A tale of two cities

Or two different neighborhoods of the same city. Accepted offers reported for 82 Glenville Road, $2.495 and 1 Quintard, Old Greenwich, $2.995.

82 Glenville Rd

82 Glenville Rd

82 Glenville Road was built in 2002 and sold that year for $3 million. The buyers brought it back on the market in 2011 asking $3.875, which probably wasn’t a wise pricing decision and now, 530 days later, with a series of price cuts culminating at $2.495, they have a buyer.

1A Quintard

1A Quintard

One (A) Quintard, south of the village, was built in 2008 and sold, unfinished (I believe the woman it was being built for passed on to that great retirement village in the sky) for $2.170 million. Those buyers finished it and put it back up for sale this past January 30 at $2.995  and have a buyer 12 days later.

Glennville Road is 5,000 sq. feet on an acre +, Quintard is 3,500 on a third. Just if you’re calculating.


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21 responses to “A tale of two cities

  1. The New Normal

    the bottom line is sheeple don’t understand value

    • No, the bottom line is that there’s more demand for a house on a private dead end road south of the village that permits walking to an excellent elementary school, a not-so-excellent-but-the-only-game-in-town train, and bike or jog to Tod’s Point, vs a beautiful house on great land but which fronts on a very busy street and is a mile from nowhere.

      • The New Normal

        demand (where something trades) does not determine value – it is the short-term clearing price; I can overpay for a crappy house and that doesn’t mean that’s what it’s worth

        the long term value of any asset (house, stock, business) is replacement cost; if the asset trades at a cost much higher than replacement cost, it is overvalued; if opposite, it is undervalued

        so unless you are espousing that somehow OG land prices have appreciated tremendously and that west Greenwich (Glenville Rd) land prices, over the same time period, have plummeted by almost a like % then they are sheeple

      • AJ

        Quintard has always been considered one of the most prestigeous and expensive streets in OG; the design matches many of the original houses in the Keofferam, Shore Acre area, though not the original houses on Quintard. Quintard is also home to one of OG’s most famous residents, who is famous for things like coming in contact with the overhead high voltage wires at the train tracks from being on top of a freight car at Electrolux, and for seeing what would happen if you made a u-turn at 40 mph in a volkswagon bus and having survived both incidents. But then the wealthy have always been famous for dreaming up new ways to unintentionally kill themselves.

  2. Anonymous

    Well said CF

  3. Anonymous

    If by great land you mean, sandwiched between your neighbors and a swamp for a yard, then by all mean 82 Glennville is great land.

  4. InfoDiva

    This is getting interesting.

    The Glenville Road house is assessed at roughly 70% of what the house sold for–right where it should be.

    On the other hand, the new owners of 1 Quintard are only assessed at 50% of their verified-by-transaction actual market value. Can an outraged, over-taxed mid-country resident call this to the assessor’s attention?

    Buy houses overlooking the railroad tracks, smell what your neighbors are cooking for dinner in the kitchen, send your kid to an elementary school where they’ll never encounter a child of a different color–fine, if you want to live that way, it’s your choice.

    But here in mid- and backcountry we’re subsidizing Riverside and OG’s attractive low property taxes–and I’m mad as hell about it.

  5. Anonymous

    Seems OG doing better than RS nowadays..

  6. D

    Replacement cost includes land value (very significantly so in expensive areas like this = high land residuals) and land value in OG south of the village has certainly done better than land on busy Glenville Rd. That’s the point – and Chris’ comment compares the two properties well.

    • The New Normal

      I actually mention land prices if you read carefully

      assuming (generously) replacement cost is $350/sqft for both homes, that leaves you with roughly 1.75mm for the OG land (with much smaller available FAR) vs 750k for the Glenville lot

      and ignore that specific Glenville house – there are numerous examples of sales of mid-country homes on quiet lanes in decent school districts that allow a much larger FAR whose imputed land values did not sell for as much as that OG lot

      and if people are overpaying for “convenience”, they’d be better off buying a 3br on the upper west side for the same price

      • D

        You’re absolutely right, you did mention land cost, my mistake.

        Comparing OG/Riverside to the UWS though you’d need to adjust for much heavier taxes (income and real estate) as well as the cost of private school just to have an apples-to-apples purely economic comparison. That being said, the lifestyle is completely different and is very much a personal decision…

  7. Riverside

    The Glenville Ave home is really beautiful, but let’s face it, it’s on a REALLY busy street! This is not rocket science – it’s an inferior location, for that reason among others, and that is reflected in the portion of the price attributable to the land.

  8. Anonymous

    Agreed, the glenville rd house is really nice. Beautiful taste, elegant and hip, but not garish

  9. Must be missing something...

    The Glenville house is very well built, the yard did not work for us… I think it will close at 2.3 and they will have a great house to enjoy life with no issues.