The future of Greenwich real estate?

98 hillcrest

98 Hillcrest Park

This was an older builder special POS from the 60s, located at the bottom end of Hillcrest Park just about on River Road which, while nice enough, has the same feel and tang of lower Bible Street in Cos Cob. Someone dressed it up this year with a new kitchen and baths, priced it at $1.2 million October 30th and already has a contract.

It’s not a bad house at all – I was going to show it to my own clients who are looking in that price range, but the speed with which it went makes me think that that’s where the market is heading. We’re seeing decent activity around $2.5, almost nothing much higher than that and not a heck of a lot below it until you hit the $1.1 – $1.2 range. I think that pattern will continue.

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6 responses to “The future of Greenwich real estate?

  1. Interesting Story Here...

    I hope the new buyers checked for mold. Last I saw that house..almost 12 months ago, the downstairs was covered in mold with water leaking/running in several places.
    Builder/owner was arrested by the Town recently for continuing to work without a permit.
    He removed his 2 kids from the house first, settled with his wife for a few hundred grand, sent her back to the old sod in a mess, does a quick fixer-up and hey presto its worth $1.2M.
    I would do a REAL GOOD inspection of the premises.

  2. huh???

    Why would anybody spend $1.2MM on that POS. Seriously, just for a Greenwich address? Please? Go over to North Stamford, buy a beautiful 4,000+ sq ft house with an acre for that kind of money. I just dont see it. If you can’t afford to really be in Greenwich, 2mm+, dont pay the premium. The money you save on the house will pay for your kids better education in the private schools.

  3. W

    Because you would be living in Stamford

  4. Martha

    Huh??, It’s my understanding that the cost of two children in private school and the additional property taxes in N Stamford vs Greenwich, will equate to at least a million savings. We’ve really debated which area to settle in. Obviously, we think Greenwich is a nicer community, but I guess a lot depends on your near neighbours.

  5. anon1

    Stamford ain’t Detroit, W! I guess SOME people prefer a poor quality product (POS) with a fancy label (Greenwich) rather than a quality product with a lesser brand name (Stamford).

  6. W

    Sorry I am not interested in paying double the taxes for a similar house and paying for private schools. I would take an one million dollar ranch in Greenwich any day over a million dollar house in North Stamford. Besides simple economics the address is much nicer.