Marginal neighborhoods still suffering

 

18 Stillman Lane

18 Stillman Lane, off of Glenville Road, asked $4.750 million and reports an accepted offer today. The high $4’s is obviously not a bad neighborhood, of course, but this same house sold new, full price in 2007 for $5.8 million.

The houses built on this Rockefeller land are all of extremely high quality and as the plantings and trees mature the neighborhood is looking better, but Glenville Road remains Glenville Road. If you want to know which are the most desirable areas in Greenwich, watch the price performance – the questionable zones drop earlier, more, and stay down longer.

As has happened here.

35 Comments

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35 responses to “Marginal neighborhoods still suffering

  1. Anonymust

    Riverside, Old Greenwich and Cos Cob must be by far the most desirable areas in Greenwich!

  2. anon

    interesting that when they first tried to sell it, their Sotheby’s agent knew not to ask more than they paid, suggesting a subtle $5,495,0000 back on 3/16/2011. It can’t be easy to know in five years you lose a million dollars right off the top, then more when you add in fees and commission.

    I’ve always wished listings would be required to tell you WHY the person is selling. I know that’s a fantasy but……….

  3. Walt

    Dude –
    I went to YouTube and watched Michelle’s video a few more times. YES I POPPED MY PEANUT!! But I went there purely for research purposes. REALLY!! NO KIDDING!! I am weak. What can I say?

    Anyhows, that video was posted July 18, and it has over 14 million views already!! That is like what? Over 5 million per day!! You have been writing your drivel for years now, and you still can’t drag your sorry ass past 10 million hits. What does that tell you? You loser.

    You need multimedia. We need to launch CFW Broadcasting in a big way. As soon as possible. Audio and video. We can launch a YouTube TV channel!! But we need hotties. You know any? Just kidding

    I will call Steph. She is local. Think Kate Upton will be interested? Let me try her. Do you think you will work in the visual medium? I know you like chubbys, but that is a niche fetish market. You perv. We want broad appeal, right? You aren’t a BFS are you? That is big flat slob Dude. If you are, maybe we can just dress you in black, which fits your personality!!

    Do you have a video camera? If not, I will pick one up at CVS. You want to rehearse today? I vote we go spontaneous. Shoot it and show it!! Right?

    Your Pal,
    Walt

  4. Towne

    are we really putting Cos Cob in the same league as Riverside and OG ?

  5. Inagua

    “Still suffering” seems a bit biased. How about, “Marginal neighborhoods still off 17% from peak bubble prices, while prime neighborhoods have fully recovered?”

  6. Anonymous

    If this is the case then why are the prices in the nicer sections of the glenville school system (ie Stillman, Pecksland, Baliwick, Midwood, Mayfair Hycliff etc) WAY more expensive than Riverside and OG. They are comparable to mid country. So, even though it has a bad rap the prices don’t say that.

  7. The last time I sold a house I had a standard response when potential buyers asked why we were selling. I told them that there was an alien spacecraft buried in the backyard and I was concerned that someday the owners were going to come back to dig it out and tow it home.

    My agent, for some reason, didn’t think this was funny.

  8. InfoDiva

    Funny that Glenville Road was good enough for the Rockefellers but is now considered “marginal.”

    Riverside and OG are hot areas and many houses are severely impacted by I-95 and the train, but that can somehow be overlooked. The Rockefeller land was, and is lovely. So what is the problem?

    Glenville School and Western Middle. They’re the most diverse schools in town. Heaven forbid your kids should go to school with a less-advantaged child of color.

    This is the ugly, dirty secret of the Greenwich Public Schools. It’s been going on for the 30 years I’ve lived in town. Realtors understand it and tacitly perpetuate it. The Board of Education wrings its hands and seeks expensive, magnet school “solutions” instead of addressing the issue by redistricting.

    The argument that kids need to go to their local school is hollow. Somehow it’s OK to put your OG kid on a bus all the way to the other side of town to go to Brunswick, but a shorter (and far more direct) bus ride to Ham Ave would just about destroy the little darlings.

  9. anon

    Richard: I always wanted to say there was a double homicide but that we got Stanley Steemer to clean up any silly mess. Realtors are humorless, aren’t they?

  10. Anonymous

    Prime neighbourhoods like mid country are not even close to fully recovered, plenty of examples of homes that are trading at the same discount to the highs as Stillman Lane.

  11. Cos Cobber

    Info, private school kids are making the elective – a private choice – to cross town bus or attend boarding school. public schools kids chose their neighborhood based on the local school and enjoying school with their neighbors who do not attend private school. her in cos cob its wonderful that every house on my street – who doesnt attend private school – has cos cob school in common with one another.

  12. Anonymous

    Glennville School is overwhelmingly white. WMS, which is fed by Hamilton Ave, New Lebanon, and some of Parkway is diverse.

  13. Anon, when the commission is at stake, the sense of humor goes right out the window. And anyone with any entrepreneurial spirit would have bought the house just to salvage the alien spacecraft. Image the technology spin offs that would have created.

    Of course they would have had some ‘splaining to do when the owners showed up.

  14. Anonymous

    I thought this house was owned by the bank??

  15. Anonymous

    18 Stillman Lane is a lovely house – much nicer LOT than the house that sold across the street last month – the present owner spent a great deal of money flattening the land and putting in a pool, as well as redoing the basement so his total investment is in the mid to high 6s. Mind the gap. The house needs some work, having been neglected for a number of years but the proximity to town makes it an attractive proposition. There are definitely better qualty, newer build properties available in Mid Country that offer more rewarding investment opportunities.

  16. Anonymous

    Anonymous at 1:45, which ones? Seems new construction in midcountry is trading 5.5 – 6.5mm.

  17. Rick

    When someone asked, I told them we were going to take care of my father-in-law Baldar who was back in our old home town of REMULAC (France).

    Oh do I miss the original Saturday Night Live.

  18. Patrick

    Someone buying a $5m house is probably sending their kids to a private school. I doubt this issue is about schools in this situation.

  19. Riverside Chick

    Not so much about the schools more about location . Riverside and OG trains very accessible sports activities ie football, baseball soccer 5 mins away, cvs 5 mins away. Most important beach 10 mins away. Riverside has become a Argentinian/ Brazillian Mecca. Riverside school has become very diverse. Ok by me,they bring cash to buy big houses.

  20. Anonymous

    Mid country new construction seems to be trading 5.5MM to 6.5MM but would have been closer to 7MM at the peak in 2006-2007.

  21. Riverside Chick

    At the risk of not being politically correct the parents that send their kids to private schools now are the kids that need smaller classrooms and need more attention. The public schools are quite competitive and most of these kids need extra help. Yes I have 4 kids, all went through Greenwich public school system. Example- friend sending kid away to boarding school for 9th grade, major academic and behavioral problems should not have even graduated from Eastern. Sorry to burst everyone’s bubble.

    • I’ve always said pretty much that, Riverside. Not that private schools don’t have some tremendous students – they do – but that they also provide a better learning environment for the poor student. A self-motivated, self-directed kid will get a great education at the high school. A bored slacker (and I was one of them) can easily get lost among the 3,000 students. I would have loved to send one of my three kids to private school, while the other two probably wouldn’t have benefitted. As it was, we didn’t have the tuition so everyone stayed public and, ten years on, all turned out just fine. We parents like to worry.

  22. The New Normal

    Riverside Chick,

    You sound like you really believe what you are writing. I bet you think that some of the small liberal arts colleges and better state schools are also on par with Harvard/Yale/Princeton. Or that working at some of the second tier lawfirms are the equivalent of S&C, Wachtell or Cravath.

    After legacy admissions (existing siblings) and faculty kids, the admissions rate for Greenwich Country Day, Brunswick and Greenwich Academy were under 15%. To put that statistic in context, it is on par with admissions of Ivy League universities.

    I am not saying that a child cannot receive a good education in the Greenwich public school system – smart, motivated kids and parents who care will find success almost anywhere. But when I hear parents denigrating the top private schools it really sounds more like envy than anything else.

    Here are some nuggets: good luck getting your child to participate in competitive varsity sports at Greenwich High School unless he is exceptionally gifted athletically. Or getting the extra attention to really maximize her full potential academically in a class of 20-30 students. Hopefully your child is not the target of bullying – that would kind of suck in this day and age of social networking. And in a high school of 2700 kids I am sure fitting in somewhere shouldn’t be a problem – let’s just hope it’s not in the “wrong crowd.”

    But alas I am sure all of the successful people who graduated from elite private schools are just an anomaly – kids who were born on third base and thought they hit a triple. I would think parents who send their children to such institutions are hedging life’s risks as best they can, not setting their kids up for failure.

  23. AJ

    In California and, I believe some other states, they can vaccinate you’re child with questionable, possibly dangerous vaccines without your knowledge or permission. In many areas, for no particular reason other than there’s money to be had for putting children from the system, you can find yourself involved with child protection services, courtesy of the school. Here, a child was removed from the custody of his single parent by a judge because he was to fat. Private schools are one way to avoid your family’s involvement with the state.

  24. AJ

    Does the Manero house still stand on Glenville Road?

  25. Anonymous

    Three roads, all zoned for the same schools, Glennville, Zacheus Meade, and Round Hill. Two of these streets are blue blood expensive. One is not. Why?

    • Glenville’s the frontier- lets see how it’s faring 20 years from now.
      And you’re right: this isn’t (entirely) about school districts, it’s about Glenville being close to Riversville which is itself beyond the pale.

  26. Anonymous

    What’s wrong with Riversville Rd?

  27. Riverside Chick

    The New Normal,
    Didn’t Tina Pray attend one of those elite schools you are referring to?

  28. G'wich Transplant

    With all due respect to the Greenwich public schools, the really great boarding schools on the east coast (these would include Phillips Exeter, Phillips Andover, St. Paul’s School, Deerfield, etc.) are really incomparable when it comes to facilities, class size and other educational benefits. At the expense of sounding dramatic, they absolutely blow away the Greenwich public schools. My view is that many parents send their kids to places like GCDS becuase they are feeders to the elite boarding schools mentioned above.

    As an example of the facilities, check out the Exeter web page and click on the links to the library and athletics facilities. Library designed by Louis Kahn holding 160K volumes, separate music library. Athletic facilities include 220,000 sq ft (!) gym, 33 acres of playing fields, etc.

    http://exeter.edu/

  29. Towne

    addressing InfoDiva , moving to greenwich some years ago it wasnt about the elementary schools and their diversity .. in fact when suggesting to friends what areas to look it has been proximity to town ,beach and shops etc … whereBryam suffers from houses be congested etc …so i dont think anyone looks down on Glenville and or Bryam for other reasons …. that said .. i have always heard that at least with size of HS .. that the school addresses students with special needs or those exceling , however a lot of kids get ” lost ” in the size of the classrooms etc

  30. KMA

    Stillman is a great neighborhood of nice homes. The problem with it is Glenviille. Glenville Road is the gateway between Port Chester/Rye Brook and Greenwich. It is also damn woodsy. Lots of deer, ticks and rambling trucks traversing on that road. Private schools are $30k per year and boarding schools are even more. The only thing that really maters is a good job from college and we know that has to do with connections. Of course boarding schools are nicer than public high schools, but that means your 14 year old is leaving the nest way too early. Are parents willing to ship their kids away for 4 years of High School, then 4 years of college and eventually perhaps Graduate School. There is no way the payback on that investment is attractive unless money is no object. But I doubt in this regulated Wall Street environment, most people are getting paid what they used to even two years ago.

  31. Anonymous

    Stillman is a great starter family neighbourhood – there are a bunch of new bigger and nicer houses being built on the street. 18 Stillman is a lovely lot, however the house itself is tawdry and is bad need of renovating having been neglected for a number of years. It doesnt take away from the fact the present owner paid the top of the market, ploughed money into the property and after he pays his realtor will have outlayed close to $7m. One has to feel sorry for this family to lose close to 35-40% on an investment on a spec house in such a short period of time. Hopefully the new buyer will wont make the same silly mistakes.

  32. Anonymous

    @ anon 2:26 pm

    “the house itself is tawdry and is in bad need of renovating having been neglected for a number of years”

    How does this happen to a house only built in 2007?