More Realtorese

345-shore-road345 Shore Road is described as “on the Belle Haven Peninsula” and so it is; so is the Grass Island sewer plant, for that matter. What counts, as far as house buyers are concerned, is whether a house is included in the Belle Haven Association. If it is, a premium is commanded. If not well heck, you might as well be next to a sewer plant.

Not that this house is close to the plant, mind you, but it is impacted by the noise of I-95 (so are certain houses inside the Association boundaries, but never mind). It was purchased for $2.485 in December 2005 and returned to market in September 2006 for $3.275, That proved a bit too steep an appreciation for a nine-month tenancy and the the listing expired a year later in 2007 with the house unsold. A new agent tried again this spring, this time raising the price to $3.295, perhaps hoping to demonstrate that he brought something to the party but alas, raising the price failed to work any magic and again the house sat, unsold, through the summer and fall selling seasons. Now, just in time for Christmas, the price has been dropped 10% to $2.975 million. Will that do the trick? I doubt it, but the property is on the Belle Haven Peninsula.

6 Comments

Filed under Buying/Selling Greenwich Real Estate

6 responses to “More Realtorese

  1. Anonymous

    Will a 10% reduction really bring out new buyers?

  2. Anonymous

    Chris, Any idea of what the association fees are for such high-end places like Milbrook, Belle Haven, Conyers Farm, etc? Just curious.

  3. christopherfountain

    No, I don’t think 10% will do any good and no, I don’t know what the various association fees are (they vary). They all have security teams but after that, services differ. I’d guess that Conyer(‘s) Farm is the most expensive, followed closely by Belle Haven, but I’m just saying that based on the relative value of the homes in each area. If you’d like to buy something in Belle Haven though, let’s talk – I’ll get those association numbers for you.

  4. CEA

    We looked at a house on Khakum Wood and it was $3,000 a year in association fees, about 5 years ago.

  5. Heather

    Gee, I really enjoy your blog…read it every day. Usually love your cynicism! I live on Intervale, next to the sewer plant. I’ll keep reading, but…ouch.

  6. Chris, Interestingly enough…the main difference btwn being in the Belle Haven Association/Tax District and not… has only become evident in the last couple of years since the Assoc./Land Co was forced to come clean about Landlowners rights to use the Belle Haven Club….

    Seems that for years there was a gentleman’s agreement to conceal the Landowners deeded rights to use their own facility…Unlike a private Club…Land Owners in Belle Haven not only own the land the club sits on
    but also the buildings, dock, beach, tennis courts etc….the original intent was that this was first and formost a neighborhood amenity and was so outlined in the original subdivision plans….Over the years a few well place indivuduals slowly manipulated the rules which allowed
    landowners to be rejected from membership at the club…effectively told they could’nt use their own facility, but had to subsidize its operations and non landlowners use of the facility and their roads through ever increasing Assoc Taxes… to help maintain the secrelty negotiated long term below market lease the Assoc gave to the club…..Gross

    To make matters worst a couple of well placed real estate brokers over the years steered the wrong demographic buyer out of the neighborhood by highlighting and misrepresenting the fact that it was a private club and very difficult to get into. i.e go elsewhere! If one slipped in …one well placed real estate broker who acted as the gate keeper, could always be counted on to blackball the applicant landowner..not a “good neighbor”
    One can only guess who was having trouble getting in!

    Bottom line…some things never change. With more than six active unsold listings in Belle Haven…and twice as many pocket listings available
    (the majority controlled by one firm in Town) not
    one advertisement will openly highlight the very valuable ammenties that come with purchasing a home in the Assoc/Land Company today.

    No doubt these deeded rights add more than a million dollars in value to the difference btwn being in the Land Assoc and the Belle Haven Area

    One has to ask in this market why are the realtors not advertising the valuable waterfront amenities that come with Land Ownership….

    Now at a minumum Land Owners don’t ” even have to be members to have the right to keep a boat moored in the harbor and use the clubs dock”.

    If rejected without due cause..a landowner gets the rights to use the club facility for a monthly fee!

    Gee..you would think the real estate community would be promoting these rights….wonder why they aren’t and the Landowners aren’t forcing them to?