A reader has expressed surprise that this house on North Street could dream of getting anything close to its asking price of $8.950 million, notwithstanding its easy proximity to the Merritt Parkway and its exits. EZ ON/EZ OFF certainly works for MacDonalds, so why not for (lots of ) sheetrock?
But convenience to transportation doesn’t always suffice for picky Greenwich buyers, and I fear for the future of some of the twenty-one spec houses currently for sale in town at $7.5 million and up. Forty-five Meadow Drive, for instance, enjoys direct tidal waterfront in Belle Haven but also has I-95 as a neighbor in its backyard. The fact that one could hop onto a trucktop and tour New England, free, so far hasn’t proved enough of a draw to attract a buyer, and the place sits vacant despite dropping its price from $17.9 million to a post-Madoff bargain price of $16.7.
2 Deer Park, 16,000 sf of house on bucolic Lake Avenue also provides an opportunity for car spotting, at all hours, but it won’t sell, even though its builder/seller has violated Mad Monkey’s rule and dropped its price below $1,000 sf. Give the man credit: he tried to move this stone collection at $16,250,000 but couldn’t do it, and has lowered his sights a tad to $14,750,000. It’s possible that Mad Monkey will grant him absolution because of this first attempt or even forgive him entirely because the shoulder of Lake Avenue is not the “truly prime” location that MM has now defined as his area of expertise.
Jordan Saper is moving his house somewhere in the sevens (maybe), but at the rate we’re going this year, these builders are looking at ten years of inventory. We all hope the market will improve a bit within ten years, but if not, the houses may still be around but their prices, and their builders, will not. Hmmm.