Road Kill

26 Stag Lane

I’ve been prowling our MLS records this morning to come up with comps for a client interested in a house that abuts the Merritt Parkway. Obviously that road exposure commands a discount but I was surprised to see how much it hurts.

Checking out the two other streets in the area that front the Merritt, Will Merry Road (odd numbered side) and Stag Lane (even), people just seem determined not pay a lot to hear mufflers. The record for that side of Stag is probably this one, number 26, a beautiful house built in 2005 by an excellent builder but one that languished for over a year before its builder gave up and rented it.

That tenant ended up buying the place for $4.250 in 2007  – thus proving what residents along the Merritt claim:  it’s not at all bad once you move in – put in $500,000 in improvements and placed it back up for sale in 2008 for $4.795. Two years and a $1 million price cut later, it remains unsold.

Everything else on this side of the street has sold in the low ones or thereabouts. Of course, those houses weren’t big gorgeous homes like this one but clearly their sales prices drag this one’s value down: the town’s assessment (70% of 2005 est. market value) is $2.2 million. Ouch.

12 Comments

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12 responses to “Road Kill

  1. Andrew

    638 North with 2 acres, selling for $800,000, is another victim of the Merritt!

  2. G'wich Transplant

    22 Will Merry with over 2 flat acres is another one (and I think that’s on the non-Merritt side of the street).

  3. Anonymous

    Stuff that’s “cheap” and hard to sell on entry tends to also be cheap and illiquid upon attempt to exit
    Often end up spending more than if had bought better locale w/nominally higher price instead

  4. foobar

    same goes for that field point tear down – hard against 95.

    that stag lane house might be nice inside but the immediate neighborhood and the land it sits on is pretty cruddy. shared driveway, ugh.

    • christopherfountain

      Shared driveway, some swamp and the highway – the builder who bought this land for development was sold a bill of goods by his agent and was lucky to get out of it three years later at a modest loss. Don’t think the current owner will enjoy that same good fortune.

  5. A.O.

    The owner of 26 Stag added a half million of improvements????? Like what? A solid gold toilet? A hundred twenty-foot spruces to block the Merritt noise? Do tell.

    • christopherfountain

      According to its listing, AO, the owners finished the basement, expanded the yard and widened that shared driveway. Must be a hell of a finished basement for that money.

  6. A.O.

    Poor guy – he got all the work done in the frenzy-days when contractors quotes were rarely vetted. Today, he could EASILY do the same work for $100grand.

    OT, but I saw an ad for Brooke Astor’s estate in Briarcliff in Sunday’s Times. I know we aren’t comparing apples to apples, but her home is so drop-dead gorgeous at $10.5m on 64 acres yet Leona’s dump is five times that? Yes, Briarcliff is not Greenwich but….just saying GFP might have a LONG way to go to sell Leona’s house. I note that the property taxes for the Astor home are over $200m. What are they for Leona’s?

    http://www.houlihanlawrence.com/PropertyDetail.aspx?PropertyDetail=2934488&PropertyIdx=1&tab=2&RecordType=160&5020_min=5000000&quicksearch_grp_NUM_SCH=Briarcliff%20Manor,&0020_grp_hp_qck=Briarcliff%20Manor,&4414_grp_hp_qck=Briarcliff%20Manor,&1080_grp_hp_qck=Briarcliff%20Manor,&1060_grp_hp_qck=Briarcliff%20Manor,&5020_order=descending&AgoraItems=10&AgoraPage=1

  7. foobar

    Sounds like a better relative deal, except you are trading Greenwich for Briarcliff (I’ll take Greenwich any day) and NY state and local tax rates for CT (I take CT, at least for now.)

    Leona’s 40 acres = 9 lots at 2.5MM each, so 32.5 MM for the 25,000 sq ft house on 4 acres, also sounds quite high BUT let’s not forget someone paid 20MM for Hilfiger’s 10,000 sq ft Mariani project, so maybe the offer price at Leona’s is not completely out of touch

  8. out looking in

    we were in the market while this (and 22 will merry-yes it is on other side and set back with tennis ct in front)…the old saw about being able to change anything but the location applies here…why would we dump $4mm to butt up to a very busy highway (and the lot itself is not the greatest)….as for 22 WM, it was a disaster on the inside….$2mm is the most i would pay, simply for the lot and foundation…

  9. NY Tax Refugee

    I moved from Briarcliff Manor to Greenwich because the taxes were going to choke us. (And they only go UP.) However, Mrs. Astor’s property has a stunning panoramic view of the Hudson River (which my old house had too) that I have not seen anywhere in Greenwich for a price this mere moral could afford. I miss my beautiful sunset view every day — but I reduced my property taxes by 2/3 in moving to CT. I can go back and visit any time! And the herd of deer (including the 8 pt buck) that lived on my acre there seem to have moved with me to Riverside.

    BTW, her property started out at $12 million about 18 months ago. The village of BM has upzoned that section of the village (2 acres +) to reduce the impact a subdivision would have on the school district.