Here’s a computer generated image of a new house proposed for Sachem Lane in Cos Cob, priced at $3.450 million. Surprised by that sum and wondering if Sachem can support such a price? The would-be builder may be having his doubts too because he is also offering it as unimproved land for $1.299 million. I haven’t seen the land yet (open house tomorrow, which, given the statusof the construction should probably be termed an “open field”) and, because the builders have given it a made up address – “Silk Cut” or some such thing – I can’t locate it precisely on Google. But I would guess it’s land that was carved from the 1855 antique on 2 acres that was sold for $4.0 million two years ago. That was a nice house with a beautiful yard and if that’s what was chopped up to give birth to this one, I wouldn’t count it as an improvement.
But it hasn’t been built yet and perhaps it won’t be, until the market turns.