Less than it was, that’s for sure. I viewed a friend’s potential listing yesterday to give a price opinion and I was stumped. The street, never one of Greenwich’s premier addresses, saw a couple of new homes built on it a few years ago but that transformation has stopped, at least for now, leaving mostly small, modest little capes that are just fine for living in but aren’t going to attract IBers – well, those bankers who are still employed.
But this particualar house is a wreck. Both concrete porches have split from the foundation, the foundation itself is “challenged” and the interior matches the condition of the foundation. It’s land value, only. My friend was thinking in the range $600-$650,000 which, a few years ago, would have seemed realistic. I drove away with numbers like $175,000 – $250,000 in my head and even then, I wondered who’d want to build there. It’s a toughie.
And then there’s a building lot for sale at 131 Cat Rock Road, for sale since 2005 with a current price of $1.450, down from an original price of $1,795,000. Two acres, in Cos Cob, on Cat Rock. That’s tough, too. We know that it wasn’t worth it’s original price four years ago in a great market, what’s it worth today? I have a feeling we won’t find out for a while. If I were bidding on it, I think I’d start in numbers that started with a 9, not a 1.