A question answered

Yesterday I asked why a house on West Crossway in Lucas Point had come back on the market at substantially more than its last unsuccessful price. The listing agent Jim Foote has replied and here’s what he says. Readers, take it from here.

Hi Chris:

You asked why my new listing at 7 West Crossway in Lucas Point, Old Greenwich is priced at $2,695,000.

The answer is simple.  Because that asking price is supported by an independent appraisal we had done to be sure we priced correctly.

I’m writing you from my broker open house at which my colleagues are delighted.

I have three appointments with brokers (make that four- the broker who just left commented “It sure has water” and scheduled a showing Saturday). ( Make that five-the broker who is in the house now, and who’s first comment was “This is nice” before she had advanced five feet, will be showing the house early Sunday.  She plans to set up 7 West Crossway by showing another Old Greenwich waterfront “on a swamp”, as she put it, that is priced at $2,900,000!

In addition I’ll be showing 7 West Crossway to the friend of a neighbor who came in and dashed out to call her in Manhattan.

From the back of 7 West Crossway, over its 100 feet of direct waterfront, you can see four other waterfront homes that sold at $2,800,000, $4,910,000, $6,500,000 and $8,200,000 not too long ago.

Don’t forget the old adage in our business, “A buyer will make a liar out of you every time.”

Your readers are welcome to judge for themselves at my public open house this Sunday, November 8th from 1:00 to 4:00 PM.

23 Comments

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23 responses to “A question answered

  1. Island surveyor

    Nice timing for high tide conditions on a beautiful sunny afternoon.

  2. Renting in OG

    That’s crazy. I was in there earlier this year – it’s a dump and needs to be knocked down – and who in their right mind would pay that much for land and then on top of that hire a builder to build a new house when you can buy nice existing houses way below historical values and move into them right away? Not like you can squeeze a builder on building a new house on the cheap (unless you’re crazy and want a crappy house) vs. squeezing a distressed seller of a nice existing house…..

  3. Anonymous

    7 west crossway will show very well this saturday, between about 1 p.m. and 4 p.m. just be sure the customer is from the midwest and ignorant of the low tide cycle.

    • christopherfountain

      There’s a long tradition of that along the waterway, Anon. When my friend’s parents were looking at a house on William Street in the 50s, when Ole’s was still used as a sewage dump by the town and the smell at low tide was indescribeable, they’d call from NYC to see about checking out the house again. Their realtor would pause and, they later deduced, check the tide table, and then would come up with some odd time when it “would be convenient” to visit. Weren’t they surprised when they moved in, the water ebbed and the smell ascended!

  4. avaya

    I’m sure this Foote guy is perfectly nice, but I can’t figure out if he’s Bernie Madoff or Floyd the barber from Mayberry. Either way, he clearly missed the opportunity to speak plainly to every single buyer in the Greenwich market who reads this blog. I don’t care what other brokers think about a house, especially ones who can’t wait to “set up” their clients. Some unsolicited advice for you, Jim: when you send an email to someone like CF, expect it to be published. That said, state a real case why your listing is worth what you say, not what some mysterious “independent” appraisal came up with.

  5. shoeless

    Obviously Jim didn’t use the same appraiser for his own overpriced dump listing that has been festering for God knows how long.

  6. This property brings back memories of my first and last great environmental commission from S E Minor, to document the re-population of this mudflat by spartina alternaflora – salt hay.

    After proudly delivering my aerial shots (I blew lunch leaning out the plane windows to take the pictures), Mark Heller told me he had to trash them, because they demonstrated this estuary was too good to permit further dredging or development.

    So you can see why there will be no new docks or floats, with their toxic contact on the future hay fields.

    Here’s a low-tide update: 7 West Crossway

  7. anon

    Sunday Nov 8, 2009
    2:54 AM High
    9:05 AM Low
    3:15 PM High
    9:46 PM Low

  8. Pete

    Just for the record, it wasn’t me.

  9. This property brings back memories of my first and last great environmental commission from S E Minor, to document the re-population of this mudflat by spartina alternaflora – salt hay.

    After proudly delivering my aerial shots (I blew lunch leaning out the plane windows to take the pictures), Mark Heller told me he had to trash them, because they demonstrated this estuary was too good to permit further dredging or development.

    So you can see why there will be no new docks or floats, with their toxic contact on the future hay fields.

    Here’s a low-tide update: 7 West Crossway

  10. I messed up the photo link. please substitute. it’s worth the look.

  11. It should be noted from public records that this lot size, with 10,280 sq.ft. in the R-20 Zone, is a real bummer on FAR at 22.5% , which allows for only 2313 sq.ft.

    Those are Maher Ave. lot sizes and ratios.

    • christopherfountain

      Well Michael, that was kind of my impression when I saw the house a year or so ago. Plus, you add in all the Coastal Area Management regs that will prevent doing anything to this house except tear it down and I, at least, wasn’t too keen on its merits. I’m nt a professional appraiser though, and Jim’s guy obviously knows better the buyers who shunned this place in the past. I wonder if he’ll buy it himself, seeing as it’s such a bargain and all.

  12. Interested Observer

    ~Don’t forget the old adage in our business, “A buyer will make a liar out of you every time.”~

    …and to also feel the need to report on all the comments supposedly made by simpering brokers who desperately need sales on top of it all…methinks he doth defend his position too much (to paraphrase, rather than quote)

    What a tool.

  13. anon

    Is that 10,200 sq ft at high tide or low tide?

    Also, why does a realtor need to hire somebody to do an “independent appraisal ?” Shouldn’t any decent realtor know how to calculate the market value of a property? Isn’t that what the 5% commission is for? How hard is it to look at comparable sales, etc to figure that out? I am not a real estate professional, but I bet I could appraise 90% of the properties in Greenwich within 5%.

    I think the “independent appraisal” is just an excuse for the realtor to say “don’t blame me for the high price”. More likely, it’s just a bluff.

    And all that crap about realtors scheduling appointments makes me hate this guy already. Sounds like a real bullsh*t artist, not somebody I’d trust to negotiate a property transaction.

    If I didn’t already have a well paying job adding value to society by creating alpha on Wall Street, I could be the best realtor around.

  14. Old School Grump

    anon at 8:52: appreciate your insight, your humor (at least I hope it’s humor), and the fact that you can spell and punctuate. Think up a more distinctive name for yourself so we can identify you, and keep chiming in!

  15. The futility of dredging in this cove is demonstrated by the failure of the above project, which I am beating like a dead horse. But this seems to be the week for the harbormaster’s revenge.

    He now has to personally approve all dock and float projects. You can see how this channel cut the developing salt hay marsh, so even if OLIS would approve (never), all the fertilizer and leaf-blown clippings from adjacent lots will hasten the grow over of the cove with marsh. At least the bass are back, eating the urchins in the grass. Bass heaven

  16. This April 2, 2008 infrared aerial captured the low tide at its regulatory elevation of Mean Low Water. You can now see clearly how distant these lots are from the actual water. Note the many attempted boat approaches that had to turn back. The bright red vegetation is slime and sea lettuce – shines in infrared like a Christmas Tree.

    Not the Waterfront

  17. Looked at this house over a year ago. It’s a disaster and at low tide… Good luck. I don’t think I would pay 1/2 the listing price for the piece of land… Because, thats all you are buying.