(Almost) in-town living, for a price

 

26 North Street (actual photo)

26 North Street, a 1904 house on 2.13 acres in the R-20 zone reports an accepted offer after just 42 days on market, which suggests that someone will be paying close to its asking price of $5.695 million. Gosh.

The land was listed as two parcels but both are going to one buyer so I hope it’s being sold to a homeowner who plans on keeping them together.

13 Comments

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13 responses to “(Almost) in-town living, for a price

  1. Anonymous

    You are the the real estate professional, I don’t profess to have any expertize, but all I can say is that anecdotally I know plenty of finance people who have been on the fence about buying properties who are thinking about pulling the trigger. New York City has more varied and richer demographics but prices there are back to the highs, mid country Greenwich is trading around 2003 ish prices. As you have reported the problem seems to be not a lack of buyers but sellers who are not willing to recognize what the comps are saying. There have been high end sales in the $6MM price range, Cedarwood, Cornelia, etc. All those highs would have traded $7MM + at the peak.

    • I don’t disagree, Anon – I have two such deals going myself, but the buyers want value and, being mostly traders, prefer to see (the other guy’s) blood on the floor. When the price is finally right, in their estimation, there seems to be no reluctance to buy.

  2. Kat

    Hey Chris, I am new to Greenwich but love your blog. What is the background on 450 North Street. Great house but why is it not moving??

    • Big, cold, and grossly overpriced at its debut and after six years, buyers figure that if there weren’t something wrong with it it would have sold long ago, so they avoid it. That’s a common phenomenon afflicting overpriced homes in all ranges so my advice has always been to price to sell, rather than dream. The stigma attaching to a stale listing really hurts its value.
      UPDATE: wrong house – see comments below for a much more favorable take on the house you’re referring to.

  3. Anonymous

    Ehm – Chris, could that be 504 North you are describing there? 450 North certainly has its own set of issues, but it isn’t that big or cold. It is currently bank owned – the bank finished the house relatively recently – looks much better now than before. The location is not ideal – busy corner on North Street… But priced at $4mm for new construction, it’s not that far off I think…

    • Oops! Quite right – 450 was a failed Patriot loan, now completed by Summit Development. Not a bad house at all, but its location so close to the road probably hurts it. I can’t think of any particular reason it hasn’t sold except for the road issue because it isn’t a bad house and its price is fairly reasonable, post-foreclosure.

  4. D

    26 North is a killer property so I can see why someone would pull the trigger on it – if they’ve been on the sidelines waiting for something special. BUT, I just hope that someone isn’t trying to get out of their driveway in the morning. That chunk of North St is pretty crazy in the morning and when school(s) let out.

  5. D

    haha, every morning?? I’m sure an off duty would oblige. In my first comment, I was going to say that, at this price, even your driver will have a hard time getting out of the driveway.

  6. Hey D: I was just in Greenwich and a blue Lexus went flying by me on Taconic Road with the license plate “D”. C’est vous?

    Speaking of Taconic; a new build is going up at about 150-something, on the right leaving Greenwich. Spec house?

    I agree with D about 26 North being killer property. Could stand a new paint scheme, IMHO. The yellow and red seems harsh to my eyes. But congrats to the new owners and thrilled to learn they plan to keep the land intact.

  7. D

    Hey EOS: Definitely not me. I drive an old black acura even though I could afford better. Never been a fan of personalized plates either although we have some funny/sad ones around town…

  8. Anonymous

    26 North deal collapsed after inspection and huge price adjustment.