Keofferam waterfront sale, $5 million

The calm before the storm at Keofferam Beach Club

The calm before the storm at Keofferam Beach Club

This was an August contract, closed today. 15 Meadow Place, asked $7.495 September, 2011, sold for $5,032,300 (must have been lawyers negotiating on both sides of this one) to one of the listing agent/owner/builder’s own clients. That first price was a tad ambitious but $5 million for 0.45 (19,000 sq. ft.) in the R-12 zone, right on Old Greenwich Harbor with great views and easy (small) boat launching? Good deal for buyer and seller, I think. There’s a house already on the lot that I’d be delighted to live in but this is purely a land sale, and we can expect something new to go up.


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8 responses to “Keofferam waterfront sale, $5 million

  1. Perfect time to ask this question: I have noticed a plethora of waterfront houses for sale post-Sandy. Some, previously marketed, have seriously reduced their price. Others are new listings. Yet in both circumstances, the realtor has posted photos of a pretty beach, happy sunsets, and wrap-around porches still intact. It is reasonable to assume many of these houses suffered some damage, maybe serious damage, by Sandy. I’m not talking Greenwich, mostly north, like Westport and up. Is there any moral obligation of the listing agent to make mention of such damage in the copy, or even show photos? I’d rather know from the get-go rather than having a realtor think I’m a dumb hick from inland Bedford. Oh wait.

    • I’m of the opinion that anyone who can sink (deliberate choice of verb) millions into waterfront property is either sophisticated enough to understand the ocean and its power or too stupid to care, in which case he deserves to lose everything.That’s why my waterfront listings all include pictures of coconut palms and bare-breasted Tahitian beauties.

      • We got duped thirty plus years ago in the first home we bought in Bedford. No ocean front there. Before closing, the house inspector noticed some water damage in the basement and we inquired, through our agent to the owners who said they had never seen the basement flood. This family was prominent in town and went to church with us so we ASS-U-MED they were telling us the truth. Oh the naivety of it all. We even asked the owners why the inspector found some water damage and we were told their washing machine flooded. We bought the house, moved all our things into the basement while we spent the summer at the beach, came home and ALL our boxes were soaked and ruined. Baby photo albums. Clothes. Ugh. Seems every time it rained hard, the basement flooded. Big time. We told the realtor (someone we also knew) and she said there was nothing she could do that if the homeowners weren’t truthful, that was our dumb luck. Worse, everyone else in town knew that basement flooded, as on rainy days people would point and laugh – how’s that dry basement doing? We were furious, hated even seeing the people who sold us the house, but bad karma will get you every time. The husband later got arrested for stealing gobs of money from his father’s business that he was hired to run.

        So, what does this possibly have to do with buying a house on the ocean you ask? In my opinion, it comes down to legal disclosure. Just because you might have the means or lack brains to buy a house on the ocean doesn’t mean the sellers or their agent don’t have a moral and/or legal obligation to say “yes, this will and does flood”. I’d much rather say on my house listing what has or can happen and run the risk of not selling it than be Lying Lyerson. Does that make any sense?

  2. The Mickster

    Owner is an attorney who also was the Realtor on BOTH sides – I assume the office negotiated the deal at arm’s length – you know it was a nightmare lol

    • Hence my slighting reference to lawyers, Mickster. But the next time I see Peter I’m going to ask him how that exact number was arrived at – I picture Peter throwing himself backwards, head over heels, then twisting his own arm behind his back until he cries uncle, but perhaps there’s a less dramatic explanation.

  3. Anonymous

    We made an offer on this house for $5M a year ago and were told to get lost. What a difference a year makes.

    • I’m only surprised that he got what he rejected – the usual pattern for these things is for the offended seller to eventually sell for far less than the offer he so haughtily rejects, so Peter was fortunate to lose just a year’s opportunity costs and carrying costs.