Dull day in Greenwich real estate

Hardly surprising, for the penultimate day of June. 19 Baliwick finally sold, for $2.025 million, after 2 1/2 years on the market asking, at first, $3.495. Oops. Assessed value was $2.264 million.

23 Pemberwick also lingered on the market since 2007, asking $595,000 and selling for $430,000. Assessed value is $381,000 so the seller may have dodged a bullet here.

And 32 Twin Lakes Drive in Riverside has dropped its price to just $12.3 million from $13.5 which would be an impressive dent in its price if it didn’t have another $8-9 million to go. As it is, you’d have to be blackmailed and put in a pretty darn embarrassing situation before you paid this price. Stay off Internet dating sites, is my advice. Too late for this owner but we can always learn from others’ mistakes.

UPDATE: Just checked 32 Twin Lake’s tax assessment value: $4,560,150. I didn’t say that, the town did. So even the reduced price seems a bit delusional but when someone thinks he can find true friendships among on-line prostitutes, are you surprised to see him disassociated from reality here, too?

6 Comments

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6 responses to “Dull day in Greenwich real estate

  1. anon

    Does your 70% rule still stand for spec homes finished in 2007 and 2008??

  2. Towny

    re: the 70% rule. Can you include if property had a hearing to lower the appraisal? as some of the appraisals are in my humble opinion way off base to begin with.

  3. Anonymous

    I believe that the 70 per cent rule overvalues the properties. I know that you have been found to be right on this, a lot, but I reckon that increasingly, the sale prices will be or should be, less than your 70 per cent.
    I have noticed on some properties that the 70 per cent is more than the 2002 levels and yet I believe that all properties, sold or held, will be at the Zillow 2002 level soon if not already.

    Am I wrong about Zillow’s 2002 estimates?

  4. InfoDiva

    Chris, can you tell me anything you know about Old Greenwich Gables? A buddy is considering a purchase there. I haven’t seen it in years, but I seem to recall a place that was pretty poorly built and filled with transient residents.

    Has anything changed? What’s your opinion on resale value there?

    Thanks in advance!

    • christopherfountain

      They’ve always done pretty well in the resale market but it’s a shame that the developer, Collins got so much right – the location, the easy walk down the platform to the train station, the tiny sports club, nice court yards, etc., and then went so cheap on construction. Rot, bad construction, etc. Still, while prices are dropping along with the rest of our housing, they’ve done well historically. If I were buying a unit I’d want to see what the association has budgeted for repairs and maintenance because I keep thinking that one of these days there’s going to hbe a doozy of an assessment.

  5. Wally

    The association at the Gables mak
    de huge improvements over the past few years. They got their budget under control, hired a full time super (this actually saved alot of $), and have made significant needed capital expenditures on replacing rotting materials and upgrades to the common areas. The underlying construction is what it is, but the association has improved its practices in serious ways and made serious improvements, and in my opinion the benefits outweigh the construction issues at this property.