Gasoline Alley

EZOn/ EZ Off

EZOn/ EZ Off

This dream house under construction at 634 North Street is just one of the 18 houses on that road currently listed for sale at $2.5 million and up (this one, convenient to both the Merritt Parkway itself and the entrance ramp, is priced at $8.950 million). Of those 18, 8 are spec houses; there are many more unsold or still-under-construction projects on side roads like Lindsay ($12 million), Clapboard Ridge ($8 million), Copper Beech ($7 million) and Loch Lane (3, at an undetermined price). Beginning at the curve just north of N. Maple, spec houses include 180 ($4.890), 480 ($5.350), 620 ($6.4 (raised its price when it didn’t sell!), 450 ($6.899), 504 ($8.995, down from $12.9), 549 ($10.950), 605 ($12.495 – builder’s own house, paid $1.1 for land in 99, raised price on this from $11.295) and 918 ($16.9 – technically not a spec house but built in 2006).

That’s a ton of new construction, all available in a dead market. If every single builder is financially solid I’m sure they will hold on and get their desired price, eventually. But if, as I suspect, we have a few weak sisters in the bunch, or even a foreclosure or two in the future, things should get interesting in a hurry.

11 Comments

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11 responses to “Gasoline Alley

  1. anonymous

    Isn’t location an integral part of the first three laws of real estate physics?

    • christopherfountain

      Well yes it is, but for some reason busy North Street defied that rule for several years. My guess was that people who built “important” houses didn’t want to hide their light under a bushel and deliberately chose to build on North Street so that their important house (and by implication, the presence of an important person inside) would be noticed. If you have a better theory, by all means use it. Whatever the reason, enthusiasm for this particular street as the place to build a dream houseseems to have faded, at least for now. And if a couple of these specs fall to, say, $2.75 – $3 million, I bet whatever remaining enthusiasm there is disappears. There’s no prestige in owning the biggest box of soap suds at Costco, for heaven’s sake.

  2. Stanwich

    Nice, thanks for indulging my request. I am astounded by both the builders who continue to create these financial disasters and the people who want(ed) them. I, for one, do not understand the allure of spending so much money on what is basically a north-south version of the Post Road. I (mistakenly) thought wealthy people paid for privacy. Who knew there was such a premium to be paid for pretense and arrogance?

    • christopherfountain

      Well I did, Stan, and if you buy my book “The New Millionaire’s Handbook” from the remainder bin at Amazon you’ll find lost of useful information from 2000 about how, once you’ve surrounded your house with huge stone walls, to still let people know what a big shot you are (exterior lighting illuminating the third floor, and a huge iron gate helps, if I recall my advice then).

  3. anonymous

    My natural assumption re: any easily visible, large house on a relatively small lot is it’s the house of a car dealer or liquor distributor or some scamster…very important people I suppose

    The Beverly Hillbillies look is timeless and ubiquitous in upscale areas around the world, not just in Greenwich or Beverly Hills

  4. Towny

    Whay they do……..

    Of course no one -on this blog- would represent a buyer or builder of the pretentious-.arrogant mc mansions that have sprung up all over town………..and then snicker about them behind their backs……LMAO

  5. PoeticJustic

    634…AKA… MerrittView Manor,
    One can only imagine the type of people this place will attract…
    They’ll fit in perfectly at Brunswick.

  6. Greenwich Gal

    That house on North Street is perfect for Victoria Gotti or someone of that ilk – so tacky I can hardly believe my eyes! It looks like a paper mache house straight out of Disney World – so “klassy!”

  7. anthonyfountain

    My guess was that people who built “important” houses didn’t want to hide their light under a bushel and deliberately chose to build on North Street so that their important house (and by implication, the presence of an important person inside) would be noticed.

    Graffiti taggers, when asked why they spray paint their monikers throughout the neighborhood, usually respond: “I want people to know I was here.” The North Street vulgarians really aren’t much different from that, are they?

  8. Owl

    I saw the kardashian girls looking at 634….Purrfect!

  9. pulled up in OG

    Funny how many of those Big Swinging Dicks have shrivelled up like George Costanza.