This is not the market to get rich in

11 park Avenue

11 park Avenue

This is a perfectly nice house in Old Greenwich, built in 2004 and sold in 2005 for $1.960 million. When the present owners listed it for $2.895 last July, I suggested that its price seemed a tad steep for something that, at least according to its listing, had had nothing done to it since they bought it. I heard back on that but it concerned the sellers’ hurt feelings and nothing about the price. Well the house didn’t sell, it was yanked off the market a few months later and then put back on at $2.795 in January. Today it’s been marked down to $2.695, which is an improvement, but I, at least, think that it can go down a bit further. Of course, if there’s another out-of-town buyer out there, all bets are off, and for the sellers’ sake, I hope there is.

5 Comments

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5 responses to “This is not the market to get rich in

  1. Anonymous

    Global real estate prices have come off in the last few years except for a pocket of houses in the OG. There on Park Ave, it has risen a magical 40%. Shouldn’t the owner of 11 Park just price it at $2m and hope to get away without much of a loss.

    Or a better question is “why buy a house for 3 years when there’s so many for rent in the OG.”

  2. W.

    This thing eventually sells for $1.5M if these guys ever get serious.

  3. anon 1

    Chris, you are missing the obvious. The “Old” in OG stands for old pricing. It’s the land of Oz, the land of milk and honey my friend.

  4. Stanwich

    CF, can you verify Anon at 10 am’s assertion? I think the appreciation on Park is probably do more to tear downs being replaced by houses like this one. Once a house has had any capital put into it you need to adjust values depending the the extent of the work.