There’s a butt for every seat

72 Laddins72 Laddins Rock, bought for $1.3 million in 2004, re-listed for $1.850 in 2008 (go figure) and eventually reduced to $1.275, is reported under contract today. I’m surprised that it’s found a buyer: busy road, literally no yard, no windows on the south side, ensuring total darkness all day, and not necessarily the final word on building quality, but someone obviously like it. Good for them; I hope they got a good price. Assessed value is $967,500. UPDATE: short sale, $1,050,000 (plus fees)

Francine Drive, a tear-down, is under contract somewhere below its asking price of $950,000.

48 Benjamin Street, originally listed for $2.3 million in 2007, dropped to $1.850 awhile ago and now has a contract.

So there are buyers out there – all you have to do is price your house low enough to attract them.


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2 responses to “There’s a butt for every seat

  1. OG

    I live in the area, and yes, Laddins Rock is a busy road. But there’s value in having an OG address in the ISD school district (for a family with kids who want decent schools), a walking distance to the train (for somebody who might commute and not want to deal with driving and parking), relatively new construction, and a two car garage (a rarity in OG). The alternative is a condo. And the Palmers Landing condos don’t give you Greenwich schools and beaches.

    When I moved to this town, I was considering Stamford (where I grew up). If I bought a bigger house in Stamford for the money, the trade off was I was going to send my kids to private school since I think Greenwich schools are better. At $20-30K per year, times 12 years, times 2 or 3 kids, I came up with anywhere from $500K to $1mm in after tax dollars to send my kids to school. So if you look at buying a decent house on Laddins Rock for about the same price as sending 3 kids to private school, it’s almost a free house. And, in 12 years, when your kids are done with school, you can still sell the house and get your money back (and maybe some profit?). If I bought the house in Stamford, I would have p*ssed away $1mm and had nothing to show for it except for some kids who got a decent education (which they would have gotten in Greenwich).

  2. OG2

    There are also the condos/townhouses at the Old Greenwich Gables – now districted for ISD.