New or used, your choice

45 Riverside Lane, the street that loops from Balducci’s to Sheephill in Riverside’s NoPo neighborhood, has reduced its price to $1.750 million, while new construction at 71 Riverside Lane has been brought on today at $1.9 million. Forty-five was purchased new for $1.655 in 2007 at the height of the market and it seems, given today’s price cut, that buyers aren’t yet willing to pay 2007 prices for homes on a busy street in the Cos Cob school district. The builder of 71 Riverside obviously disagrees or at least hopes that will change by the time his project is completed in a few months.

45 Riverside Lane

45 Riverside Lane

13 Comments

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13 responses to “New or used, your choice

  1. Anonymous

    In terms of relative value, is it better to own in Riverside zoned for Cos Cob Elementary or to own in Cos Cob zoned for North Mianus Elementary?

    • I really don’t know, but I’ll try to look into the statistics. It might be tough to compare, however, because of all the new houses along Riverside Lane. Either way, and despite “common knowledge”, I’ve never heard a parent complain about the education their children are getting at either school.

  2. Stanwich

    I never realized that the two sides of the river shared schools. Both are great schools. I would suspect that having a Riverside address would be more costly, regardless of the elementary school.

    Nice house though. Riverside Lane has seen quite a renaissance in the past decade.

  3. shoeless

    23 Riverside sold for 1.6mm in 2011. I don’t know if that’s a legit comp, but looks reasonable.

  4. RaisedinRiverside

    IMO, you’re better off buying in the North Mianus school district than Cos Cob. Those elementary schools are both very good/comparable, but North Mianus goes to Eastern – one of the best middle schools in the state. Central is good, but not as good as Eastern.

    • Stanwich

      Better yet, go south of the post road and buy in Riverside’s district. Ranked no. 6 in the state elementary (for what those rankings are worth) and you are also in Eastern Middle School district.

      • Cos Cobber

        Yes, but south of the post road is a different world – not everyone feels comfortable down that way – in that environment. South of US 1 people own (not rent) second homes in Nantucket, vacation in St Barts, are members of clubs – yada yada….north of rte 1 they use a friend’s house in Truro, visit Disney World (and like it), swim at Todds and play the Griff.

        Just saying, some would rather center themselves in a place where they can keep up with thier local Jones rather than always be an outsider because their careers will just never compare.

        • Ahem – unless she’s holding out on me, Pal Nancy vacations at friends houses on the Cape and in Florida and belongs to the Mianus River Boat Club, all while living south of the Post Road. I, of course, own a villa on St. Barts and a 10,000 acre ranchette outside Jackson’s Hole (when did they drop the possessive, by the way?), but best friends or not, I don’t let Nancy use either of them more than twice a year. Point being, if you ever get your green card and are allowed entry past the gates, you might find some common folk you’d feel comfortable with. I’ll leave word with the butler to entertain you in the kitchen.

        • Cos Cobber

          While I appreciate your humor – you know what I am talking about CF….its the buyers with the elevated pedigree & lifestyle – not the sellers!

  5. Anonymous

    Well that may be but if you are thinking about it on a relative basis you have to consider price as well. What do you get for $1-1.5mm in the Riverside district? Doesn’t seem like much especially compared to some of the other areas of Greenwich that also have great schools. Personally if I was moving out of NYC to get some space I would want more than 2,500 sq ft on less than a quarter of an acre. Even if that means I would have to give up Riverside bragging rights. My kids would still go to great schools (in fact the exact same middle and high school in the case of Cos Cob address zoned for NM, EMS and GHS) but have a backyard, playroom, privacy, etc. But that is just my set of priorities and obviously not true for everyone.

  6. Anonymous

    To answer Stanwich’s question: the state’s rankings for elementary and middle schools are worth nothing.

  7. Anonymous

    Too funny
    But I have to say, there are tons of people south route 1 in riverside, that cannot afford st.barths in any way shape or form. They can barely afford the home they have stretched to get. It’s only a matter of time. If these bonuses keep coming up short, small and restricted, the activity in that bragging rights area will surely increase. (Out with the old…)
    BTW I live in NoPo, been to st. Barths enough times to drive blind folded.
    Back when the moke was the car of choice, up until they changed the fabric to black and white on the seat backs at Eden rock.

    Could I live south of route 1, sure!
    But who fucking cares!!