More water, less traffic but ….

Carriglea

Carriglea

New construction, with dock (good at high water) off Indian Head, $12 million. Listed today. No indication of size but it’s on an acre so figure around 5,000 square feet plus a finished basement. This was built on land purchased for $5.5 million in January 2008, the last hurrah for the housing bubble, when an acre of Riverside waterfront really did sell for that amount. History of the lot shows that someone made out well – brother Gideon sold the same land but a different house for $2.5 million in 1999, in a bidding war that started at $2.175.

Will the site support a $12 million house? I really don’t know. Riverside waterfront like this has always sold well, and at fancy prices. In a better market, good things would happen for the seller. In this market, …?

10 Comments

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10 responses to “More water, less traffic but ….

  1. anon

    If i could buy that lot for $5mm, I could build that house for$2mm. All in, it would cost me $7mm to build that. That’s why it won’t sell

    • christopherfountain

      I can’t argue with your price estimate, Anon. The good news, then, is that there ought to be plenty of negotiating room in this price.

  2. Old School Grump

    Is “Carriglea” the name of the house? Does this naming business occur a lot with big new houses? It is so bogus!

    • christopherfountain

      No Old School, that’s the name of the street some Gallic builder bestowed on the development when he carved it from an old estate. I could be wrong but I believe it’s an anagram for that old toast, “God bless the man who invented the wheelbarrow and taught the Irish to stand on their hind legs!”

  3. anonymous

    Nearly all specs (let alone used houses) fail simple buy vs build cost analyses, but a sucker is born every day, right?

  4. Waterfront?

    Why would someone consider the referenced house when you could buy a 6500 sq ft ocean waterfront on 2 acres with an indoor pool in Shippan/Stamford for less than $6,500,000? Is Greenwich worth a 200% premium? Everyone goes to private schools anyway so that is a wash. Explain it to me, please.

  5. Wally

    Well said, CF.

    I don’t know if this house is worth $12M, but the house itself is not even in the same league (in terms of size, quality, and architectural significance) as the Glen Avon house.

    I know this site, and I would say it is preferable to the Glen Avon site in several respects (location, views, lack of 95/train exposure), but it is still not “A” waterfront, given the mud, lack of access for boating, and a few other factors.

  6. Stanwich

    As a comparison, what are comparable values in Indian Head? This seems like an a ridiculous amount of money.

    • christopherfountain

      This is Indian Head – I don’t think it was a ridiculous price a year ago (well, verging on, but perhaps not over the top) but I honestly doubt it will sell quickly in this market.