More follow ups

228 Stanwich Road

228 Stanwich Road

Here’s another house that’s yet to find a buyer. Purchased for $1.7 million in August  ’07 (ouch) it was put back up for sale the following July at $1.895. No improvements had been made during that brief period of ownership so I questioned its price at the time and suggested that it might not fetch what the owners were asking. It did not and today it’s been reduced to $1.649. It’s a nice house, served someone well as their home for many years, but it needs a lot of updating and it’s built quite a bit downhill from Stanwich Road. Houses at the bottom of hills almost always prove difficult to sell.


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2 responses to “More follow ups

  1. Stanwich

    Ok, this is my hood so I must comment. I am surprised at CF’s impression of the place because there isn’t much curb appeal, it is in a row of several kind of funky homes along an otherwise stellar street, and it needs work. My take is that at the right price you could take the very good bones of this house and build something more inline with the other nice houses on this wonderful street. Buy it for $1.5m, put in another $750k-$1m and you’d have a great home on a street that more than supports that pricing (under more normal market conditions). I would much rather go down that path than buy some spec house of dubious quality from some fly-by-night builder.

  2. anonymous

    CF seems to imply that quality of land (bottom of hill) may be larger issue

    Well-built structure on dubious land or locale is arguably a waste of money at any price, esp in today’s mkt

    Era of more fairly priced desirable land…and hungry, competent architects/builders

    Perhaps better economics for those w/shacks on dubious land to simply donate them to achieve tax benefits….