Two sales

35 Andrews Farm, 5 Mimosa.

35 Andrews Farm

35 Andrews Farm

35 Andrews sold for $12 million in December 2003, $11.2 million in January 2005 and was returned to the market in 2008 at $12.5. It sold today for $6.3 million. Oops.

5 Mimosa

5 Mimosa

5 Mimosa is one acre with a 1964 house on it. $910,000. So-so land, but a full acre, so ….


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23 responses to “Two sales

  1. Cos Cobber

    These price cuts on homes over $5MM are reflective of current and anticipated future tax policy. The after tax big money is becoming harder to make and those with it are justifiably reluctant to plow it into large houses.

  2. anon

    So what does it say about the Andrews 2003 deal?
    a) stupid buyer
    b) stupid and rich buyer
    c) smart selling agent
    d) rich and now retired selling agent
    e) all of the above

  3. Anonymous

    Anon at 5:51 pm sounds like someone with inside information.

  4. D

    Sorry, but there’s no way tax reasons could justify losing $5M. Something else is going on here…

    • Anonymous

      The Taconic Road area by Andrews Farm is not that high end there. It may have been a new development. Still irrational to pay $11 or $12 million for a developer house in a good but not great area of town even back then.

      I could understand that price for one of the great estates of Greenwich. This one, while a very nice house, was never worth anything close to the 2003 and 2005 prices.

  5. Anonymous

    Based on the Mimosa price, why are the “fringe” homes in places like Bailiwick and other western parts of town so much more expensive for the same 1970’s condition?

    • I’m not sure that they are – sales are always slow over there and prices have dropped substantially but it’s a different market – Westchesterites, and they’re probably so snowed by the lower taxes that they’re glad to pay for the privilege of living in Connecticut.

      • Some Westchesterites went to business school and do the math of adding the comparable mortgage payments and tax bills to see which is cheaper.

        And NY seems to be slowly lurching toward financial sanity while CT seems bent on becoming the east coast version of CA.

  6. Anonymous

    The Mimosa house looks like a good buy for that price. In a decent area, okay house and under a million for an acre. This type of buy will not recur in the spring. It is going to be more money for the same house.

  7. Anonymous

    Andrews sold for 7.2 million in 2005. So the resale seems pretty typical of the depreciation experienced in this area since the bubble burst. There was and additional 8 acres that were once part of this property which might be messing with your reported numbers.

  8. Anonymous

    the Mimosa house is a total tear down!! unlivable and in a suspect area of town. Seller made out!! Buyers got a pretty good deal on Andrews.

    • Anonymous

      Why is it a total teardown? In my humble opinion, looks like a nice house. Then I am a baby boomer and our generation did not go for mansions, expensive renovations or the like.

      Mimosa is a nice area even if a little out of the center of town. One acre is not easy to come by at this price. North Mianus and Eastern Middle Schools, the zoned schools here. both have great ratings.

      Do not understand your scepticism?

        • Anonymous

          I did not see it by the way, but know Mimosa. I would like to have that house or have one of my kids have that house. Nice house. If it needs work, or has mold, or water, cheaper to fix up than tear down unless it is built on a swamp or something like that.

        • Cat Rocker

          Looked at this house in November and agree with the first comment that this is a tear down. I believe the pictures are dated – the house had a poor layout, looked like it had gone years without proper maintenance and the land itself suffered a lot of damage (downed trees, etc) during Sandy. The property was also awkwardly located. The sellers made out.

  9. Anonymous

    What happened to 1 birchwood. It seems like a similar story.

  10. Westchesterer

    Mimosa is an inside lot with hardly any street frontage. How much does that affect the value?

  11. anonymous

    The Mimosa house, were it located in mid country or Striverside, would certainly be a tear down at any price. In Cos Cob, it’s a palace.