Tearing up the pea patch

Pretty quiet days in real estate, for the most part. I refuse to get excited about the sale of 480 North Street for $4.750 million, $250,000 more than it was purchased for last year because I don’t believe its reported price, even if a fine firm like Coldwell Banker says so. It is possible that this house is the only exception in Greenwich that actually increased in value this year but I’m from Missouri.

More typical is the new listing right up the road, 510 North. Listed by David Ogilvy for $11.5 million in 2002 (yes, we had wacky prices even then), it languished until 2004 when Sally Malone got hold of the listing, cut the price to $9.450 and finally, in 2005, sold it for $6.550. Today it’s back, asking $5.995. The seller obviously made a poor choice in brokers – if he wanted to make money on this deal, he should have chosen the miracle workers at Coldwell Banker.

Another new listing that won’t set the landscape on fire, now, is some new construction at 29 Old Wagon Road, asking $1.895. I’m fairly certain that the best that street has achieved was $1.995 and that was for far more house at a far better time. But there’s hope – if Patriot Bank holds the construction note on this project, it may very well end up being reported at $3.2 million, and won’t that make the neighbors on Old Wagon happy!


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4 responses to “Tearing up the pea patch

  1. Anonymous

    In regards to 480 North- How is it possible for it to have sold for $225,000 more than they paid for it back in Nov.08 Inquiring minds want to know!!!

  2. Glan Man

    no matter how you slice it’s still not even a breakeven for the seller at 4.750m. only one making money is the broker.
    there’s a bit of nice double dipping for you Fred.