“New” listing

45 Baldwin Farms South is back, still asking $5.495 million, still unsold. This may well become the oldest foreclosure in Greenwich if it keeps up. Its builder originally listed it for $9.750 in 2007 on the advice of the broker, or so he once told me ruefully. He switched brokers and prices and kept dropping that price as the creditors closed in. So far, no buyers, perhaps because – and I don’t know this, I’m just speculating, the banks are owed more than someone is willing to pay for the house.

Which is too bad, because it’s a beautiful house, in its own, unique fashion. It’s right on the pond that runs behind South Baldwin homes and was designed with big spaces and easy room flow. I’ve had several clients interested in it over the years but we could never make a deal that worked for the lenders, the seller and the buyer all at the same time. I hope someone will be able to pull off that feat this time, because the house is too nice to just sit empty.

6 Comments

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6 responses to ““New” listing

  1. Inagua

    Chris – Why do so few houses sell in Greenwich? For the last two years it has been less than 600 out of a total of what I guess is at least 15,000. If my estimate of 15,000 is not too far off, that suggests that the average house only trades every 25 years. I believe the national average is seven years. And I know that 10% of my little town of Montecito traded last year, suggesting a ten year average ownership period. Why do people hang on to Greenwich houses for so long? Or are there way fewer houses in Greenwich than a population of 60,000 would suggest?

    • armonk

      The “every 7 years” number is probably more now. Greenwich has far fewer foreclosures than the national average, corporate relocations are way down, homeowners do not want to sell at a loss, without growing equity homeowners are not trading up, etc.

  2. ML

    I saw this house several times years ago when looking at houses to buy. I too really liked the house especially the master shower. I think that 10 people can fit in that thing!! Anyhow, the house is built on a rock and on top of the pond. Mosquito problems in the summer?? Flooding?? Flag lot, No yard for the kids and half a basement. That being said, my wife and I really liked it but the price was $5mm+ at the time. If my memory serves me, the mortgage was $5mm at the time. Wasn’t this in the Patriot portfolio?

  3. FF

    Inagua – There are 22,500 “dwelling units” in Greenwich, with about 3,900 rental apartments, about 1100 condominium/co-ops (there are a few) and the rest single family houses. Of the rentals, about 1/3 are low income housing. So, by your math, the hold time is even longer.

    • Inagua

      FF – Thanks. Greenwich houses sure have an amazing average hold time. I guess Walt and Monica are representative of Greenwich in more ways than one.