Price reported for Zaccheus Mead

40 Zaccheus Mead Lane, a huge (15,000 sq.ft) spec house that provided endless fodder for this blog over the years, went to contract July 2nd and finally closed yesterday for $6.450 million. It started, way back in 2007, at $11.2 million and endured a slow death of paper cuts as its price was slashed and slashed again. I’m sure its builders are glad to finally be shed of the thing but they can’t be happy with their loss. Assessed value, by the way, is $6.332 million – I wonder what the tax assessor knew that the builders didn’t?

5 Comments

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5 responses to “Price reported for Zaccheus Mead

  1. anon

    It seems like the tax assessors are better at estimating the value of Greenwich real estate better than most realtors. I suspect the realtors are getting paid multiples higher in commission dollars for their inaccurate advice than the poor tax assessor who is probably making < $100K.

    Perhaps Obama or Barney Frank should look into this – similar to how they are seeking to control compensation at banks.

  2. Anonymous

    Am just impressed they found a sucker with 6 mill bucks

  3. Anonymous

    I agree, can’t believe this site find a buyer at any price.

  4. christopherfountain

    Anon, remember that the assessed value is supposed to be 70% of the assessor’s estimate of 2005 market value. So 40 Zaccheus, in 2005 was estimated to be worth around $9 million. In 2007, the builder, a very experienced fellow, priced it at $11.2 million. He made a mistake underestimating the impact of having no yard but that was his doing, not a cabal of real estate agents.
    The price drop that’s hit Greenwich has resulted in many properties selling for their assesed value – in other words, 70% of their estimated value in 2005. Neither the assessor nor owners nor real estate agents expected this in, say, 2006. I report the assessed value to illustrate that 30% drop from 2005 levels (and up to 50% from 2007 levels), not to posit the exixtence of a conbspiracy of over-pricing. Markets happen.

  5. Realtor 1010101

    It’s amazing that time and time again, the houses are selling for their 70 per cent assessed value. This is in line with the Zillow 2002/3 value.
    Can “we” realtors agree to start pricing at correct levels in line with the 70 percent assessment values. It will save a lot of time, energy and allow householders to sell their homes and stimulate a renewed housing market. Commissions would not lessen as sales increase.