25 Lindsay Drive
Someone presumably received good news about his bonus this year because 25 Lindsay Drive, asking $8.9 million, has an accepted offer. The sale of the two acres this was built on probably marks the highwater mark of the 2007 feeding frenzy: priced at $3.950 million in August, 2007, it sold in four days for $4,460,000. Even at that, I’d guess these owners will make out. (UPDATE: On reflection, if these people paid $500 per square foot for each of its 11,000, they lost money – that seems hard to do at $8 million+, but …. The buyer’s beating replacement cost, that’s for sure.)
house looks gorgeous and location is grand.. let the buying season begin!!..
a few too many flat panel TVs… other than that.. magnificent..
What a horrible location!
I think it’s a pretty good one, actually – removed from North Street, close to town, although I will agree that the street still retains its builder’s development look after all these years. But that’s appearance, not location.
Totally off-topic but the Seinfeld episode on now is where Jerry and George are thought to be a gay couple. And where the oft-used Walt expression was born: Not that there is anything wrong with that. Or NTTIAWWT. I’d forgotten that’s where that phrase gained its icon status.
How is that worth $8 mil on 2 acres. The land has the value not the house?! The assessment is $4 and the past price is in the $4s. It must be that so much cash burning a hole in someones pocket or property is a good investment for cleaning. The value is puzzling. I have a bridge that is taking multiple bids, hurry fast before the offer ends.
Most recent sales for two acre building lots in this area are closer to $2, up to maybe $2.750, so that $4.460 purchase in 2007 was probably an example of irrational exuberance. 11,000 square feet of custom home, on the other hand, would cost you $4,950,000 at $450 sq.ft., which is probably low for this level, and depending, all the way up to maybe $7 million (?) Add in a couple of million for land value and you get to this one’s asking price. I’m not recommending you pay that much, mind you, but a price in the $8s isn’t entirely out of line.
Seems like a great house to me. Wish I could afford it. Chris’ math seems pretty dead on. 11.7k square feet @ $450/ft is $5.3mm; plus 2 acres of land at $2.5mm; plus landscaping/pool at $0.5mm; plus financing gets you to a total cost of $8.5mm-ish or more. Seems like the buyer is getting a pretty good deal here if they have the money – - get a house for equal to or less than replacement cost, having market down the land by $2mm from its price in ’07. Good for the buyer. Not so good for the seller . . .
If high-end builds cost $450 sq ft, what do more average builds cost these days? I’m talking somewhere between inlaid herringbone floors and custom millwork and Home Depot off the shelf. Would $300 sq ft do it these days?
You should be able to do some nice work at $300, I believe.
Spend 300 a foot plus 10,000 extra for sub zero and wolf appliances and you are all set.