Arbor Rose prices

90 E. Elm Street, Unit 1 of Arbor Rose, sold new in 2004 for $2.660 million ($60,000 above asking price) as part of the great condo boom that swept the downtown back then. Arbor Rose and its companion project across the street, Lily’s Path, went on to great success, with the last Arbor Rose unit, at 94 E. Elm, selling for $3.8 million in January of this year and a Lily’s Path unit fetching the improbable sum of $5.010 million in December of 2007. Now, those prices seem to be sliding back. The last Lily’s path unit, unsold, has dropped from the $5s to the $3s and today Arbor Rose Unit #1 is back up for resale, asking $3.450. Will they get more than the orignal sale price of $2.660? Will another bidding war erupt? Stay tuned.

3 Comments

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3 responses to “Arbor Rose prices

  1. No Expert

    The empty-nesters I know who bought into Arbor Rose loved ditching the old family money-pit, loved the quality of the units, loved the location, but didn’t love the shared walls and the tough parking. I’m sure someone else has said this before but going from a single family home to a condo, even at the high end, is very hard to do. My friends are on the hunt for a single family home again, desperate for a backyard. I’d say it’s less about prices sliding at both these projects as finding new people to accept condo living as a long-term lifestyle.

  2. Stanwich

    Around the time these units and other like them in downtown Greenwich were selling hot and heavy, I knew an older couple looking to move to Greenwich and at the same time downsize. Pricing for anything decent in downtown Greenwich was ridiculous, the new luxury construction being the most grossly overpriced. At the same price point they were able to get into a nice 6000 sf place with 5 bedrooms, enough room for all the grandkids. Everyone says that the costs and hassles of a big house are really why people want to downsize, but if you are paying more money for a smaller luxury condo that has equally high maintenance fees then what’s the point. If you look at how much places like this charge on a monthly basis, you could very well afford your own gardener, pool cleaner, etc. Unless you have a strong desire to be in downtown Greenwich then there is no point to owning one of these luxury units, nice as they might be.

  3. No Expert

    Stanwich, that’s exactly the point my friends make and why they are moving back to Green Acres. Agree with your assessment 100%.