Dr. Timothy and Barbara Nolan of 15 Cotswood Road say they do and today the Greenwich Time profiles them and their house. I’m not picking on them here but their going to the press would seem to give permission for others to discuss the house objectively. My conclusion: they needn’t start packing yet.
Price: $2.999. Could be a problem. This house is a 1977 contemporary, not a style in great demand here in Greenwich. There have been two sales of similar houses on Cotswood in this price range but #17 (5,000 sq. ft.) started at $3.995 in 2004 and took two years and two expired listings before it sold for $2.8 million in 2006. The market has not improved since.
#7 did sell for $2.990 million in 2007 but that was in-house (Prudential agent to another Pru client) sale that never exposed the house to the open market. While it is possible that the buyer paid fair market value, it’s also possible he over-paid; there’s no way of telling.
Other than that, previous sales on Cotswood have been in the $1s, so I would anticipate this house having a hard time appraising at the seller’s desired price. Assessed value (70% of 2005 market value) is $1.573. I think that may be too low – Cotswood is a nice street, removed from North Street but very close to town and this house is obviously in beautiful shape – but I’d bet on it being closer to the end price than the current ask is.
By the way, from reading the article, the Nolan’s agent seems to have tried selling it himself, in August, before placing it on the GMLS in September. In my experience, it’s best to expose a house to the full market via the MLS as soon as possible. I’m sure that his August attempt was motivated by some reason other than keeping 100% of the commission to himself – the house may not have been ready to show, for instance – but motive aside, if you’re ready to sell, I’d advise you to hit the market full on, rather than creep in.
One more comment: Barbara Nolan, referring to her and her husband’s ages (77 and 84) and their desire to move to their condominium in Florida, is quoted as saying, “at our age, a year makes quite a difference.” Their agent, however, seems to have a different view:
The $3 million price tag is a few hundred thousand lower than it would have been at the height of the market, but reflects the location, on a quiet cul-de-sac off North Street, about a mile from Greenwich Avenue, Peluso said. The Nolans are not in a situation where they have to sell very quickly, and the price also reflects that.
I think the Nolans need to have a talk with Mr. Peluso.