Has the market recovered?

The sellers of these three new listings must think so and perhaps they’re right. I’m pessimistic but then, I’ve always been a kill-joy.

28 Windrose Way, in Mead Point, is a 9,000 sq.ft. house on 2.9 acres with “water views”. The areal view seems to show a large pool on the grounds but the listing makes mention only of an indoor one. If the listing’s accurate, this is one weird layout because you have your neighbor’s pool right outside your living room. I tend to believe that’s not the case. Anyway, the asking price of $17,500,000 makes this about $2,000 per sq.ft. which I find aggressive. Assessed value is $8,000,000.

128 Porchuck sold for $5.2 million in 2003 when it was new. Now, six years older, the sellers ask $6.5. Assessed value, $5 million.

And 5 Tomac Lane, direct waterfront (at high tide) on 0.3 acre, sold for $7.495 million in 2007 and is back on today for $7.7 . Maybe. Assessed value, $4.146 million.

3 Comments

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3 responses to “Has the market recovered?

  1. Russell Pruner

    You might want to come see 5 Tomac before you decide it might be only worth its assessed value. Hope you take the time before you make further comments about it. I don’t think it will disappoint you. Hard to find a direct waterfront home with its own beach, dock and in perfect condition with 4 floors of living space. If the buyers who frequent you blog can find something better then I would advise them to buy it. Your Pal Russ

    • christopherfountain

      I didn’t say it was only worth $4 mil, Russ, I just tossed out that info. As you know even better than I, great houses in Old Greenwich and Riverside are holding up much better than inferior houses and certain other parts of town.

  2. xyzzy

    It doesn’t matter that is has direct waterfront, a dock, a beach etc. As 55 Binney Lane has proven if its priced incorrectly its not going to sell.

    I am going to be interested to see what this sells for, and use 200 Shore Road as a comp. I believe it sold for 7.75 back in August 2008. Not apples to apples but it should be interesting to compare.