Flashback, 2006 – times change

I found this bit of history from less than three years ago. My my.

Antares Purchases Two Greenwich Residential Complexes $223 Million 

Acquisition is Largest in Connecticut History 

22 February 2006 


GREENWICH, CT – February 22, 2006: In what is believed to be the largest real estate  acquisition in Connecticut history, Greenwich-based Antares Investment Partners 

announced today the purchase of two prominent residential Greenwich properties from an affiliate of Mill Management Group for $223 million. 

The company said that two complexes — the 266-unit Putnam Green I-III located at the juncture of Post Road and Western Junior Highway in Greenwich and the 130-unit Weaver’s Hill located off of Weaver Street in the Glenville section of Greenwich — will be converted into luxury condominiums priced affordably by Greenwich market standards. 

                                                                                      ……………

“Greenwich real estate, be it commercial or residential, has become among the most sought after in the world. Over the last 20 years, our research shows that Greenwich residential real estate has appreciated, on average, approximately 10% per year. This staggering statistic is at the core of why we believe our customers will be making a sound investment by acquiring one of Antares’ fully renovated condominiums,” said Doug Stevens, a Greenwich native and founder & CEO of the brokerage firm Greenwich Fine Properties. Mr. Stevens’ firm will exclusively represent Antares on this project.


I guess things didn’t work out as well as they expected.

7 Comments

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7 responses to “Flashback, 2006 – times change

  1. pulled up in OG

    You have to finish that fully renovated condominium to get the 10%, right?

    • christopherfountain

      That couldn’t have hurt, OG. As it was, they never sold more than a handful, finished even fewer, Lehman Brothers pulled their financing and the whole project collapsed into lawsuits and bitter people. Life goes on.

    • christopherfountain

      That couldn’t have hurt, OG. As it was, they never sold more than a handful, finished even fewer, Lehman Brothers pulled their fiancing and the whole project collapsed into lawsuits and bitter people. Life goes on.

    • christopherfountain

      That couldn’t have hurt, OG. As it was, they never sold more than a handful, finished even fewer, Lehman Brothers pulled their finacing and the whole project collapsed into lawsuits and bitter people. Life goes on.

  2. gideonfountain

    They bought 356 condos for $223,000,000 or $626,404/unit. At the time, a lot of us thought that was too high a price to be profitable. We later learned the next highest bid was far below. Seemed like an ill-conceived project.

  3. anonymous

    Stock mkts have been dead money for many multi-yr periods, like late ’60s-early ’80s….and secular bull mkts can similarly last 10+yrs….

    Allegedly scarce oil hit a peak in early ’80s and was ?$15/barrel during the robust late ’90s….$140 in mid ’08 and <$40 some 6mos later….a commodity supposedly more scarce than Greenwich’s rather commodity-like land and new construction….

    Draw own conclusions about how Greenwich housing prices "need" to adjust to some arbitrary level of ’04 or ’00 or ’97, etc….perhaps favorable, arbitrary levels of housing/land price inflation exist only in fantasies of today’s sellers….actual transaction prices over next 2-3 yrs will be ultimate judge of whether Greenwich real estate is in a multi-yr, secular deflationary cycle, much like what other asset or commodity mkts periodically face….

  4. pulled up in OG

    Did I stutter? 🙂