No open houses of note today, but two sales reported

The lower end continues to sell. 

62 Lockwood Lane

62 Lockwood Lane

62 Lockwood Lane (the section of the street that backs up to Eastern’s playing fields, not I-95), asked $1.650, sold for $1.4 million. This is a 1970 “Murphy House”, which for those of you familiar with Mr. Murphy’s quick, inexpensive construction techniques is all the description you need, but $1.4 to be in SoPo Riverside is about the price you should expect to pay for a house like this and what the heck, it rents out for $6,000 per month, year after year. I leave it to you financial wizards to calculate the return on capital here, but it strikes me as a reasonable place to stash one’s money in these days of zero interest.

23 Mianus Terrace, Cos Cob, sold for $940,000 after starting at $1.185 and again, I think, this is a reasonable price. The house is a little bit quirky inside with a couple of levels and such, but I liked it, especially at its selling price. Mianus Terrace is a nice street, too.

3 Comments

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3 responses to “No open houses of note today, but two sales reported

  1. Anonymous

    Chris:
    Has your definition of low end change over the last ten years?
    And how much of the low end sales moving do you attribute to homes being priced too high, and eventually settling back down into what you deem “low end”?
    A bit wordy, but you get the picture.
    Back to earth they come.

    • I don’t have the exact numbers at my fingertips (but I’ll go over to Shore & Country’s website later and steal theirs), but there’s definitely been an increase in the number of sales of houses below one million. By the way, I hate describing these as “low end”, but it’s Greenwich, and that’s pretty much how low end is described. In no way do I mean it in a disrespectful sense, at all. If you can afford to buy a house in Greenwich, at any price, you’re doing better than I and my hat’s off to you.

      Houses have always, in my opinion, been priced “too high”, but in the most heated years of our cycles those houses sold anyway. The problem comes when people who bought at the 2007 peak go to sell now and discover that prices have dropped. Commenters on this site and I all seem to agree that we’ve been down at approximately 2003 pricing for the past couple of years – they aren’t going back up but neither are they falling significantly below that level. Whether this stasis continues in the new year will be discovered next year.

      I think I’ll get ambitious during the coming holiday lull and review the statistics to derive at some predictions, all of which will undoubtedly be proved wrong but should be fun to look back on next December and pummel me with.

  2. Anonymous

    Well said chris,