Thursday wrap up

A bit of activity, listings are here.

8 Durkin Place

8 Durkin Place

8 Durkin Place, Riverside, sold for $1.2 million. I’ve written about this property several times, always approvingly, and my only disappointment is that I couldn’t find a buyer for it. Good location, great price.

5 Bridle Path, also Riverside, but waterfront, sold for $5.975 million. With almost no huffing and puffing, the guy who paid $5.599 for it just this past August managed to flip it at a nice profit. Well done.

12 Anjim, off lower Stanwich, asked $1.250 and has an accepted off after 43 days. Have we discussed the shortage of inventory lately?

961 North Street

961 North Street

961 North Street has decided to depart from normal industry practice and has raised, rather than lower its price even in the face of determined consumer rejection. Built in 2002 and priced back then for $7.995, without success, it’s floated on and off the market since then. Last year the owner apparently decided to give buyers exactly one year to step up at $5.695 before he jacked up the price. The year has come and gone and you missed your chance. What you could have bought yesterday for $5.695 will now set you back $5.995 – oh, foolish you for waiting!

And bringing up the rear, 516 Round Hill Road is back, renamed 518 Round Hill Road and with new broker, but with the same price that hadn’t attracted a buyer as of yesterday. This was a Patriot deal gone bad (redundant, I know), and after foreclosure it came on last year at $8.9 million, dropping to $8.3 this past September. The market showed a marked lack of interest so the owner blamed his broker, fired her and hired a new one. That should do the trick, don’t you think?

17 Comments

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17 responses to “Thursday wrap up

  1. Anonymous

    Anjim Drive house is really neat. The master bedroom and bath is an addition apparently and is a half floor up from the other 3 bedrooms.

    Split levels actually have very good floor plans because there is so much usable space and only a half flight of stairs to get to each level. Looks like the basement family room is not included in the square footage of this house.

    I was recently in an expanded split level in the West Hartford, and it is really nice. Has a large room added next to the living room and dining room.

    These houses do not look as impressive as colonials from the outside, but in fact have much more user friendly floor plans than a colonial does. You do not get killed on the steps when you get older with only a half floor to the bedrooms. So people can actually stay in their houses quite safely with split levels and do not feel compelled to sell when they get older.

    The several half levels actually make the 1950s split level a nicer house in my mind than the stock 2012 colonial being built today in midcountry. You really get the feeling of space in the split level.

    • People built split levels for a reason, and there some very livable ones out there, but they are definitely out of style at the moment.

    • Joe D.

      That house was an abused rental and did not show well, are you the owner, buyer or joking?

      • Whoever he is, he is not an objective observer.

        • Anonymous

          Not true. I have no relationship to the owner, the broker or anyone else connected to this house. I have never actually seen the house. It looks very nice from the pictures. I may be prejudiced by my love of the West Hartford split level and the lovely person who lives in it, and transferring this love to a house I have never seen. In any event, I like the pictures and think this is a very nice house for the money – from the pictures.

        • Ah – well that’s understandable, but do remember that pictures are selected by realtors to sell a house (even though you might not suspect that from some of the lousy shots out there). It’s one of the services agents can provide: actually inspecting a house before wasting a buyer’s time.

        • The New Normal

          uh sure – not involved in any way – nice try

  2. Anon

    Silly people who want to pay for a house. We all need to take the advice of this dude in Florida.
    http://m.nypost.com/p/news/national/squatter_calls_boca_raton_mansion_KovwZ1E3aoPaMoy86QyuwI

  3. D

    Haha – Annjim is incredibly overvalued for the location and condition. Can’t wait to see what this goes for.

    Damn fine to see Durkin go – Someone got a good deal here.

    • Anonymous

      It looks like the whole neighborhood off lower Stanwich has gotten much more pricey. When I moved to Greenwich, the Bote Road area was one that people moved out of to the two acre zone. Now it seems that people want to stay in the lower Stanwich Road area because it is convenient to everything. It is surely possible to walk to the Post Road on nice day or night and get a snack or whatever. Not sure it is overvallued if people value the ability to walk to some shopping or food. On a nice night, you can walk back from the Cos Cob train station. Not so bad if you are not committed to having a huge lot.

  4. Anonymous

    Does the lower Stanwich area even have sidewalks or would one have to walk in the road to access that snack?

  5. pulled up in OG

    Two Door Time Machine – 21st century Chickahominy subs for 1970s Detroit.

    http://www.greenwichtime.com/news/article/Greenwich-Town-Party-expanding-4222016.php

  6. Riverside

    Regarding Bridle Path -what are the transaction costs on a $6m flip? It seems like a $375K profit might not actually be much of a profit if the costs approach 6%, as I would expect.

    • Hmm – the owner is a real estate agent, so presumably some or all of the seller’s – side 2.5% commission was waived, which would help profitability. But this was, I believe, not about trying to make a profit but simply a case of change of mind, so even if they broke even, they’re ahead. And it’s interesting to see any price appreciation in just a few months, although as noted here before, the first owners got hammered by originally pricing the land at $12 million.

  7. Reader

    It looks like the Postal Service is following the same pricing strategy as 961 North. Raising prices in the face of slowing demand.

  8. ShedLessToolMan

    to me.. the 516 – 518 round hill road address swap is more deceptive than the person you pointed out who photoshopped a commercial building out of a back yard.. . In the end, the slightest amount of due diligence or investigation and all trust and credibility is shot… I have to think honesty is always the best policy.. especially for a tough sale like this.. 14000 sq feet on 4 acres.. I see what CF means.. that is ironic like a body building midget.. I now slightly understand his opinion for larger lot sizes for back country mansions..