There’s Life In Them Thar Hills!

(Gideon Fountain writing for the vacationing Christopher Fountain)

Of the four properties that reported “contracts”  today, two are sited up in the hills: 24 Nimitz Place ($785,000) , Old Greenwich and 43 Glen Ridge Road ($2,995,000), in the Glenville section. 

Nimitz was listed by Claire Henry here at Cleveland, Duble & Arnold, buyer provided by Pam Cunconan at Coldwell.  Glen Ridge was Lisa Gabriele’s listing, buyer provided by Calvin Darula, both at Raveis. 

Since every sale is a lesson, what can we learn from these two? 

Nimitz was priced approximately at what things were selling for in 2004 and attracted MULTIPLE BIDS. 

Glen Ridge sold previously for $3,800,000 back in September, 2006.  It came back on in August, 2009 at $3,195,000, that is, $600,000 (about 16%) below the old selling price but it STILL took many months and a bit more reducing (to $2,995,000) to get it sold.

Because my brother cares about these things, I will note that Nimitz’s Town assessment is $783,720 and Glen Ridge’s is $2,337,930.  We will re-visit these two when the closings occur but it has been proved to my satisfaction that the Town of Greenwich number is REGULARLY way off, either high or low ( and the same goes for “Zillow”)

6 Comments

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6 responses to “There’s Life In Them Thar Hills!

  1. Russell Pruner

    Gid: Don’t agree on all the Town assessed values being way off. In 2009 and through today in 2010 homes have been trading at 10-12% below their 2005 full value or 18-20% above there present assessed value. Don’t be like Chris and cherry pick the sales to try and prove his point the Greenwich market is selling at the assessed values. Ain’t happening on the majority of the sales we see in the market today. I am sure this will give the herd plenty to write about. It sad they won’t tell us who they really are. Thanks for at least letting us know who you are Gid.

    • christopherfountain

      (Gideon Fountain responding)

      Russ:
      I do believe we actually agree on this subject, laddie! My contention is, after much study of the matter, that the Town of Greenwich assessment number is NOT a reliable indicator of the future selling price of a property. I am certain that the Assessor’s Office does as good a job as they can but they cannot possibly know what the market price for any particular house is. They guess, brokers guess, the market decides.

  2. Andrew

    what about the other 2 contracts…nothing to learn from them?

    • christopherfountain

      (Gideon Fountain responding)

      Andrew: Sadly, old boy, I only have so much time to devote to this volunteer effort. It takes a bit of effort to do an analysis of each sale and it’s “lesson”. I shall endeavor to discuss as many sales as possible.

  3. Retired IB'er

    Gideon wrote:
    “They guess, brokers guess, the market decides.”

    Now there is something we can agree on 100%.

  4. foobar

    that is an impressive sale if it came in around the offer on glen ridge. btw the zillow number is right around there – I follow it thought I do not think they are bible, they can be 20-25% off, especially on the better properties/locations