Old Greenwich sale, back country whackeroo

15 Midbrook Lane

15 Midbrook Lane

15 Midbrook Lane, a 1960s renovated split-level across from Perot Library (and thus north of the village), sold today for $1,117,500, which seems like a good deal for the buyer. The seller paid $1.350 for it in 2005, which no doubt explains their reason for pricing it at $1.395 this time around but we seem to be pretty much at 2003, not 2005 levels, and there was some significant price appreciation in those two short years, appreciation that must now be given back.  I though this was a nifty house, a split-level that worked, and some very good renovation work done since that 2005 purchase. So I’m sorry to see the owners lose money, but there you have it.

145 Porchuck

145 Porchuck

The owner of 145 Porchuck Road took an even worse haircut, having to mark down the house he paid $3.1 million for in 2006 to $2 million before he found a buyer and presumably, that buyer is paying less than the final asking price. Tough area these days.

12 Comments

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12 responses to “Old Greenwich sale, back country whackeroo

  1. Anonymous

    I thought Old Greenwich and Riverside was way above 2003 levels ? Unlike mid country.

  2. anon

    I’m no expert but I’d say Porchuck’s two bits shave and a haircut was more because of the interior lack of appeal than its location. There’s some mean renovating to do.

  3. Anonymous

    The assessments for these two are surprisingly close together. Seems strange.

  4. LAK

    I hope its not across from that eyesore abandoned house.

  5. Anonymous

    New pricing stats show there is some upward movement in prices, if you pay attention to price per square foot. Clearly not back to the peak, but at least some properties (may be the lower end ones) seem to be appreciating:

    http://stats.raveis.com/External/raveis/RaveisMultiView.aspx?id=raveiswebsite&signin=N

  6. Anonymous

    Ha, ha! I offered $1.275 (or maybe higher) for Midbrooke last spring but sellers were so ridiculous on price they didn’t even counter. Was easy for me to walk away since its Dundee not RS school and has swampy water running through lot. I wonder how they feel about losing couple hundred thousand. Cheap looking reno too.

  7. D

    Midbrook seems like a good buy if you can stand the split level… $500/sf and 1.3x assessed. Great land too. Chris – Didn’t you mention that the renovation included all new high quality windows? An expensive add that is great, but lacks the splash of a fancy kitchen or bath.

  8. KMA

    Can’t believe the Medbrook split level crap is worth over $1 million. This place is clearly a teardown. Good for the seller to unload it. Too bad he lost money doing it.

  9. Anonymous

    We looked at midbrook too and thought for the price tag in Old Greenwich it as a cute house. The location and the school was a plus for us. I use the word cute as the kitchen was tiny and the lower level family room odd with the glass atrium was not to our taste. This house also only has a single garage. We spent a little more money and got more square footage but we did like this house. As for the swampy water comment by the previous poster… I would take a nice creek any day over railroad tracks or 95 noise. For that price range 15 Midbrook was one of the nicest plots of land we saw. I think the buyers got a good deal. Someone could do a nice bump out on that house and easily up the value.