Back from the open house tour – mixed results. I really liked the listing I mentioned yesterday, 18 West Way, direct waterfront with terrific views in Lucas Point. Perfect downsizer, but can “downsizer” and “$4,250,000” co-exist in the same sentence? Beats me. It occurs to me that, these days, Greenwich homeowners can downsize simply by staying in their present house. The house itself won’t get smaller but the price sure will!
I saw another house priced at about $1.5 million and while I know that nearly identical houses on the same street sold for about that much last year, I looked at its split levels, tiny bedrooms, heard the noise from the highway and drove away thinking, “$950”. That’s just a gut reaction, of course, with no data to back it up, but we don’t really have any useful data right now so gut reaction may be as much as we have to value a house. I did try one reader’s suggestion that I use the 70% appraised value the town gave 5 years ago and, using that yardstick, $1.050 million is the right price. $950 is a lot closer to that number than the asking price. So we’ll see. I overheard one agent setting up an appointment to show the place so I may be all wet on this. Nothing would please the owner and his neighbors more, I’m sure. And nothing would surprise me least.