More professionals at work

72 Laddins Rock

72 Laddins Rock

This is a well built house on a rather busy street but at the right price, decent shelter. It was purchased new for $1.3  million in 2004and when it was relisted for $1.850 in FFebruary 2008 I suggested that it wouldn’t fetch that price. For sharing that opinion in print, I was chastised by a the listing agent for “talking-down” the property. The agent seems to confuse, as does my little brother Gideon, the power of this blog – nil – with the power of the market place. Or not – perhaps there were dozens of buyers eager for this house who were turned off when I said it was over-priced. Whatever, three agents and lots of price cuts later, it’s now asking $1.275 and still hasn’t sold.  And, while I hate t rub salt in the wound, I don’t think 2004’s price is going to be effective in the current market.

12 Comments

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12 responses to “More professionals at work

  1. Anonymous

    You see, people just don’t forget. They’ll remember what you said about that house for ever. Even when you’re not allowed to own your own home anymore, the government will leave these owners well alone.
    Castro only took the good stuff.

  2. OG

    The problem with this house is location. It’s not the kind of road your kids should ride their tricycles on, and it’s built on the side of a cliff. Otherwise, the place is a nice alternative to a condo.

  3. ogrcc

    with no yard and a busy street it sure looks like that house is not a bargain.

    you can’t even walk to the train station from there or shops like in central greenwich.

  4. Wally

    Not only is the location really difficult, but there are so many alternatives out there in this market that it doesn’t make sense to buy/live in such a poor location at any price.

  5. calculus

    3,400sq ft of almost new decent quality construction at $300/sq ft is about $1mm. So the land is almost free on this unit – all 0.18 acres of it!

    ogrcc – you can walk to the OG train station – it’s about a 10 minute walk. And cheaper than the $4mm spec homes in off Greenwich Ave

  6. spec

    $1.2mm for 3,400 square ft in old greenwich. So the spec house on Hendrie that is 6,000 square ft on a little more land should go for roughly double – or $2.4mm (not the $4mm asking price).

  7. anonymous

    Location, location, location

    Land can indeed have negative value in a non-Bubble; consider exit value and illiquidity

    • christopherfountain

      Even in bubbles, Anon, location has a specific value. The reason so many spec builders are struggling today is that they ignored or forgot that.

  8. Anonymous

    Calculus – even if you are okay with all the street noise, there’s no sidewalk for a good part of the walk to the train station (only a narrow bike path) which would be pretty awful when the weather is bad. I saw the house and the place itself is great, the backyard isn’t large but not horrible, but I think it’s in pre-foreclosure or foreclosure and I was told if you put in an offer the bank could take 5 or more months to accept.

  9. J

    You are way off with the 300/sq ft value calculation. Just look at 7 Dandy that sold for 1.8. I do not think that it is a 6,000 sq ft home.

    I think the sq ft stated in these home are almost always over generous.

    • christopherfountain

      j, you especially have to watch out for new construction’s calculation of square footage because they almst always include the basement, which is often a third of the stated area. In a few rare instances, where the basement is open on one side, has lots of natural light, etc and could indeed be considered part of the main living quarters, it might be justifiable but a dark hole, sheetrocked carpeted and lighted doesn’t seem at all the same to me.

  10. Old School Grump

    Yeesh, looks like getting from your driveway through the front door and into the living area of the house is the equivalent of a third-floor walk-up.