(Some) Central Greenwich prices still soft

101brooksideI’ve discussed 101 Brookside before but brother Gideon brings it up again as an example of the still-ongoing decline of at least some of the market, and he’s right. Take into consideration that Brookside’s a busy street and not everyone wants to deal with that, but a beautifully restored antique on 2+ acres that sold for $5.995 at the height of the market in 2008 just resold for $4.475 million. That’s some depreciation.

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22 responses to “(Some) Central Greenwich prices still soft

  1. Anonymous

    i’d live in the outhouse and rent the main house.

  2. Mickster

    That’s just indicative of a small % of the market – look what’s happening elsewhere in Town over the past 2 weeks – snowstorm included!!! Wow!!!

    SALES:
    7 Larkspur Lane. $7,400.000
    44 N. Stanwich Road. $6,380.000
    101 Brookside Dr. $ 4,475,000
    26 Bramble Lane. $3,497,419
    3 Vista Ave. $3,355,000
    39 Shore Rd. $2,512,000
    23 Chieftans Rd. $2,400,000
    50 Londonderry Dr. $1,700,000
    24 Shore Rd. $1,400,000
    40 W.Elm St #2K. $1,190,000
    50 Midbrook Lane. $1,117,500
    114 Hendrie Ave. $800,000
    5 Circle Dr. Ext. $687,000
    176 Hobart Ave. $485,000
    25 Putnam Park. $370,000
    53 Putnam Park. $304,000
    52 Putnam Park. $240,000

    EXECUTED CONTRACTS (LIST PRICES:
    51 Glenwood Dr. $7,995,000
    78 Doubling Rd. $6,100,000
    26 Mohawk Lane. $5,495,000
    38 Keofferam Rd. $4,495,000
    21 Ridge Rd. $1,195,000
    500 River Rd. #9 $1,185,000
    67 Bowman Dr. $1,125,000
    15 Shore Rd. $1,050,000
    610 Lake Ave. $975,000
    85 Strickland Rd. $725,000
    342 Delavan Ave. $665,000
    87 Strickland Rd. $575,000
    5 Glen St. #301. $548,000
    16 Morgan Ave. $475,000
    1465 E.Putnam #530 $360,000

    ACCEPTED OFFERS AND CONTINGENT CONTRACTS (LIST PRICES:
    11 Broad $5,299,000
    63 Winthrop $4,395,000
    100 Rockwood $3,400,000
    1A Quintard $2,995,000
    8 Bradbury $2,850,000
    212 Milbank S $2,700,000
    35 Shore Rd $ $2,695,000
    82 Glenville Rd. $2,495,000
    29 Twin Lakes Lane $2,150,000
    336 Stanwich Rd. $2,095,000
    145 Porchuck Rd $2,000,000
    17 Sherwood Ave. $1,899.000
    2 Marks Rd. $1,799,000
    12 Oak Dr. $1,780,000
    4 Gisborne Pl. $1.775,000
    16 Hearthstone Dr. $1,700,000
    17 Old Camp Lane $1,650,000
    76 Valleywood Rd. $1,495,000
    155 Field Point Rd 3S $1,195,000
    1 Driftway $1,190,000
    25 Lincoln $1,120,000
    122 Riverside Ave. $1,075,000
    27 Home Pl. #A $935,000
    9 Halock Dr. $895,000
    5 North Ridge $829,000
    49 Indian Hbr Dr #3 $825,000
    15 River Rd. #213 $795,000
    21 Meadow Dr. $699,000
    64 Richland Rd $679,000
    52 Leonard Ave $649,000
    39 Legrande $625,000
    25 Perna Lane $585,000
    23 Almira Dr $565,000
    79 Pemberwick Rd B $499,000
    89 Putnam Park $485,000
    7 Ocean View Ave $475,000
    184 Peck Ave #2 $439,000
    49 Valley Rd A2 $438,500
    1525 E. Putnam Ave #301 $315,000

    • That’s a lot of activity but doesn’t address what’s happening to prices. Certainly Riverside and Old Greenwich are strong, but, for instance, many of the transactions you note represent prices millions of dollars lower than the last purchase. Yes, there’s strong demand but no, not everything that’s for sale is being sold.

    • D

      This post was more a reference to the market over time. Looking at trades without historical context omits the most interesting thing about a market – where’s it going? Did any of these trade between 2000 and 2008? If so, what does that say?

  3. Anonymous

    I disagree that this sale shows a decline in some of the market. I think it’s more that fewer buyers want a grand old antique. Fewer still want to be on a busy street in the part of town. And maybe, just maybe, the buyer in 2008 got hosed? Realtor said, once in a lifetime opportunity to own a classic. Will never lose value. Nah, no realtor would ever say such things.

  4. anonymous

    “Old antique?” As opposed to a “New Antique?”

  5. George Leroy Tirebiter

    @ Anon

    ” Realtor said, once in a lifetime opportunity to own a classic. Will never lose value.”

    Or perhaps the phrasing was accurately “Buy now, you’ll never see these prices again”. This adage also sometimes applies to the stock market.

  6. Anonymous

    A house valued @$300qsft plus its land value seem to have worked well in Greenwich these days. The land value for this is about $2.5mmish?

  7. Anonymous

    Chris,

    The pre-foreclosure on Dialstone…Whats the inside track on that one?
    Had a notice of sale, then the sale was “nulled”

    • Probably reopened judgment. It’s tough for judges to toss people from their homes, so even after a “sale” -usually it’s just the bank bidding enough to cover its debt – a good story, or even a weak one, can get a judgment reopened. Which is why it’s so frustrating to try to buy a property that in the process, or even to arrange a short sale while the foreclosure is still proceeding. Eventually, the foreclosure is final and title completely vests in the bank, at which time, a purchase from the bank is (relatively) straight forward. Until then, there’s a lot of zigging and zagging.

  8. Greenwich Gal

    Actually – there are new antiques. There are fabulous older houses which have been redone so that there are good as new – new wiring, plumbing, roof, windows, HVAC, etc etc..so that you basically have the great bones and charm of the antique with all the modern bells and whistles. The best possible combo in my opinion…

    • Mickster

      Totally agree with you – style and the mod cons. Unfortunately, not everyone coming here appreciates that. Many just scream “NEW”, “NEW” and that’s what keeps the builders happy. It’s called instant gratification. Then 2 years later they’re “updating”. Gotta love it! I’ve passed new houses that constantly have people “updating” them … for years! No complaining here – if everyone was happy where the lived, there would be no need for realtors.

    • anonymous

      “New antique” may be some kind of hedgie house sales marketing term, but technically it’s an oxymoron. Take that as you will. In the art biz, a new antique would be a fake.