Here’s a telling sale

25 Mooreland Road

This house was purchased for $4.725 million back in 2004, extensively renovated* and placed back up for sale in 2008 for $6.250. It sold yesterday for $4.175.

* A readers corrects me and says they painted it, period.

15 Comments

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15 responses to “Here’s a telling sale

  1. RR

    Doesn’t North Greenwich (north of the Merritt) real estate deserve a discount to properties closer to town? It seems like this price including the upgrades, brings us back to 2002 levels?

  2. Greenwich Ex-Pat

    Not familiar with Mooreland, been so long since I’ve been up there. How is the location?

    It does look like 2003 pricing. As I’ve been reading this blog, I’m constantly amazed at the amounts of money people are losing with the sale of real property, in both renovations and discounting from the original purchase price. How much do short sales figure in this as a percentage?

    • christopherfountain

      Very pretty street, across from Round Hill Comunity Church. When I was a wee lad, the Scottish Games were held there, as it was then one large estate. As for short sales, they’re just coming on. So far, most sales, I believe, are done by the hapless seller bringing new cash to th eclosing table, but we’re seeing an increasing number of houses where there’s just no more money to give. And banks are finally accepting that, I think. Slow process, though.

  3. Backcountry

    This house was NOT extensively renovated, unless you consider that to be a paint job. Not even a new kitchen.

    • christopherfountain

      Really? My bad (memory). I showed it once a couple of years ago and I remember it as being in great shape but …

  4. Andrew

    this is a very nice 5400 square feet colonial with a full size pool and very private. And still sold not far from assessed. Compare that to 62 Mooreland odd-shaped teardown that is asking well above its assessed.

  5. Anonymous

    I recall reading that in the days of the Scottish Games the estate CF refers to was owned by Glenn Close’s grandfather. Her mother’s maiden name was “Moore.”

  6. Greenwich Ex-Pat

    Chris, I have a buddy going through a short sale process right now. He tells me that the federal government is reimbursing the banks up to 85% of the deficiency. Do you know if this is true? That’s what his attorney and the realtors handling the sale are telling him.

    • christopherfountain

      I’m not aware of that, Ex-Pat, but I’ll check and get back to you. It may be a program available down your way and not here, but I just don’t know.

  7. foobar

    I believe it is on a flag lot, shared driveway. I think a good price for both sides, even if it needs a new kitchen. Many people want to put in their own anyway, and it isn’t that complicated (esp. when you paid 4MM for the property)

  8. oak street

    extensively remodeled – in and out

  9. Greenwich Ex-Pat

    I was trying to research it myself, all I could come up with was some FDIC program, but it seems there IS something going on, but a lot of confusing and conflicting information on the net. Anyway, my buddy tells me, after long consultations with the attorney and the realtors, it seems that this is one of the reasons the banks aren’t so quick to do the foreclosures and then sell at current market value. Or even why they don’t want to modify mortgages. They’re actually making out better with this program. But part of his deal is, no deficiency judgement. Which would make sense, because otherwise the banks would be double dippin’, getting both a reimbursement from the feds AND a judgement against the hapless mortgage holder.

  10. polly pavel

    There is no such government program…..YET.