Daily Archives: September 23, 2008


1 Butternut
This one’s not on North Street but it’s a spec house that was built and listed for $5.895 in April 2005. Still empty,it’s available today for $4.350.I don’t mean to tell you how to spend your money, but there is a growing number of houses out there that, bought now, are going to look like real bargains down the road. How far down the road? That’s the unanswered question that’s currently wreking havoc on the market.

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A reader asked for a survey of unwanted spec houses for sale on North Street. I found five active listings (plus a bunch of expired which may soon be back).

480 North. Original price $9.5 million, now $5.495, for sale since July 2006.
504 North. Original price 11.75 million, now increased (?) to $11.995, for sale since November 2006.
537 North. Original price $9.995, now $8.25, for sale since May, 2006.
620 North. Original price, $6.390, now $6.4 (?!), for sale since April 2008.
969 North. Original price, $12.750, now $11.5, for sale since July, 2005.

My guess, based on driving around town and seeing a number of jobs nearing completion, is that we’ll see more, rather than fewer of projects like these coming on the market. That can’t be good news for builders.

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What about commercial property?
12 Grigg Street, just off of Greenwich Avenue, is listed for $2.495 million. It’s on 0.10 of an acre and has two parking spots. I don’t know much about commercial real estate in Greenwich (other than that the big guys insist on being directly on the Avenue – they don’t do “around the corner”) but this seems high to me. I’ll watch its progress and we can learn together.

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How low can they go?
Here’s a new, exciting blood sport: what’s going to happen to all the spec houses in our fair town?

537 North Street came up for sale May 6, 2007 for $9.995 million; it can be yours today for just $8.25. Tomorrow?

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“Please, sir, may I have some more?”
Can’t we just shoot these guys?
The New York Times reports that the MBA Wizards, not content with a trillion dollar relief package that will bail them out from their stupidity, are scrambling for more. Ugly.

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