Tag Archives: Contracts

Sales activity for February, 2010

Well, better than last year, but that’s not saying much. Contracts for the month of February (single family homes) are:

2010: 22

2009: 14

2008: 38

2007: 52

2006: 57

2005: 61

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Pending contracts and assessments

On a lark, I pulled the 9 lowest and 9 highest properties of the 50 Greenwich single family homes currently under contract (leaving 603 still for sale and more, presumably, coming on in January). It seems to me that many of the higher end houses are selling for a huge premium to their assessed value (which, I remind you, is supposed to be 70% of their 2005 market value). Either of two explanations come to mind to explain this phenomenon: either higher end homes are really holding their value better or the assessments were skewed to their advantage back in 2005. I don’t have the answer, but here are the statistics:

Address                  First price                       Last asking price         Assessment (70%)

10 Lyon Ave.          $695,000                             $489,000                          $444,000

36 Hartford            $650,000                             $550,000                          $442,000

9 Miltiades              $985,000                             $695,000                           $667,000

7 Mill Pond              $925,000                             $739,000                           $705,000

11 Somerset            $940,000                             $895,ooo                            $1,008,000

 4 Janet Ct               $799,000                              $779,000                          $533,000

73 Halsey                $920,000                              $799,500                          $570,000

1 Fairfield                $1,199,000                            $899,000                         $668,000

14 Windy Knoll       $1,239,000                           $987,000                          $498,000 (renovated ’08)

TOP NINE CONTRACTS

51 Mooreland            $9,500,000                        $5,995,000                      $3,535,000

74 Lower Cross       $6,995,000                           $6,450,000                     $4,000,000

21 Willowmere Cir  $7,400,000                           $6,850,000                     $4,300,000

10 Cornelia               $9,750,000                           $6,950,000                     $4,757,000

15 N. Crossway        $7,195,000                           $7,195,000                       $3,148,000

205 Clapboard          $12,500,000                        $7,975,000                      $6,120,000

21   Guinea                $8,950,000                           $8,950,000                    $5,171,000

67 Harbor Drive       $11,950,000                          $11,950,000                  $8,366,000

54 Byram Drive       $23,000,000                          $17,950,000                  $5,644,000

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Sale and a contract, two bits

40 Meyer Place in Riverside, one of those “convenient to transportation” locations, sold today for $920,000, down from its asking price of $1.095, 1.08% of its $853,000 assessment.

UPDATE: I blew this call. Back in September when this house was reported as under contract I predicted it would sell for “well below” its assessed value. Not the first time I’ve been wrong and certainly not the last.

10 Sparrow lane, a nice older house with a good yard backing up to a graveyard started out at $5.250 in February 2008 is reported “pending” today. Its last asking price was $3.8 million so depending on its actual selling price, it could come out quite a bit ahead of its $3.0 asessment. Or not – we’ll see.

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Contracts in the fall

Single family home contracts so far this fall:

September

2009: 44

2008: 24

2007:33

October

2009:  25

 2008: 12

2007: 33

November

2008: 11

2007: 37

December:

2008: 7

2007: 23

Remaining Inventory, October 30,

2009: 646

2008: 614

2997: 548

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Four contracts reported

347 Sound BeachNothing earth shaking, but some substantial prices. This one on Sound Beach Avenue reflects current trends nicely: it sold new in 2003 for $3.075, sold again in 2005 for $4.160 and has now gone to contract again with an asking price of $4.250. If the owner breaks even after living there four years he’s done pretty well, I’d say.

60 Meadow Road in Riverside, that brick home across from the fountain, is again under contract after its first deal fell apart last summer. Same asking rice, $3.895.

361 N. Maple, asking price of $2.1 has found a buyer at long last as has 19 Skylark (behind the hospital), dropped from $1.2 milion to $945,500.

And that’s it so far, though the day is still young.

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Weekend contracts

88 Richmond Hill

88 Richmond Hill

As a reader has noted, contracts are not sales, and houses that are reported as under contract also fall out of contract before closing – there could be a number of reasons for this, including failed building inspections but more likely these days is the lack of financing. If a buyer agrees to pay $1 million for a house, for example, and is approved for an 80% mortgage, the bank must still satisfy itself that it’s lending on a million dollar (or more) house. If the appraisal comes in at, say, $950,000, then to keep the 80/20 percentage, the price must come down or the buyer must come up with more cash. This can cause problems.

With that caveat, here are two houses reported as under contract this morning. 88 Richmond Hill (above) is a new house that was listed for $6.950 back in April 2008 and eventually lowered to $5.250 million. I liked the house: its layout, quality and the land it sits on, so I’m not surprised it’s found a buyer. What will it sell for? Probably more than its assessment of $4 million.

39 Hearthstone

39 Hearthstone

This Hearthstone house, on the other hand, probably will sell for less than its appraised value of $1.428 milion. Priced originally at $1.750, it dropped to $1.5. My guess? $1.3 – $1.350.

 

 

And then we have 8 Wykham Hill, back again with yet another price change – its 6th? It started a year ago at $4.995, dropped as low as $3.495 and then jumped two months ago to $3.975. That tactic didn’t work, surprisingly, so today it’s marked down to $3.550. Whatever.

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Contracts

Three already reported today:

23 Hettifred (yawn). Asking $1.1

549  Round Hill Road, asking $5.295. 7 acres, a 1700’s antique, okay land but close to the road and noisy; Must have been beautiful in 1776 – now, not so much. What will it have gone for? I’m guessing in the $3s, but someone may have a higher opinion of the land than I do.

41 Shore Road, Old Greenwich, asking $1.8. Nice old house on a half-acre, probably destined to be replaced. Guess as to selling price? Maybe $1.35 – $1.4?

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