The best building site in Greenwich is selling

The best land currently on the market, at any rate.

51 Mooreland

51 Mooreland Rd

This 9.75 acre lot, once part of the estate that hosted the Scottish Games, came on in 2007 listed for $9.995 million. That was too steep even then and it dropped over the years until it hit $5.999 and is now under contract.

The site could theoretically be divided in two but you’d ruin its value. As is and undisturbed, you can put a house way up on the hill and look down over your rolling meadows and have perfection, fairly close to town. I loved the land, and so did several of my clients, but we took runs at it closer to its assessed value of $3.5 than to its then price of $7 million and were rebuffed.. There’s a $4.5 million reverse mortgage on the land which no doubt strengthened the seller’s resolve to hold firm and someone has apparently agreed to pay at least that much and probably more. Good for them – it’s truly beautiful land and down the road, I doubt you can overpay for this property.

4 Comments

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4 responses to “The best building site in Greenwich is selling

  1. Anonymous

    So, $500-600K/acre vs ~$1MM/ac for premium RHR land

    Fairly cheap land if quality/locale is as good as suggested; makes the buy vs build arbitrage even more interesting to value-oriented consumers

  2. Stanwich

    In this case I don’t think you brought your thoughts to their logical conclusion — you didn’t serve your clients well.

    • christopherfountain

      Stan, in this business, just like the law, you can lead clients to water but …. I’m sure I’m not the only agent who has received calls from clients a year or even two after they passed on a deal I’d recommended saying, “I blew it”. Of course sometimes there’s just a limit to a buyer’s finances and we’ll throw in a bid at their maximum range and hope we get it. I did that recently on a house on Lockwood Road. We maxed out at $1.175, it sold for $1.3 and neither my clients nor I were surprised – the house was worth every bit of that sum.

      The trick for buyers is to work with an agent whom they trust and, if he or she tells them, “this is well-priced”, listen. If you won’t listen, why work with that person? I’m not advocating blind obedience, but some of us actually know what we’re talking about and our advice should at least be considered, if not followed.

  3. Andrew

    Christopher: do you think the owner of 49 North Stanwich is aware of this nice property? He is asking $3MM for 5 sloping acres. That is the same asking price per acre.