The madness continues

Two sales that have me scratching my head.

78 Havemeyer Lane

78 Havemeyer Lane

78 Havemeyer Lane, bidding war – a bidding war! – asked $609,000, sold for $650,000. Was this the result of an online auction? Could the buyer possibly have actually visited the property and taken in the ambiance of Havemeyer Lane? The mind boggles.

6 Lake Drive So., Rvsd

6 Lake Drive So., Rvsd

In Riverside, naturally, another surprising sale, 6 Lake Drive South, pressed up against a cliff and across the street from Riverside train station, asked $2.495 an sold for $2.353 million. This is a tired old house of undistinguished pedigree on a half-acre. It couldn’t sell in 2007, or 2009, so it as rented out; never a prescription for improvement, and returned to the market just a short time ago when, of course, it sold. With a picture that was probably taken in February of 2007. Gosh.

13 Comments

Filed under Buying/Selling Greenwich Real Estate, Old Greenwich, Riverside

13 responses to “The madness continues

  1. greenITCH

    Riverside and OG strike again and after seeing yesterdays Broker house on Macarthur sell for $1.1m why not pay $650k … putting $500-600k into it …. gut it , dormer out and add 1500 sq feet or so and have more house exactly as u want ?!

  2. greenITCH

    so there are families willing to pay $1.2 from the city apparently for the quiet / cul de sac sort of streets .. but not potential for brand new and an additional 1000 or so sq feet , with the OG schools … where as parts of Riverside ave running from post rd and Balduccis are cos cob schools and busier streets and selling for $1.7 / $1.8 m……??

    • Cos Cobber

      The few attempts to build 1.5+ homes on Havemeyer Lane have failed. See house #54. Meanwhile several comps (probably 12+) have sold over the past 6 years on Riverside Lane/Elizabeth/Susan/Boyd behind Balduccis. People are buying where the market has demonstrated success and avoiding the pioneering.

      • Agreed, Cos Cobber. The spec builders who’ve tried, and failed (as in “foreclosure” fail), have been out-of-towners who see Greenwich prices, see “Old Greenwich”, and don’t understand why Havemeyer Lane sells at a discount. That may change, but the street still has one abandoned foundation and I’ll bet it sees more before it happens.

        • Shoeless

          Havemeyer lane probably works as a rental street, so perhaps it gets scooped up ad someone drops a totally pre-fab house so the sq ft costs are minimized. Renters will often put up with less than perfect location to get into the school district and then buy on a better street.

      • FF

        54 and 56 Havemeyer also had the privilege of being across the street from the Rippowam Houses in Stamford, politely known as the “projects” when I was growing up, with lights blasting 24 hours a day. On one end is Palmer(s) Hill with the light and the Edgehill and the front yards in Stamford. In the middle its the new condos, the narrow street, the projects and the brick blockhouses. At the other end is the Post Road, the multiple Havemeyer streets and the impossible driveways. Add in, as was mentioned, nonstop 50mph traffic and I can’t see betting the family nest egg even for the “address”

    • Riverside Forever

      All of Riverside AVE are in the Riverside School district. It is Riverside LANE that goes to Cos Cob School

  3. Riverside Chick

    There is basically no inventory in Greenwich at $650,000, especially in OG. Slim pickens.

  4. Riverside Forever

    The Lake Drive house price is crazy. Someone obviously wants close proximity to train and school and zero privacy. When C L &P chopped down all the trees on the side they lost all privacy they once had in their pool/backyard.

  5. Double yellow lines

    Put the ranch just one street into havemeyer…and it would sell in the mid 800s…as evidenced by that old wagon property chris wrote about. Maybe someone just could only pay 650, or a builder could put something up and continue improving the look of street. Such a busy road, but if the builder pays low and sells lower than other streets he can still profit.