Spec houses
A reader asked for an updated figure on the number of spec houses currently on the market and I’m happy to oblige. Without examining each and every listing, I can only estimate, but I ran a search for houses built in 2006 to date, on the assumption that most are being offered by their builder and, if not, they’re new enough to compete with other houses that have remained vacant – besides, I know of several 2004 and 2005 spec houses that remain unsold, so the numbers should work out about right.

Of the 795 single family and condominium units on the market today, 172 were built in 2006 or later. Fifty-eight of those are condos so we have 114 new single families for sale. Nine of the latter are priced between $10.9 million and $25 million, 61 are between $4 – $10 million. So 70 high-end spec houses, all looking for buyers. How fast are they moving? Seven sold in the past quarter and of those 7, only 1 sold in October: 16 Beechcroft, reduced 26% from $8.295 million and “dumped” for $6.150. If the market picks up, I suppose we have only ten quarters – 2 1/2 years, right? – before we’re through the inventory, assuming nothing else is completed and put up for sale until then. If this month’s activity is a harbinger of sales activity to come then, Houston, we have a (bigger) problem.

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  1. Anonymous

    Yes – It sure does not look good Chris – thank you for the up-date!

  2. Anonymous

    Chris would you say that on average since Sept are homes selling 30% off original asking price or has it become higher?

  3. Chris Fountain

    Good question that I don’t know the answer to. I doubt that the fall off is as much as 30% but the Board only tracks the sales price and the last listing price which is often far from the original price. Because we’ve had so few sales in the past two months it shouldn’t be difficult to pull each one and get those numbers. I’ll do it tomorrow and report back (it would be interesting to see what the prices are for those that went to contract in the past two months but have yet to close, because that’s when prices really fell off the cliff – we’ll have to wait a bit for those data).

  4. Anonymous

    Hey Chris,

    I was wondering if you know anything about the place that was being built on the Stanwich Golf Course on the Taconic side.

  5. Chris Fountain

    I believe that’s a custom job. It’s certainly huge, and it’s certainly taking a very long time to complete, so it’s safe to assume that Mark Mariani isn’t involved.

  6. Anonymous

    Make sure you update us on the Byram condos when they close!

  7. claudette rothman

    Is this the house on Meeting House?

    Greenwich Diva

  8. Chris Fountain

    The house on Meeting House is a legacy of Jimmy Licata who has left our environs for the warm tropical breezes of Miami, I believe. His ex wife remains, right across from this abandoned project, which probably just jump starts her day whenever she gazes out her window.
    The shame of it is, it could have been a nice place. Not necessarily my cup of tea but it had a New Mexican thing going on – kivas, stucco, tile roofs, all that – and it looks okay to my eye. But it’s been exposed to the elements for some years now and I doubt it can be salvaged so eventually, when the lenders sort themselves out, I’d guess the land will be auctioned and the building razed. What a waste.