Daily Archives: July 1, 2008

580 Lake Avenue

This house came on the market in January 2006 asking $5,550,000. 2 1/2 years later, it sold yesterday for $2,685,000. I continue to be amazed at how wrong some prices can be.

Foreclosure in Greenwich
There’s an interesting comment below on affordable housing, with several good ideas on how me might address the problem, if we must. One idea that probably won’t work, however, is buying foreclosed houses. In Greenwich they’re rare – perhaps two a year. But last Saturday, a house on Round Hill Road did pass via foreclosure. Seven plus acres, some wetlands but, all in all, beautiful land. According to a reporter friend of mine, almost no one showed up: two couples who were apparently under the delusion that they could pick up a Round Hill property for a couple of hundred thousand dollars and a representative of the bank, there to make sure that the lender’s $3.9 debt was covered. So it sold for $3,900,000 to the bank, and will presumably be returned to the market soon. It wasn’t that long ago that seven acres of Round Hill land (there is a house on the property but not for long, I suspect) for just under $4,000,000 would have drawn the interest of any number of spec builders. Not today.

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