At what price?

20-heronvueI liked this house at 20 Heronvue ( a made up name for a made up street off Cliffdale, way over in Northwestern Greenwich). It’s  a tad funky on the outside but the interior is very nice with lots of exotic woods and a very comfortable, informal floor plan. There’s a huge walk-out basement, the upstairs has lots of light and the backyard is fairly large and ends at the Byram River, not much more than a creek up here. originally asking $5.4 million, it’s recently been reduced to $4.875

But how do you price in the out-of-the-way location and the rather sketchy approach to the house itself? It appears that the builder has put up a couple of expensive homes at the end of a dead end that begins with more modest ones (I’m being nice). The house is 11,000 sq.ft., which I think includes that huge basement I mentioned. That computes to $443 per sq.ft., if you include the basement, which, nice as it is, I’m not sure you should. That would be an excellent price a couple of years ago but now? I don’t know.

It’s always interesting to see the advance and retreat of high-end housing in Greenwich as the market fluctuates. This area was originally just a couple of huge estates. When things were good in the 60s some builder/pioneers ventured out here and put up some simple ranches and capes and probably did okay with them. Not much happened until the past decade when new builders appeared and started erecting some very large, very expensive homes. They sold, just like the first big ones on Richmond Hill, even further north. But that was then, this is now, and I suspect that builders who came late to the party rue the day they first set pen to paper to buy some of these lots. Someone will sell their projects, eventually, but that seller may bot be the original builder.

None of which   question of what this house is worth. It already is lower than comparable  houses are priced in more convenient locations but those aren’t selling either, so their prices will probably fall. As they do, like any ebb tide, they’ll lower all boats. Will this one end up stranded on a mudflat? Stay tuned.

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One response to “At what price?

  1. Anonymous

    Finally a new house with some character. It manages to be different without being unmarketable.