Someone actually wants to sell in Belle Haven, apparently

67 Harbor Drive

67 Harbor Drive

This beautiful old house was built in 1936 (it must have been swell to have money during the Depression) and last updated twenty years ago, but it’s 8,500 sq. ft. on 1.89 acres in a great part of Belle Haven with fantastic views of Long Island Sound. Non-Greenwich readers will choke when I say this, but at $11.950 million, I think it’s a pretty good buy. Really – this is Belle Haven, for heaven’s sake, and inferior sites with inferior houses have sold for far more. I realize that was then and this is now, but I think the listing agent, Janey Galbreath, slapped a sensible sticker on this one. Open house is tomorrow and I haven’t seen it yet, but I’d say land value alone supports this price and the house itself is a bonus.

I heard a rumor third-hand, so I have no idea whether it’s true, but supposedly another broker pitched for this listing by suggesting a $25 million asking price. Gee I hope that’s true, because it would mean that at least one seller is wise enough not to let someone “buy” a listing and then watch it sit for five years as the price gets whittled down. Price it right and sell it applies to low-end houses and high.

13 Comments

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13 responses to “Someone actually wants to sell in Belle Haven, apparently

  1. anonymous

    Think it’ll trade at >$6MM an acre?

    Seems richly priced even by BH precedents; IIRC, Eddie paid ~$4.5MM/ac on FPC in ’99; compare S&P in ’99 vs ’09

  2. Stanwich

    What a joke, you are so totally in love with anything on the water that it clouds your judgement. The house is probably a tear down yet you’d counsel a client to spend $1400 psf before even think of a renovation or rebuilding? You speak sensibly on other areas but when it comes to crap on the water you go all haywire.

    • christopherfountain

      Stanley, I base my opinions on facts. Indian Point lane, Riverside, direct waterfront, sold for $23 million last fall. Pilot Rock in Riverside, direct waterfront but nothing like the views from Indian Point, sold in January for $10 million. Those were both teardowns. Belle Haven has similar sales, similar prices. So you may prefer Cognewaugh, and you very well might refuse to pay extra money for Belle Haven or waterviews, but, historically, others have. My suggestion is that you stay where you are and be happy at all the money you’ve saved.

  3. Stanwich

    My point is that you seem to think prices this high are ok for this location just because it has something to do with the water. I would like to see more negativity from you for any listing asking that much money. Not to mention that it is probably a land sale.

    • christopherfountain

      Again, Stanley, I bash house prices if their location doesn’t justify it but if they’re in the ballpark, I point that out too. Island Lane (or whateer it’s called) in Belle Haven sold in just a few days last summer for $11 million plus and that’s not only a land sale (with highway noise) the buyers have proved it by applying to the P&Z for permission to build new. It’s on the agenda (and was postponed, I see) at the P&Z online site.

  4. Accolay

    Stanwich, I would have to side with Chris on this one. Belle Haven is Belle Haven–the price supports it. Hell, if I could spend $12 mil on a teardown, this baby would be off the market already. There’s a reason why a BMW costs more than a Honda, and there’s also a reason why (true) Belle Haven commands a higher price, even in an economic downtown, than other areas of Greenwich. If the same house in a different location at an equally appropriate price came on the market, I’m sure CF would offer the same advice.

  5. '73Refugee

    Long live the Belle Haven Buzzards!

  6. Anonymous

    Lovely house set up on a hill- yes, there is a nice view of the water located accross the street as well as another house below which has the “direct” water view in my opinion. 12 million is a hefty price- 25 would have been absolutely crazy!! My guess is that it will sell for around 9 but what do I know.

    • christopherfountain

      I think that sounds right, Anon. My point wasn’t that $11.9 was necessarily the selling price but rather that it was at least close enough to being in the ballpark that it should attract offers. Which is something $25 million would never do.

  7. Anonymous

    That is for sure!! I look forward to the open house tomorrow!

  8. Wally

    One interesting point is that we are seeing contract prices for multiple properties in the $6M – 10M+ and even higher. This was by no means assured 6 months ago, when our real estate market could have gone in a different direction and crashed completely. Because let’s admit that $5M or $10M are crazy prices for houses that would sell for $750K or $900K in other markets in the country, and these prices are only at these levels because there is a good population earning $ at levels to support this, and some smart people earning this $ believe that enough other people will do so to support their investment over the long haul.

    So that is the most profound change that we have seen from the market activity of the past few months.

  9. New Buyer

    I’m still unclear what constitutes “Belle Haven” and “near Belle Haven.” David Ogilvy has had a very cool 1890s home listed at 2.9 and states that it is in Belle Haven. I think it’s been on the market for nearly a year. Based upon the prices tossed around here, I assume that Ogilvy’s use of the term “Belle Haven” is loosely defined. While I suspect it’s a wreck, I think the house has a ton of charm and renovation potential. However, at this price I suspect it is a either a) not in Belle Haven “proper”, or b) is in Belle Haven but sits on an old nuclear dump site or straddles 95. I’m very curious if you know it’s history. Thanks.

    Here is the link: http://www.davidogilvy.com/h1611.htm

  10. Anonymous

    This house needs everything!!Has not been touched in years. Could be a very interesting renovation but the buyer will need ALOT of extra money. It is located in Belle Haven which means it is part of the land association and you pay an extra tax. Located on Bush Ave. Does have some noise from I-95 but not as impacted as other houses on Bush. If David says it is in Belle Haven then indeed it is in Belle Haven. Many realtors use the term “Belle Haven Peninsula” or “area” which just means the house is located near the land association. ie Walsh Lane is not in Belle Haven, either is Field Point Circle.