Testing the waters

120 Field Point Circle sold as land for $9.5 million back in 2000 or thereabouts. The buyers built a 10,000 square foot house on the place and listed it today with David Ogilvy for $35,000,000. That’s an attention-getting price; will they get it? It’s direct waterfront with fabulous views from the priciest neighborhood in town so if anything will command a huge price in this market, this one should. My guess is, just as I have buyers with several million dollars available to buy in Greenwich, there are even bigger fish out there with the wherewithal to grab this place. It will be fascinating to see what happens.

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4 responses to “Testing the waters

  1. anonymous

    10K sf house costs maybe $10-15MM for new structure; land is ~$4MM/acre; a used house depreciates down toward land value

    Comparable is the Borges FPC land where one doesn’t need to pay for a used house w/10 yr old tech or deal w/teardown process…and is negotiating w/more dispassionate distressed financial sellers, not emotional homeowners

  2. Inagua

    A back of the envelope guess — current value of land, $13 million; house at $500 a foot, $5 million; premium for doing the work, $2 million; fair market value, $20 million.

  3. anonymous

    Probably rented to Dent…he would need a place to live after his wife tossed him out on his butt!

  4. anonymous2

    Selling price: $24,500,000. When: October, 2010.
    Sold by: listing broker.