Recyling day

A price cut and four “new” listings, all of which we’ve seen before.

Does Tyvek really last 11 years, uncovered?

Does Tyvek really last 11 years, uncovered?

28 Brynwood is the price cut, and now asks $3.750 million, a whopping $100,000 less than it asked for yesterday. This is just silly – the builder who so foolishly started this project is long gone, the idiots at Ulster Bank who loaned $3 million and an additional $1. 6 on the property back in 2002 are probably down in Washington working for the government – their bank has long since folded – and the house has sat half finished and open to the weather for over a decade. You want a frame and a slate roof on two bad acres of land that are literally on top of the Merritt Parkway, be my guest. I say $1.1 million, tops. Since the folks who paid two cents on the dollar to buy this loan’s paper are out nothing, they’d be fools to reject an offer in that range, but they already have. Even the dullest work-out drone at one of these firms has heard of Greenwich and “knows” that 2 acres of Greenwich land off Round Hill Road must be worth millions. This is not that land, but that’s why the guy making the decisions is stuck at the pay scale he’s in.

46 Orchard Place, Cos cob Greenwich [ my mistake] started at $1.895 million in 2004 and in the 9 years since has been on and off the market. It’s back today, at $1.575. The owner has written (see comments below) detailing all of the improvements made since 2005, so you should probably take a look, if this house and neighborhood are in your search parameters.

31 Bush Ave

31 Bush Ave

31 Bush Avenue, Belle Haven, is also back for another go, having failed to sell for $8.850 million in ’07 and subsequent years. Today its owners will settle for just $6.950.

286 Round Hill Road was priced at $5.375 in 2009 and now, with a new broker, new price, and 787 days on the market under its belt, it’s at $3.550. Meh.

And not included in the link above but who cares? It’s been around forever, spec builder General Tsoi’s house at 36 Montgomery Lane is listed as new for $3.295. Tsoi couldn’t sell it at $5.4 million, Patriot Bank didn’t even try, the group that bought the loan from Patriot failed at $3.495, and now this. It’s not a bad house, if you understand that you’ll want to rip out all the marble and bathroom fixtures that Tsoi bought by the midnight truckload from Chinatown and festooned all his projects with, and you and your mountain goat can deal with the driveway. Decent yard, decent quality construction, it seems, minus the choice in finish materials. And if you like taupe, you’ll find 6,000 square feet of it here to admire. The paint was probably on that same truck, priced right.

12 Comments

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12 responses to “Recyling day

  1. Accolay

    What do buyers in Greenwich think of slate roofs? Is it worth the extra cost in the long run?

    • People like them, but they’re far more expensive. Better than cedar shingle roofs, in my opinion, because shingles rot, but at a certain price range, buyers expect slate. If I wanted the slate look but not the cost or maintenance I’d use shingles made from recycled rubber. It’s light, so you don’t have to pay to beef up the rafters to carry the enormous weight of stone, can be installed quickly with a nail gun and, to my eye, is almost indistinguishable from the ground and even looks good up close.
      But again, buyers in the $4 million range and above won’t settle for such a practical alternative.

      • Anonymous

        A cedar roof looks good on the right house. Aren’t they supposed to last 30 years these days?

        • If maintained, yes, and maybe even longer? But I see quite a few houses where the owners didn’t attend to them and after ten years, they’re looked a littles sad and in need of some expensive repairs. I love the look of cedar roofs, but the New England climate is a harsh one for wood roofs.

    • American Slate

      I think it’s an architectural requirement for certain style houses.
      I don’t think I’d use the Chinese Import.

      http://www.traditionalroofing.com/TR4_mistakes.html

      • That’s a very informative link – thanks! But the rubber alternative I mention is really a different entity; more like an asphalt shingle roof in the way of installation but comes with a 100-year warranty. I like it. I like slate, too, but it’s a big price tag especially, as the author of that you link to suggests, if it’s installed by someone who knows what he’s doing.

  2. Anonymous

    Shame on the owners of Bush- they fired 2 perfectly good brokers. don’t they realize their house is OVER PRICED!! Again, bring you ear plugs!!!

  3. Westchesterer

    Maybe if he had a pivate ramp to the Merrit parkway. How much would it be worth then? Can’t imagine any reason to want to live right next to a highway, besides price.

  4. Anonymous

    46 Orchard Place is located in central Greenwich, not Cos Cob, as you mention above. And while some homeowners may not have the time, energy or interest in making improvements to their homes, we actually do take pride in our home and in our neighborhood. In the nine years since we listed our home the first time, we have added new windows, a new porch, new interior and exterior paint, a $50,000 bathroom, new window treatments and decor, new landscaping, including tree removal, a new walk-in closet, and a new walkway, just to name a few improvements since our major, and quite lovely addition, in 2003. If you check your stats, you”ll see a variety of price points on our street– the condo next door is priced almost a 1,000,000 dollars more than our home with a huge backyard, which is desirable to both builders and families. So before you start making assumptions and judgements, you should educate yourself. We have learned more about the Greenwich market than we ever cared to in the past 9 years, and I sorry to report that it has been disappointing. Perhaps you could afford the well-intended little guy a learning curve, and direct some of your venom towards many of the petty, corrupt and uninformed brokers in town.

  5. Anonymous

    Thank you, Chris.

  6. Just Curious

    So maybe you can humor me for a moment. Over the last nine years were you truly interested in selling the house or was this just a make me move type pricing situation? I’m just curious because I see this more often than I would have thought and given that price will move anything I always wonder why not just lower your price 8 years ago?