Today’s sales activity – small houses, 20% off

Two modest houses were reported sold today (which means they closed Friday). 81 Loughlin Avenue, in Cos Cob, asking $1.350, sold for $1.1 and 25 Lockwood Road in Riverside asked $1.399 since way back in January 2007 and finally sold for $1.125. That’s about 20% off in both cases. Notice that nothing big went off the market.

There were 11 price reductions reported. 2 were single family, including “Whispering Winds”, the 14 acres on North Street discussed earlier – maybe if they ditched that ridiculous moniker they’d have better luck – 2 were out of town properties and 7 were rentals. I keep hearing that the rental market is hot but I keep seeing price reductions. Something isn’t jibing.

7 Comments

Filed under Buying/Selling Greenwich Real Estate

7 responses to “Today’s sales activity – small houses, 20% off

  1. annon

    25 Lockwood Road: This a great example of an older home. It sold in 6/2008 for $405,000…and now for over $1mm!!

  2. Anonymous

    I personally don’t like Loughlin because of the proximity to the train and highway, precisely why some other people like it. Even though prices on the low end might be off as well, I think it is just people being opportunistic and getting into the Greenwich market when they could. I would wait longer though because prices don’t seem like they are rising anytime soon and once the majority of developers and people with option arms have to sell in order to avoid financial disaster, there will be some really good buying opportunities.

    I would rather buy 10% off the bottom than try and time buying at the exact bottom — ever try catching a falling knife???

  3. christopherfountain

    it may have sold for that price but not this year (I’m out of my office or I’d give you the right date). But your point: greenwich has treated property owners well over the years, is correct. Let’s hope that soon proves to be so again.

  4. J

    In what other towns would homes similar to the aforementioned sell for those prices? I can’t think of any

  5. Anonymous

    25 Lockwood sold for $405K in June 1998. Assuming that at least a little money was invested in updating over that period of time, effectively the price doubled in 10 years–a 7.2% rate of return.

    Not bad, but not the stuff of dreams, either.

  6. annon

    The point with 25 Lockwood is that it has improved in value from a real selling price of $405,000, as opposed to dropping 20% from an asking price, where nothing changed hands at all. With a newly built house, the only way you can look at it is by some asking price….not an old house.

  7. Ian

    I think rentals are being reduced also.

    Is there anyway to get some evidence of this?