Hit the reset button

Four price cuts to close out the day.

107 Stanwich Rd

107 Stanwich Rd

107 Stanwich Road, from $1.050 to $950,000. This is one of the houses, I believe, served by that shared, steep driveway on the corner just before Orchard, and that may be hurting it. Sold for full asking price of $950,000 back in 2006 after just a couple of weeks on the market. That’s not happening now.

51 Glenwood Drive

51 Glenwood Drive

51 Glenwood Drive, in Belle Haven, is having an even worse time of things, cutting its price yet again today to $6.995 million. This was set out on the waters 1,261 days ago, asking $9.750 million (who comes up with these prices?). Last February, after its price had dropped to $7.995 it reported an accepted offer, but it came back on in April (bad inspection? I don’t know), still priced at $7.995. Today’s million dollar cut can’t hurt its prospects, I suppose.

180 North Street

180 North Street

180 North Street, down a steep driveway and perched on a swamp has also had difficulty finding a buyer. It was a new spec house back in 2007, when its builder tried unsuccessfully to sell it for $5.495 million. That didn’t work and it’s been on and off the market ever since. Today it was dropped to $3.695 – maybe. It’s not a bad house, if you like this sort of thing, but it’s literally surrounded by swamp land, and even a close proximity to town can’t overcome that handicap when the price is too high. I happen to know what they turned down from my clients a year ago and though that offer was less than even its post-price-drop number today, I’m relieved: my people would have probably turned out to have overpaid.

40 Lockwood Lane

40 Lockwood Lane

And 40 Lockwood Lane, I-95 Riverside, has dropped to $1.050. The listing says the place was custom built in 1950 and I’m sure it was, but apparently nothing’s been done to the house since then and in 1954 the highway went through. That’s not good.

8 Comments

Filed under Buying/Selling Greenwich Real Estate, pricing

8 responses to “Hit the reset button

  1. Flash

    North St actually says ‘welcome to the castle’ under the picture.
    Good location, set back from road. A field of sea grass and punks will dry up the boggy area. You could not duplicate this house for the price, but the front elevation is UnGainLY and I see no easy fix. Atleast it’s not sideways.
    AND enough profit for Mariani and the owner/speculator?

  2. Anonymous

    107 owners are super, super nice folks. they sunk a good chunk of change into renovations and the important stuff. it’s a great starter house (absurd as that sounds, at almost a million bucks) to get into a greenwich and also into a nice neighborhood & schools. that said, the driveway was a deal killer for us. very steep (but it’s heated, fyi, which is nice for winter) and a blind entry onto stanwich. i envisioned my wife or i becoming regulars at an auto body shop.

  3. towny

    Notice the tax difference btw 107 Stanwich and Lockwood Ln?

  4. Anonymous

    yeah the taxes are low at 107. it’s not gonna satisfy the waterworks bathroom and 3 inch thick carera marble kitchen counter crowd, but it’s a perfectly nice livable home someone would be happy to trade up to or start out in. new roof too. like i said, i loved it, but the driveway was the dealbreaker. another longer but less steep approach might be able to get carved out of the front yard/hill, but it’d be logistically insane (city p&z madness) and crazy expensive to do so and probably not worth it. by the way you can see a peek of the golf course from the living room and side yard.

  5. justlooking

    Interesting comment about 107 Stanwich. I live in the neighborhood and knew the previous owners. In fact, the current owners have done nothing to this house other then repair the roof after a tree fell on it in that horrible March storm in 2010 and a low-end exterior paint job. This leads to my question; are there any consequences if the listing agent lies about the date of renovations, as they have done here? Also, given that the price is getting more interesting, what do you think this 3 bedroom/3bath home could rent for? Yes, the blind curve is horrible and dangerous, but it is still an updated home in North Street school district with a view of Greenwich CC golf course.

    • “Renovation” is one of those magic realtorese terms that can mean whatever the queen says it means. Could be a redo down to the studs, could be sweeping the dust bunnies from under the bed, and anything in between. A buyer’s attorney will be checking on work permits and c/o dates, so any -ahem – “embellishments” made in the listing will be discovered.
      Obviously I don’t know what was done to this house during the current owners’ stewardship nor, I suspect, do you. As a general rule, however, when I’m a listing agent, I’m careful to establish what’s been done to the house, and when, before writing it up. Saves stress further down the road.

    • deb

      I am the current owner. I would be happy to show you my home and give you an update of all renovations we have done. May surprise and delight you!
      The driveway is steep however it is heated and neither my husband nor I have had any issues. We have a mirror across the street and we look before entering the street. The views are lovely from the top! We adore this home and have made many happy memories here. And the backyard, all new appliances, and huge amounts of storage space far surpass those of similarly priced homes.

  6. Anonymous

    you’d be lucky to clip 4% pre-tax returns, absent any s&%! show.