land values sinking

I haven’t seen 109 Dingletown Road yet because it just came on today but it’s 1 1973 builder’s special with a weird layout (just 2 bedrooms upstairs, for instance), no updates and those magic code words “not a drive by” which of course means, it is a drive by – keep going. But it’s on 2.3 acres of land so it must be worth something as a building lot. Its assessed value is $1.9 million so someone in the assessor’s office thought it was worth a fair bit of change a few years ago. Its opening price today is just $1.649 – significantly down from where it would have started in 2005. And where it ends up ….

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4 responses to “land values sinking

  1. anonymous

    Land value in prime RHR is maybe $1MM/ac; why would far less desirable locales/land not command far lower prices in a more sober market?

    Bad land can be rather illiquid…and more suitable for tax-deductible donation, as can have negative value to most rational buyers

  2. Anonymous

    We came to Greenwich being told that a buiding plot is roughly $1 million. That clearly depends on location, but as a rough guide.
    Surely prices have dropped and the building plots are now $750? It’s simply the owners can’t admit to it and the agents even less so.

    What’s your advice to me, the prospective purchaser of some land ANYWHERE nice in town?

    • christopherfountain

      Well, land on Riveside Avenue, 0.3 acre, across from Spring Street, just sold for $930,000. Summit Rd hasn’t closed yet but will sell, I would guess, in the mid 8s. Round Hill Road and environs is selling for $2 – 2.4 million per 2 acre lot, there are two building lots on Wooddale (off of Lake, below Clappboard) selling for $1.9 each, Khakhum Wood, 3 acres, sold for $4 millin awhile ago and $3 million last month, way at the end of Langhorne is a 2 acre site, graded and ready to go, asking $2, and moving around Havemeyer I’d guess you could grab a lot for $650 or less. Indian Head Road in Rvsd has three one-acre lots for $2.1 each.

  3. Red

    Definitely not a drive-by, because it’s on a wooded rear lot with a long winding driveway.