A reader asked about this house, currently for sale at $9.250 with 4 acres and $12.750 with a second building lot. It’s a beautiful house, built by Fareri with the exact layout one of my clients is looking for. Unfortunately, he’s looking for houses half this expensive, but I know he’d love this one. There are 13,600 sf (a chunk of that underground) and the only flaw that I saw was the back yard – where did those four acres go? Still, heated pool, no noise from the Merritt that I could detect, and fabulous construction (the listing broker says it includes “WONDROUS NUANCES” – I don’t know what that means, but I assume George Bush would be unable to appreciate them too).
Considerations: When I was visiting this house on a snowy day I noticed no tire tracks in any of the street’s driveways. Was everyone in St. Moritz or is this one of those weekend destinations I wrote about this morning? I don’t know but if I were looking to move a family here, I’d want to find out.
[Update – thanks to my colleague Liz, I was alerted to the fact that I erred in pulling prices for this street – blog in haste, repent at leisure. I’m redoing it to reflect a much stronger price history than I initially reported]
There are no recent sales on Andrews Farm on our MLS, other than 35, which was listed with 12 acres and mansion for $16 million in July 2003 and sold for $11.250 in January 2005 (it’s back on today for $11.5, down from an initial price of $12.5 and with just 4 of those original 12 acres still attached). The town tax assessor showed market values of around $8 million for the other houses on the street back in 2005 and valued empty lots at around $2 million. We have certainly seen price depreciation since then, but I wouldn’t call the asking price for this house out of the reasonable range at all. It’s a really, really well built house.
I would note that the builder of 36 Andrews tried unsuccessfully to sell the attached building lot separately for, first, $3.85 million and eventually $2.95 million, so there’s probably some negotiating room in the price of $12.750 for land and building, especially given what the town thinks that land is worth.
So all in all, an excellent house. Your call as to what’s happening with prices on the road.