And the marginal houses continue to get hammered

1100 Lake Avenue, so far north that it comes with reindeer and holding just two acres in the four-acre zone, has an accepted offer based on its last listing price of $1.595 million. Assuming the normal whack down a house price suffers after 508 days on the market, it’s a reasonable guess that this one is going to sell at or around its 1999 price of $1.487. If we’re falling to 1999 prices on the less desirable homes, can the prices of better locations stabilize?

25 Comments

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25 responses to “And the marginal houses continue to get hammered

  1. Looking in Riverside

    The house is in nose bleed territory and should be discounted severely. Location location location…still want Riverside.

  2. anon

    anyone living that far north must be getting hammered at home

    nothing around the area

  3. Anonymous

    Newbie here with a question… so you say it’s so far north, with reindeers, nosebleeds, etc. I get that, and it’s very far from Greenwich proper (the town, anyway). But isn’t very very north Greenwich close to south something else? e.g. north Darien (a much smaller town true) is just a few minutes from lovely downtown New Canaan (and not far from Darien anyway), or nosebleed New Canaan is near Pound Ridge. etc etc. So is there anything, other than proximity to Conyers Farms and having no neighbors, if you like that, redeeming about north Greenwich (aka, what, South Armonk?)

    • I’ve never been to South Armonk, but I assume it must be close to Armonk proper which, I believe, is up near Albany. Never heard anything good about Albany, either, but if you keep heading north you’ll run into Toronto or Montreal and those are supposed to be of some interest. Still, a long way from Cos Cob.

  4. Anonymous

    Newbie – there are only 2 areas worth being in: Belle Haven or Conyers Farm. The rest is mediocre land.

  5. Anonymous

    It is quite close to Armonk which is actually a very nice, small town: lots of nice stores and restaurants. It’s home to IBM’s world headquarters and the late, lamented Shultz’s Cider Mill. On weekends the Shultzses made doughnuts that were so good that people would come from miles around and sometimes wait (literally) an hour in line to buy them. And I still can’t find in-season tomatoes anywhere that are as good as the ones they sold.

  6. Accolay

    What’s wrong with Belle Haven and Conyers Farm?

  7. TraderVic

    We don’t live there, but I think Millbrook is very up and coming. It is close to town (a hearty walk), has its own club with reportedly very nice folks, and lots of charming vintage architecture (primarily tudors, although there is a sprinkling of variety). Since they put in town sewer, you can build larger homes or add on, and many are. I think it will continue to attract families and empty nesters (e.g., grandparents who want to lure their families home). Prices are still quite reasonable, all things considered. If you can’t afford this, check out nearby Mallard Drive, which is Millbrook Lite.

  8. KC

    Didn’t that cider mill close more than TEN years ago? Speaking of doughnuts, Armonk USED to also have Bea’s doughnuts, in a cute little house, run by Bea, and everything was made in house the right way. But then she sold the business and it moved to a crappy strip mall and they changed their recipes to save money, and hired complete idiots to work there. Even the cute little house was torn down. The one grocery store either closed or will close within days. AWL the PEOPALLL SOWWNND LIKE THIS OHHH MYYY GOOOAWWD. Yes, that is all in caps because everyone screams, all the time. So remind me again why Armonk is so great. I live in backcountry but give me Greenwich any day. And I beg to differ on the “nice” restaurants. There are better restaurants in Port Chester.
    Sorry to rant, but seriously. Armonk is awful.

  9. Real Estate Junkie

    Anonymous at 2:17…..BH or Conyers Farm? REALLY? I’m with Chris on that one.

  10. Anonymous

    why so snarky CF? I asked a straightforward question about North Greenwich.

  11. Anonymous

    ahh. got it. And KC’s post says it all. OHHHMYYYYYGAAAAWWWWWDDD indeed. I don’t think I could take that!

  12. Anonymous

    OHHHMYYYYYGAAAAWWWWWDDD

    “They” run every hedge fund and can afford any house in Greenwich!

  13. Anonymous

    Real Estate Junkie: If you have to ask about BH or CF, you’re not fit to be showing properties.

  14. Teabagging = Safer Sex

    And if the North Country appeals at all, please consider the exclusive Windmill Farm subdivision, Armonk’s version of Conyers Farm.

  15. Real Estate Junkie

    Anon at 6:33….what makes you think I’m showing properties? And I’m quite informed about BH and CF (Conyers Farm, not Chris Fountain) thank you very much. I just disagree with you that they are the “best” places to live (or raise your kids). Have you heard the stories coming out of those neighborhoods? Murder for one. Remember Martha Moxley? Bad energy. Oh, and lets chat about Peter and Stephanie’s non-divorce. Again, bad energy. Money doesn’t buy happiness. Or good neighbors.

  16. Anonymous

    Money does buy NO neighbors and there will always be people jealous of those who have more than them and can afford to get away from the little people!

  17. Anonymous

    REJ ought to be a little more careful walking around BH or CF; she is likely to fall over herself with that chip on her shoulder.

  18. AJ

    The biggest problem with all of Greenwich, in my opinion is the lack of supermarkets. I have five supermarkets within a five minute drive from my house; three more and a Walmarts, if I want to drive ten minutes. All of this keeps the markets very competitive; I know what costs what where, and this allows me to save thousands of dollars a year on groceries. When I lived in the Westcott Cove, Wallacks Point area of Stamford –nice spot with a private association beach — there was only one supermarket, the Shippan Grade A. The next closest one was the Gran Central in the Ridgeway Shopping Center, and you’d have to go all the way up High Ridge near the Parkway for the next one, another Gran Central, I belive. Grade A knew they were the only show in town, and gouged accordingly. It used to infuriate me.

    • We now have Shoprite, Stop and Shop and a Fairways, all in Stamford, true, but the first two are right on the Old Greenwich border and Fairways is easy to get to. The grocery situation is much improved, at least for eastern Greenwich residents. And the rest of the town does takeout.

  19. AJ

    Are one of those where Bonjourno’s used to be? Because I remember no one in OG wanted to go there. It was sad to see Gran Central in OG go to be replaced by another drug store, like OG needed another drug store. I always preferred Gran Central to Food Mart where all those Shoreland people used to shop. And I really hated the Riverside A&P.

    Up here we have a law that if it scans wrong, you get it for free. I memorize the price of every item I buy and get lots of stuff for free. They really hate me. I love it.

    • The family that owned Bongiornos does own, or at least operates, the new ShopRite, but it’s over on the former Clairol property on the OG/Stamford Line. Always busy, but with lots of check out lines so not much of a wait and a huge variety of well-priced food. Well priced if you don’t remember what food once cost. The old site, by the way, has been redeloped by the family (they seem to own blocks and blocks of land around there) into a PetSmart store, a Starbucks and stuff like that. It’s cleaned up nicely.

  20. AJ

    REJ, money may not buy happiness, but you can sure buy your way out of a lot of misery with it. And having space around my house reduces my urge to strangle my neighbors, especially that french hillbilly on the west side of my property who thought I wasn’t paying attention and tried to take over and relandscape part of my yard. Everytime I see him he gives me dirty looks because somehow he feels victimized by me. Just a case of property envy. Maybe one day the moron will fall through the ice on his snowmobile, but then I’ll have to find someone new to just dare you to try something.