So what’s it worth?

A new listing in Havemeyer came on today at around $850,000 and I wonder whether that neighborhood still commands that price range? This sounds like a nice cape; it sold for $560 back in 2001 and its appraised value today is $549,000. I may be wrong, but it strikes me that the $549 value is closer to reality that the asked-for price. We’ll see.


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9 responses to “So what’s it worth?

  1. Stanwich

    C’mon CF, you’re getting lazy. You need to be a bit more specific in terms of size/quality? You can’t just make blanket statements like that because you leave to much unknown. You could do it on an outlier, like a new development that is priced 50% higher than anything that ever sold on a street, but not this.

    • christopherfountain

      Well Stan, I was deliberately vague because it’s a new listing and I didn’t want to hex it -but it’s a classic Havemeyer cape on a typical, nice Havemeyer street with the wood floors, small bedrooms and small lot typical of that housing stock.

  2. shelton04

    Greenwich prices seem to be coming down to Norwalk prices. Why would anyone move to Norwalk when they can get a comparable house for about the same price in Greenwich?

  3. SlappedAss

    I think most of the capes over there should be under $500K, some recently sold in that range. If someone would like to save $200,000 off the $850,000o price Fountain posted let me know I’ll sell my 3 bedroom, 2 bath 1700 Sq ft Havemeyer cape for $650K to anyone that wants it.

  4. SlappedAss

    At this price ANYONE can live in Greenwich, Old Greenwich no less. No need to live in Stamford or Norwalk, live in OG. Roll into the Point in your lowered, tinted windowed Honda, cranking the Nas, and 2Pac, seats lowered down, and hat off to the side. That’s what I’m talkin’ ’bout. Thats how we can roll now that Greenwich prices have tanked, and all you RE people are struggling to make your nut. No more Bronx for me, its OG time now.

  5. Way Up Valley

    Uh…I’ll leave the valuation postulations to the smart people in the audience, but on the socioeconomic tip (yo), bringing normal middle to lower-upper middle class people back into town as owners is a good thing, not a bad thing, homey. Particularly areas like Havemeyer that were designed for that — hey, you shot some Krauts, come home to a nice neighborhood in the ‘burbs for cheap, Joe — have been priced to absurdity in recent years. I know one couple, currently Upper West Side, both well edjumacated, both in PR, DINKs flirting with having kids. Greenwich was interesting to them but off the radar until recently, they were priced out. Having them and several dozen or even hundred others like them in town would make the place a little more normal, not exactly ghetto-riffic, G. (The length of my sarcasm is limited by the proximity of your facetitousness.)

    • christopherfountain

      I’ve said much the same thing, Way Up – lower prices are bad news for current sellers, but a boon to our town as new, young families can afford to move here again.

  6. agree with slapped ass

    most of those capes are tired and old. the 80 year old grannies leave them in terrible condition. when their husbands died in the 70’s and 80’s, the capes just are not maintained. many should sell for no more than 500K. the realtors keep pushing up the prices on us with rediculous sticker prices. Not everyone wants to tear down the cape. The realtors all assume people want to build a McMansion and thus price land and old cape accordingly.

  7. SlappedAss

    In my short time in Greenwich, I realize speculation is what fueled the current bust. Speculation no longer exists, coincidently prices are affordable. No one wanted to fix up their older small house because in the end some jack off builder is going to come in and bulldoze it anyway. Fortunately, or unfortunately, depending on what end of the stick you are on, this is no longer a viable model. All the greedy, not so smart real estate people and builders have now realized there is more to making money and being successful than just operating in a boom market. To make money and survive in real estate or building you need to go back to basics. Value, customer service and honestly. I get a kick out of the contractors these days. A few years back, all of them were out to screw people, overcharge, not show up, they’d want 1/3 up front. Now they beg for the business, and if they don’t want to take the job from me at my price, I’ll go down the line until I find someone who does. Usually a consciencious Guatemalian from Port Chester or Brewster who shows up on time, isn’t all hung over, and does a full days work. As far as the RE people same thing. The days of just throwing a house on the MLS and waiting for the calls are done. Trulia, Zillow and are finally changing the RE sales model. RE people’s solution to a house that doesn’t sell is, “lower the price until it sells”. Any other business you follow that marketing rule and you’re be out of business-oh wait a lot of real estate people are. Save the BS 4-6% commission as a seller, throw your house on one of the websites, and then lower the price-cut out the valueless, unproductive, unwarranted sales commission. On a $1 Million house selling it on your own or through an attorney who has RE license and then takes the closing, and title work is the way to go in this market. I have done it three times in the last 2 years and made a bunch of money, can’t wait until the market rebounds in 5 years, should make even more.