Another spec job shuffles off to renters’ hell

56 Milbank, one of two new condos that haven’t sold, was rented today for $14,000, down from its first price of $20,000. I wish the builder well in hanging on and waiting for a better market but I doubt $14,000 will cover his expenses.

6 Comments

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6 responses to “Another spec job shuffles off to renters’ hell

  1. anonymous

    Rented to 10 employees from the nearby Whole Foods? A bargain rental; easy walk to work and save on gas or train money

  2. anon

    According to the listing http://www.zillow.com/homedetails/56-Milbank-Ave-Greenwich-CT-06830/57309457_zpid/

    “For living, for investment, for a privileged lifestyle, select 56 Milbank Avenue THE BEST KEPT SECRET IN NORTH AMERICA: GREENWICH, CONNECTICUT Why invest in Greenwich, Connecticut ? It is 28 miles away from Midtown Manhattan and less than one hour commute An independent survey report was done in the fall of 2007 showing that the return on investment in real estate appreciation in Greenwich, Connecticut outpaced the Dow Jones and SP financial markets for the past 30 years.”

  3. Anonymous

    I don’t think that Anonymous at 3pm is too far off the mark. Do you have some inside info?
    I was thinking today that, now he has rented that property, anyone even considering paying $4mil for the adjacent property would look to the neighbours. They would look at external indications of a suitable match, social and educational background and current occupational status. A prospective purchaser would look at the cars in the driveway or even whether they can get past the four blocking their entrance.

  4. dogwalker

    Anonymous at 11 pm, It’s not just your immediate neighbor in the same units . . . look at the undeveloped, overgrown plot behind you that is not overgrown enough to shield you from Whole Foods’ parking lot . . . look across Milbank at older coop developments, the special high school (that is not meant to be a disparaging remark against the student body there, there have been no problems of which I am aware, but that it has meant more cars) and the elementary school . . . and look across Lenox at the perpetually renovated, overgrown house. And last I knew it was only down to $4.9 . . . but even at $4, there are plenty of other picking around the area.

  5. BD

    on the bright side of things…this is the second highest rental price achieved for a condo in Greenwich and the highest since September 2006.

  6. Anonymous

    BD, yes an amazing rental price. Maybe it includes one of those cars. They couldn’t rent it for much less than that as a published price or I really would be having second thoughts about buying the second one.