work, to buy the house and rent it out as an investment? Are the economics good, sort-of-bad, or unworkable?

  3. Luke Gardner

    Lac Leman. J’ai passe le moitie d’un an aupres du lac dans le village de Rolle, Canton de Vaud. Devinez l’ecole EOS.

  4. Walt

    Dude –
    Tout le monde déteste les grenouilles. Pourquoi les gens veulent parler comme eux?

    Bien que rien ne vaut une pute pas cher française. Sauf peut-être deux putes bon marché français.

    Vous êtes d’accord?

    Votre Pal,
    Walt

  5. Anonymous

    Balzac, the economics suck. Reason is too high an operating cost. For example, a renter at that range (or more) will drive you ape s%#! if a sink leaks or a light bulb goes out.

    Or, suck it up and hire a high end management company to come and replace lightbulbs and have Jose with scissors come to trim the errant blade of grass. Be prepared for 10-15% off the top, plus actual costs.

  6. Toke

    1 BNH was a gut rehab not a new build from memory and the main change in ’06 was the front portico.

    Rental economics depend on on what you pay. That one’s probably worth 3 bucks and if you could rent it for 15k it’s decent return assuming 20-30% down. Heartache factor is a good point. For the sink they should expect fixing; for the lightbulb, they should suck it up and find a few other similarly minded dimwits to instruct them in the difference between clockwise and counter and get on with it.

  7. Anonymous

    Toke, anon here at 3:00 p.m., and I speak with experience that most who pay for full service rental have not changed a light bulb in their lives. I pay a guy $40 to walk in each time to screw one in. Unless he needs to stand on a stepstool with a suction pole for a plain recessed flood, or dissect a more complicated halogen bulb (Lightolier’s are the most user-unfriendly brand on earth by the way) it’s a 1 minute or less job. Seriously. And they add up.

    While I’d like to send the tenant a letter congratulating them on their social fortune in life offsetting their genetic/intelligence defect, I prefer collecting rent, so I suck it up.

  8. Inga

    Merci dieu pour M. EOS. N’avait-il pas venu à la rescousse. le wifey serait toujours être en service beignets de crabe à un piège à touristes boui-boui