Here’s an interesting sale

17 Edgewater Drive, OG

17 Edgewater Drive, OG

On an otherwise uneventful day, 17 Edgewater Drive is reported as under contract after just 28 days, asking $1.795. It’s a nicely renovated (2000) house, and its short time on the market suggests that it went for close to its asking price, which makes it an exception to what’s been happening recently, because the sellers paid just $1.4 million for this in 2002. Someone’s making money! What’s interesting is that this sold for $1.649 in 2002 and then, under what I assume was some kind of pressure, sold again five months later for that $1.4. So these sellers got a bargain that year. Good for them.

 

More typical is the listing for 14 Hope Farm Road, purchased for $4,212,500 in 2004, relisted for $5.395 million in 2008, withdrawn that October and back again today at $3.995.

4 Comments

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4 responses to “Here’s an interesting sale

  1. rivdiv

    Chris,
    I think you have two markets here. The OG/Riv/CC market where the houses are within walking distance of the train (no 2 car need), close to the schools, small yards with little maintenance (low cost) and seem to be in demand: Hendrie Ave (Riv), Park Ave and Edgewater (OG) selling in the $1.4-1.8 range….maybe down a bit, but there were sales. The other market being the no demand market for huge, costly upkeep, isolated, behemoths….Families with young children are who is buying. So, when you say what is more typical….I don’t think they are the same markets.

    • christopherfountain

      RivDiv, I agree that the families looking for Riverside and Old Greenwich rarely also look in the mid or back Country, and vice versa, but the whole town’s been trading at 2004 or lower levels since at least last September – OG as well as north of the Parkway. So I do think the Edgewater contract is encouraging, at least for Old Greenwich sellers, and unusual.

  2. fred

    14 edgewater is one weird looking house, but it happens to be in the BEST family neighborhood in OG. Shorelands is second.
    btw- Lockwood Drive Rocks!!!

  3. rivdiv

    I suppose that we agree sort of….I just believe because the two markets are and always have been different, you shouldn’t comment on the Edgewater sale and the Hope Farm example in the same breath.