Old Greenwich south of the Village

A reader states that there’s a house for sale south of the Village for less than a million, and wonders whether that’s a sign of market weakness. I’d call it market reality but in fact there are two such houses.

16 Irvine

16 Irvine

This one is a completely renovated house – granite counters, new appliances (new mechanicals, I hope, since they’re far more important, and expensive, than a flashy dishwasher), asking $895,000. That’s a great price compared to 2006. These days, who the heck knows? But 3 bedrooms on a good street here in Old Greenwich looks pretty good. Tiny lot (just 0.15 acre) but that’s what Tod’s Point is for.

8 St. Claire is pretty much a land sale, 0.27 acre asking $975. Again, this would have been a good price three years ago and it may still be, given the desireability of dead-end St. Claire. It’s certainly true that builders would have been all over this place in 2006 and now? We’ll see.

2 Comments

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2 responses to “Old Greenwich south of the Village

  1. SizeBuyer

    How is buying a house for almost 1MM on a non conforming lot ever a bargain unless you are 100 percent sure that you will never want to expand it or that if you ever decide that you require a bigger house you can sell the home for what you paid for it (now I understand you can’t be sure of getting your money back but on a conforming lot you could stay put and expand).

    Houses on non-conforming lots are too risky to be worth much. This fine attribute is something that the owner/future owner will have the privelege of dealing with whenever they go to upgrade or expand their home and they are at the mercy of the town or their neighbors to grant them a variance and will always be a point of contention for a prospective buyer unless of course we we have the fortune of the housing market of the recent past.

    And let’s not forget fine attribute #2:
    The shared driveway! (Although I do not believe either of these homes possess such a fine attribute).

  2. xyzzy

    So both 7 and 8 St. Claire are on the market. 8 St. Claire for $975k while 7 St. Claire is on for $2,350k?

    I don’t think that looks good for 7. I think that was a builder who bought and tried to relist for more than he bought, but my memory could be faulty.