A rare opportunity or there’s one born every minute – we’ll see

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35 Chapel Lane in Riverside has an accepted offer. Last asking price was $1.450, down considerably from its 2008 asking price of $3.5 million, but still …

Tidal front, but across the mud flats is the I-95 “Michael Morano” Bridge which is …noisy. This buyer either doesn’t care about that noise – perfectly possible, or he was lured in by the discount from that original asking price. The latter is never a wise move.

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26 responses to “A rare opportunity or there’s one born every minute – we’ll see

  1. BryanK

    That house was up for auction a few weeks ago. Can’t remember if it was property taxes or what. One week or so before property auction was scheduled, we recieved a postcard from a local real estate agent saying they were selling the property now. Not sure what happened, but i guess they were able to get out of their debts.

  2. boog

    gideon shoulda bought it.

  3. Cos Cobber

    Oh come on, this is a fair price for the buyer. If you think it should trade lower than ~1.45MM, then you are such a perma bear I dont know how you’ve managed to complete a single sale since 2007. 🙂 Where else can you possibly buy waterfront in fairfield county, let alone Gwich at this price for something that isnt an obviously environmental calamity.

  4. Stanwich

    Noise from I-95 is minimal here. You do probably get a good bit of train noise going over the bridge though. Some might even think the railroad bridge is somewhat charming.

    Let’s look more critically at this. The house is a nice size and looks to be in good shape. Plenty of space for a growing family and it is on a cul de sac on the water in Riverside. And it is on more than 1/2 acre in R12 zone. And it is 3 minutes walking distance from the train. The same spot at the end of the circle on Bayside Terrace sold for something like $1.5m and that guy had to put up a whole new house — and the lot it smaller. This is a great buy.

    • Where are people like you and Cos Cob when I’m out there trying to move shlock bargains like this? I’ve never been allowed access to the Silver Hill patients but inspired by you two, I’m going to redouble my efforts – maybe bribe a doctor or two.

  5. Cos Cobber

    I agree with Stanwich.

    And I do find the railroad bridge charming. Its actually very cool.

  6. Cos Cobber

    LOL.

    What can I say, the Cos Cob Harbor kool aid tastes fine on this side of the water, figured it would be the same on that side.

    When that wire transfer comes in from that nice fellow from Nigeria, we’ll all go shopping.

  7. Just_looking

    So, if not $1.4M, then what price would be right?

  8. Anonymous

    how big of a tide/flood swing would that house be subject to? i’m adverse to just about any waterfront. have friends with a house adjacent to an otherwise lovely aquifer-fed pond near the edge of the property border. anything more than 4″ of steady rain causes that lovely pond to move almost 50′ or more in diameter in all directions, right up to the house. yes, that’s occasionally required emergency sandbagging around the perimeter of house to prevent flooding.

  9. Disgusted in OG

    I’m all for the dialog on your blog and I am quite addicted to reading your take on the market. However… with this new (ish?) reporting of “Accepted Offer” on the MLS, doesn’t your post/comment of someone ridiculously (IYHO) overpaying for a property before the contracts are signed run the risk of torpedoing the deal for the Sellers? Kinda stinks, IMHO.

    • Yeah, you’re right, Disgusted – I’ll resume my usual practice of ignoring these – I really don’t want to disrupt a sale. Becuae there are so few sales to comment on these days I’ve resorted to A/Os, but I shouldn’t, so I won’t.

  10. Stanwich

    $650,000!! CF, now I now for sure that you are trying to sandbag the market to benefit your clients.

  11. Anonymous

    I dig the house and the train bridge

  12. Anonymous

    Stanwich- don’t judge a book by its cover!! The house is a pit!! You obviously have not seen the inside. Cheap finishes!! Really ugly!

  13. Cobra

    Decades ago (and perhaps still), the railroad bridge was a cool platform off which to dive. I’d guess today any kids who enjoyed such aquatic adventures would be arrested for trespassing on Metro North property.

  14. Anonymous

    Seems like a great house to me especially compared to the houses that sold in the neighborhood for $1.0-1.4M.

  15. Anonymous

    Disgusted in OG: as Mr. FWIW has recently pointed out, he’s free to trash other listings but when it comes to his own or those listed by friends, that’s hands off. It is, after all, his blog. And he’s a lawyer so he can probably defend himself in court. Maybe.

    This all presupposes, of course, that a net-savvy buyer gives a hoot what he thinks or searches for comments on their particular dream home and lands on the FWIW website.

  16. Bill Clark

    I’d say a sale that close to assessed value is probably a fair deal.

  17. UPDATE: I learn from my all-knowing partner Fudrucker that this property is indeed in the coastal flood zone and can never be replaced. So one can remodel it, but not build new and should it wash away, it cannot be rebuilt. Risky business at any price.

  18. Cos Cobber

    Oh, thats a game changer CF.