Two of Joe Barbieri’s Old Greenwich listings had their terms extended today, 7 Little Cove Road and 55 Binney Lane. Joe’s a friend of mine and the most successful agent in Greenwich so I’m not inclined to teach him how to suck eggs, but if these prices were right the houses would have sold by now, no? Res ipsa loquitur and all that.
7 Little Cove is 2004 construction on a 1/2 acre. It sold for $6.5 million in 2005 (a million off its asking price) and was put back on the market a while ago at $7.695. It’s now asking $6.995, which is approaching reality – too bad the owners didn’t try that price originally. That said, a beautifully constructed house.
55 Binney Lane is a tougher call. It certainly wasn’t worth the $16.8 a previous broker listed it for in 2007 but is its new price of $10.5 closer to the mark? It’s a full acre, direct waterfront and access to a shared dock. The interior is all classic 1930’s beauty. But there is a lot (a whole lot) of work to be done here, probably exceeding a million (two million?) dollars and a year or so of construction. If I had the time and the money I’d do it, secure in the conviction that my money was being poured into a property that was a pretty sure bet, but while I have the inclination I sure don’t have the money and I wonder who among the wealthy have the patience to restore this? Someone will show up, doubtless, but it may take another couple of years before he does.