Early morning real estate report

17 Sherwood

17 Sherwood

Steal this house. 17 Sherwood Avenue sold Friday for $1.680. I thought this house was a bargain; clients I showed it to had various objections, ranging from school district to (very, very) low ceiling height in the original (1737 – George Washington bumped his head there in 1775) living room, but there you have it. This was a bank sale – former owner paid $3.150 million for it in 2007.

122 Riverside Avenue

122 Riverside Avenue

Executed contract: 122 Riverside Avenue, asking $1.075 million -  the buyer’s getting it for less. A half acre, but jammed up next to the railroad tracks. Hey, you want land in Riverside you can pay a lot or you can compromise on location. A relatively modest new home here probably has greater rental potential than a sale, but its fate – tear down vs rehab, rental vs sale –  will be determined later. Stay tuned.

Swampland price cut: 0 Mohawk Lane, four acres, now wants $850,000. That’s down a bit from its 2006 asking price of $1.850, but a man’s reach should exceed his grasp and all that. Interesting that 4 acres up here in the Northeast Kingdom is worth less than a 1/2 acre on the tracks in Riverside.

6 Comments

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6 responses to “Early morning real estate report

  1. Anonymous

    I just cannot believe you sold that “piece of crap” house and land at 122 Riverside Ave.!! I mean congratulations but REALLY?? I saw no redeeming value in that. Right next to the train and the house was unlivable!! My client that it was the worst house and property in all of Greenwich and I tend to agree . Please comment!!

    • Anonymous

      Curious to hear some feedback on the sale here as well. Definitely seems like a tear down more than a rental situation, though the site seems compromised relatively to other lots up against the tracks – strange lot shape, exit onto the road is odd, not having as much setback to the train, and not having much elevation relative to the tracks (i.e. Summit Road homes).

      My estimates on the rental situation:
      1606 sf * $2.75/sf in rent = $53k/yr in rent

      $8k taxes, $1.5k insurance, $44.5k annual mortgage payments assuming $800k loan and 3.75% rate, and your total costs are $54.1k/yr. Doesn’t work as a rental.

      • Anonymous

        You’re overlooking the obvious: if an investment- minded buyer pays all or near cash they can earn 5% on their money – 54k rent less $10k carrying coats, no mortgage, nets 44k, or 5% per year- which beats parking cash in a bank at 0.4%. Plus hopeful upside in asset appreciation.

  2. Anonymous

    Sherwood Ave was a steal and the buyer really made out well!! I tried to get my client to buy but he resisted.