Five sales, two contracts reported so far today on open house day. I refer to these as “shelter” deals, because no matter how bad the economy, no matter whether there is a 20% confidence gap, ya gotta live somewhere, preferably somewhere that can be purchased on an insured mortgage. One, 446 Valley Road in Cos Cob, actually sold in a bidding war – asking $525,000, got $540,000 or $270 a square foot.
423 Stanwich, on the market since Warren Buffett was a little boy, is in contract today. Originally asking $5.7 million back during the Sydney Olympics, will likely be south of the current $2.4MM ask. Nice land, the house……….a bit confusing
Can you build in Greenwich for less than $270 a foot? (Valley Road)
As opposed to the rest of the nation, Washington DC is having some kind of real estate growth explosion. No real secret there, its stimulus writ small. All the federal spending attracts businesses, people, jobs, etc. Lots of good capitalists have made tons of money in places ranging from Petworth in the deep urban core of the District, to the Dulles toll road corridor. While an effect of government, it’s mostly private enterprise that fuels the growth of DC. No doubt it is a success, but it would seem to me that some believe this to be wrong, solely because it’s in the capitol area. I used to live there for a while, its amazing what success has done there. I think it’s an example of what government and private enterprise can do to stimulate the nation as a whole