Letting go of a dream can be difficult

 

56 Old Church Rd

56 Old Church Road announced another price cut today and it’s now down to $2.495 million after starting off in 2008 for $3.750. I knew it was ridiculously overpriced then and I’m not wild about this new price either.

Unlike the sellers, I view this not as a 1905 house ready to be brought up to date with, say, telephone and electrical service but rather as 13,068 s.ft. building lot in the R-20 zone. That’s a very small (for Greenwich) house that can be built here – by my math, 2,940 sq.ft., including a garage. What’s an under-sized building lot on Old Church worth? I’d think it’s less than what’s being asked, but a buyer will decide that, not me.

13 Comments

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13 responses to “Letting go of a dream can be difficult

  1. anonymous

    The plants on a board on the radiator in the dining room is a nice touch as is the peel and stick white brick linoleum tile in the sun room. Cindy Rinfret shabby chic?

  2. D

    There was a small crumby cape just down the street from this (closer to post rd) that went to contract. Did it ever close? It was in awful condition, but I think the lot was bigger than this one…

  3. Anonymous

    Is that street zoned for banks? Looks like a nice structure for Wells Fargo or Chase to occupy.

  4. Anonymous

    Call me crazy, but I think this house has potential, although I concede it will take a lot of effort (and money). On a totally different topic, what is the scuttlebut in OG about the building going up next to the hardware store? I have not seen any active construction or workers since July. Building code violation? Ran out of money?

  5. ILL-Logical

    You might want to take a look at the house before passing judgement. It is updated recently enough that it has central a/c and has an old world elegance that the new town houses on Milbank try to emulate. The master bedroom connects through to a study
    and a sun porch, so you could have a suite with walkin closets etc without a lot of reconfiguring. It ‘ s not so vintage that the kitchen is the hidden away in the cellar for only the scullery maids and the two car garage can accommodate both the horse drawn carriage and the SUV.
    And what’s wrong with “shabby chic”?. Pottery Barn nouveau can get a llittle monotonous.

  6. anonymous

    Actually the value is in doing something with the 4700 sq ft house since you would lose half the size if you knocked it down and wanted to replace it.

  7. Anonymous

    I agree with Anon at 9:46. I think the house is worth saving and could be quite lovely. True – a total gut job but the bones are solid.

    • Depends how much it will take to restore it vs. how much a modernized house is worth on 0.3 acre on this street (which is a great street, by the way). I still think the place is worth land value only, which is not to say that its new asking price is unrealistic, I just wouldn’t assign any value to the building that now sits on that land, restorable or not.

  8. Architectural value

    Most people assign value to brick buildings and think saving the shell is worth$$while. But lately those 8′ ceilings are removing the desire to save exterior walls.

  9. ill-logical

    This house has nice high ceilings