Waterfront still sells

I mentioned last November (December?) that 16 Highgate Road, 2 acres of waterfront (with house) in Riverside at the end of Indian Head had gone to contract. Its sale price was disclosed yesterday; $10 million. That’s a discount from its asking price of $12.9 million but some of us thought that $10 was the right price all along, so I interpret this as evidence that the market for waterfront is still healthy an not, alas for buyers, that it’s going for a song.

7 Comments

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7 responses to “Waterfront still sells

  1. anonymous

    So does this sale price indicate desirable waterfront land is essentially $5MM/acre? Any premium for BelleHaven vs other waterfront? Any time/cost unknowns w/ability to gain permits to tear down any existing house and to build a new house?

    Seems like waterfront is far more costly than desirable backcountry land….which is perhaps ?~$700K/acre….

  2. Anonymous

    how about the house — a teardown? views of the cove or the sound?

  3. christopherfountain

    Not a teardown – I understand that the buyers intend to live it for awhile – but not a spanking new one, either. I give a five-year lifespan, at most. It’s direct waterfront but you’re looking out over that inlet in Old Greenwich Harbor, so a nice view of Cathy Lee’s and Frank’s house, but not NYC skyline. On a scale 1-10 of waterfront views in Greenwich, I’d give it a 6.5, maybe a 7.
    2 acres in a 1 acre zone means no subdivision so it’s valued as an over-sized building lot – I think the FAR would permit somewhere around 11,000 sf, but then you also have to deal with tidal regs and all that. More valuable than Back Country land? I think waterfront has been so for a long time – although it’s worth noting that the developer of this former estate (the entire point, not just this house) went bankrupt trying to build it out in the 60s. I’m told that in those days, waterfront went at a discount. Tastes change.

  4. anonymous

    Given the some 100 abandoned, poorly-situated, poorly-built spec houses littering the Back Country…and likely to remain eyesores for yrs, reminding one of the DebtBubble, suspect waterfront will become more desirable than Back Country…though the local HS kids will prob enjoy a choice of many empty Back Country houses in which to throw great parties….

    But views of a bankrupt, highly unemployed NYC ala ’70s raise questions of value of waterfront, too….LOL

  5. pulled up in OG

    Waterfront went for a steal after WWII, no one wanted it. Right into the fifties, Willomere was
    dirt cheap.

  6. Ian

    ahhh. empty houses in the backcountry to have raging keggers.

    we had to wait until the rents were gone or moving or something like that.

  7. Towny

    Good waterfront is limited. Nothing left to cut up. Commands price. There is sh*t waterfront too that commands premium.