Daily Archives: April 17, 2012
164 Round Hill Road has dropped its price again and now asks $15.750 million. This is a whopper of a house – 17,000 square feet, but the land around it was sold off long ago and it now sits on just four acres. That’s nothing to sneeze at for this Riverside boy but it must have been magnificent when it had a 100 acres or so.
Its recent sales history is interesting. In 2001 it was placed on the market at $19,000,000 and sold 671 days later for $12,000,000 in 2004 (if you smell Bridal Path Lane, you’d be right) . These owners tried the same original price: $19.5 million in 2011 and have been adjusting it since. Today, $15.7, tomorrow $12? We’ll see.
There are ten houses priced between $15 and $19 million right now. Two houses asking that much sold for $16 million in the past two years (Direct waterfront and Conyers farm), six more with asking prices there sold for eleven million or less. Just saying …
5 Bridal Path Lane, down in Riverside’s Harbor Point association is a perfectly nice 1957 house (although the latest listing doesn’t include a single picture of the house so we can assume it’s a teardown) with direct waterfront and a pretty good view (overlooks Tod’s Point and a portion of Long Island Sound but not the New York City skyline). Waterfront in Riverside sells quickly and this one would have, I’m pretty sure, if it hadn’t been price at $12 million back in 2010. Now, with a new broker and after 671 days on market, it has a new price: $6.275. How an experienced broker could price a house at twice its market value (assuming it has now even approached its market value) beats me but so it goes. My guess is that this property would have sold long ago for at least a million more than it’s now asking had it been priced properly to begin with.But that’s speculation, since it never happened.
Exactly a week ago I wrote about the new listing at 145 Parsonage Road praised its price of $4.995 million and predicted that it would sell quickly. Today it has a fully executed contract. That quick and you can assume a full price offer or even an offer above asking.
There are 52 houses currently for sale asking between $4.5 and $6 million There have been eight sales / contracts in that range this year (including this one ): five in Riverside and Old Greenwich, three (again including this one) in the rest of town. So figure it out: yours was one of fifty-two houses rejected by every buyer in this price range this year. Does that even suggest your problem?
Yield on Spanish debt fell today at the weekly (?) auction. In fact, the results of that auction are driving the DOW up. I would think that a lower yield means buyers perceive less risk, right? But also today, Spain’s central banker stated that the country is “back in recession” The prospects look dire yet the traders pile in. So they’re counting on another bailout coming, I suppose. They may be right, but I wonder whether anything is “too big to fail” these days, and if so, how long taxpayers around Europe and in the US will agree.
8 Osceola Drive has been listed for $1.5 million. Open house is Thursday so I haven’t seen it but the owner’s one of the best builders in town so, unless it’s a tale of the cobbler’s children, it should be in excellent shape. The listing describes it as both a “traditional ranch” and a “wonderful Tudor” so take your pick. There seem to be three floors, so if it’s really a ranch, it’s hardly traditional.
Osceola is a quiet street with a convenient location, close to Laughlin Park and an easy walk to the Cos Cob train station or Starbucks on a Sunday morning. A half-acre in the R-12 zone so plenty of expansion room. Greenwich address, Cos Cob and Central school district – your kids will learn a trade and be far ahead of their college “educated” peers.
Roseanne Barr attacks Ann Romney. The ego of this woman, a failure in radio, television and marriage, thinking that her opinion actually matters.
60 East Elm has sold for $3.6 million. Sellers paid $4.125 for it in February 2010 so, adjusting for commissions and conveyance tax and such, he paid $33,000 per month for two years, just to live here. It’s a beautiful house, but that’s a steep rent. With luck, a relocation service is picking up the tab.
That’s what the owners (I’d never blame the agent for this bit of stupidity) of 180 North Street have done, raising the price today from $3.995 to $4.295. I have never and will never understand the warped thinking that goes into this kind of decision because if no one wanted it yesterday at $4, why would they want it today at $4.3? Besides, the market already knows that you’d take $3.999 less a discount, so why bother with this charade that will only drive offers away?
And speaking of odd thinking, I attended an open house today for a house priced at $3 million – it’s in fair to good condition, rather cramped and certainly dated, on an intersection. The listing agent asked for price opinions – usually a sure sign that the agent fought with the client over price and then accepted the listing at the owner’s price. I won’t do that, but many agents will. Anyway, she asked, I felt generous and told her $1.995 was the top asking price. If it were my listing, I’d place it at $1.795 and hope for the best. Lest you think I’m just an old stick in the mud, I spoke with two of the best agents I know outside after we’d all seen it. One thought $2.495 might generate an offer in the very low twos, the other said $1.995. This one will be sitting on the market at least as long as 180 North Street, unless the owner heeds those price opinions her agent solicited.
Not really old – 2006 – but couldn’t resist the headline. 7 Chestnut Street, over in Cos Cob near the water filter plant, has an accepted offer, was asking $1.345. Looks okay to me. Possibly modular, no masonry chimney, a back yard that you might want a climbing harness, pitons and maybe some carabiners to stay on, but what do you expect for this price range? 3,393 sq. ft., plus a finished basement. No charge bonus: cell phone reception should be great once the antenna goes up on the filter plant.
All kidding aside, this is a nice little neighborhood and I think the buyers are doing well here.