Tag Archives: Sales

Real estate news?

There is none. No contracts yesterday, no contracts today. I have a sale coming up that was never reported as under contract (that’s up to the listing agent) and, I hope, a contract to report in a day or two. I hear rumors of more activity – someone told me today that that new construction on Tomac, asking mid $3s, has a buyer (!) and that’s all I hear.

But there are a lot of active buyers out and looking so I think we can expect a flurry of sales before Christmas, if anyone out there drops his price. The buyers are ready, the sellers are not.

 

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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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Early morning reporting activity

Two sales reported from last week:

98 Lower Cross, a renovated house on 0.5 acre in the 4-acre zone, listed at $2.195 and sold for 84% of that, $1.850. Assessment was just $1.056 but in this case, I think the assessor, not the buyer, was off.

39 Hearthstone, $1.750 ask, sold for 82%, $1.450. Assessment was $1.428.

I think the fact that both these homes sold where they did is testament to their listing agents (Gideon Fountain and Joanne Gorka, respectively) recognizing what has happened to the market in the past year. Or at least, they didn’t start at 2004 prices and go up from there, as so many current listings have done.

And we have a contract reported, 21 Gatefield Drive, originally priced at $3.675 and marked down, after a year, to $2.895. Noo word on sale price yet, but assessment is $2.1. I was not enthusiastic about this house nor its location, but obviously someone else was. Which is how real estate works.

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Two more sale prices to add to data base

149 Old Church Rd

149 Old Church Rd

This is a great house that started out at $3.795 in ’08 and sold today for $2.304 million – 61% of asking price. The owners paid $1.975 million for it in 1998 and poured a ton of money into renovating it so as an investment, it was no better than Bear Stearns stock, but they had a lovely place to live for years. There are two similar houses still for sale on the same street, still priced way up in the $3s. But, as their owners will tell you, those houses are different.

 

 

4 Buxton Lane
4 Buxton Lane

And here’s a surprise: 4 Buxton Lane, asking $2.795, has sold for $2.4 million. That’s not only 86% of its asking price, it’s substantially higher than a similar house sold next door in 2004 or 2005. Well, Riverside is a nice place to live and someone obviously liked this home’s build and back yard more than he cared about the noise from I-95. Or perhaps he’s a truck spotter – they pay extra for proximity to their quarry.

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No contracts today, but some sales data

41 Stonebridge nee Hooker Lane: $1.590 million. Purchased $1.555 2003. Assessment: $1.490

11 Juniper: $4,000,000. Purchased 2002: $4.3 million. Assessment: $3.5 million

48 Byfield Lane (new). $5.150 million. Original price (2007) $7.5 million. Assessment: $4.12 million

143 Otter Rock: $4.5 million. Bought 2007: $4.7 million.

407 Sound Beach Ave (new): $3.250. Original price (2008): $3.995 Assessment: $1.96 (must have friend in assessor’s office)

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Sales

12 Buckingham (off Roberta). Listed at $1.295, increased to $1.5 (go figure) sold – out -of-town-broker, $1,302,501. Assessed value (70% of 2005 market value) $1.310,810.

72 Summit – quarter acre lot (with a house in the way). Listed at $795, sold for $799. Now you know what a building lot on Summit’s worth. Assessed value, $911,000.

25 MacArthur – renovated, bought for $1.450 in 2007, sold Friday for $1.380. Not too bad.

Back on market: 357 Stanwich, 1900 house on corner of Cognewaugh, listed at $2.850 August ’08, new broker (Round Hill Partners), new price: $2.095. ML# 74069.

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Friday happenings

On the run since 7 this morning and no time to post until now but obviously I’m not the only agent who’s busy. The difference is, some have been more productive than I. One sale reported today, and four contracts. That’s nice, but it’s interesting to see the histories of these properties.

19 Dingletown Road sold for $1.6 million in 1998 and was listed for sale again, untouched so far as I could tell, for $2.495 in 2008. It sold today for $1.6 million, so at least it provided symmetry to the seller, if not riches.

510 North Street, a grand old, tired brick home (1924?) on 2.8 acres remaining from its original land, was listed by David Ogilvy in 2002 for $11.5 million. The Ogilvy magic wasn’t enough to overcome the demerits of the house but it did finally sell after a few broker and price changes for $6.550 in 2005. The buyers renovated and put it back up for sale this past May with Shore & Country at the very smart price of $5.995, and already has a buyer.

407 Sound Beach Avenue, new construction was listed at $3.995 a long time ago and finally dropped to $3.350. It, too is under contract.

65 Meadow Road in Riverside started at $4.750 an recently dropped to $3.995 and has a contract today. My guess, and it’s just a guess, is that it’s selling for around $3.5.

143 Otter Rock in Belle Haven has been for sale practically forever, starting at $6.2 million in 2002 and ending up today, again after many brokers and price changes,with Katharine Adams, at $5.395. And lo, a contract.

Finally, 14 Ben Court, in Old Greenwich, was a land deal priced at $1.495. I’d pegged it as worth maybe $1.1ish but 24 days after being listed it has a contract so it shows what I know.

But, looking at these histories, it’s clear that with the exception of Ben Court and 510 North Street, all these sellers endured long, long periods where their houses were on the market but not selling, all because they were chasing illusory prices. As the previous owners of 510 North would probablyagree, overpricing your house ends up annoying and inconveniencing you with no concomitant reward. What a bummer.

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