Land sale or residential?

30 khakum30 Khakum Wood Road has sold for $3.252 million, 452 DOM, original list price $4.695. (That’s about 69% of the asking price but watch the Greenwich Multiple Listing Service scootch it up to a more cheery-sounding ratio). It’s two-acres and one old, smallish (3,600 sq.ft.) house in a prestigious neighborhood. I’m guessing that the house is destined for a dumpster dive and if so then you know what a 2-acre lot in Khakum Wood is worth these days. Of course, someone could be buying to downsize, so then you’ll have to allocate some of the sale price to the building. Wait and see.

10 Comments

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10 responses to “Land sale or residential?

  1. Gate House

    It is like the security guard house. They have windows along front but half the house is garage. Kind of peculiar style house. They are lucky to get that but location is smallest house in nice area.

  2. What neighbors though

    the ceo of exxon clifton garvin used to live in a brick house across the street.from this house the the 80′s and 90′s … some association fees too in khakum wood so better have deep pockets. foley lives back there too. your ticket to round hill club if you live here. property drops off to wetlands behind house though. built up on ledge.

  3. InfoDiva

    It’s not going to be torn down. The buyer was the seller of another Khakum Wood house whose sale was featured here: http://www.ctpost.com/news/article/Looming-fiscal-cliff-boosted-December-home-sales-4283746.php#photo-4087741

    • Well I’m glad – it’s a nice house.

      • bby-do

        Here are a few issues that must be taken into consideration when valuing the two acres of land. 1. If tear-down, the cost to remove- $100,000+ 2. There are significant wetlands within the two acres which will restrict the footprint of a new home. 3. The existing wetland violations on the property will most likely not be grandfathered, creating additional costs to get town and k.w. association approvals- incremental legal fees and landscaping costs. 4. In rebuilding, there will be significant costs to remove existing rock formations. 5. Landscaping is relatively weak when compared to other properties in khakum wood. Even with the wetlands, i’d estimate that the “true” value of the land should be increased by at least $250,000-$350,000. Another way to look at this – what would the value of a “virgin” 2 acre piece of land be at the same location in k.w.– $4,000,000. As we know, the buyer is extremely sophisticated, with a career in real estate, and took all of these issues into consideration when deciding what price to pay for the land.

  4. bby-do

    The seller is extremely well off and got frustrated owning the home. The buyer was there at exactly the perfect time to take advantage

  5. The New Normal

    what happened to the earlier comments from bby- done because they were in all caps?

  6. ????? bby-do

    What do you mean ‘frustrated owning the home”?
    Because it didn’t sell?
    Because he was well off and in the small house??