Accepted offers

Two reported this morning, 41 Angus Lane and 13 Mortimer Drive.

41 Angus

41 Angus

41 Angus, asking $1.695 million, lasted just 3 weeks.

13 Mortimer

13 Mortimer

13 Mortimer, on an 0.12 acre lot in Old Greenwich and priced at $1.050 million, sold in five days. With that kind of speed there clearly were multiple parties interested in this house and God bless them. My own clients seem to be as taken aback by what’s happening in Old Greenwich and Riverside this spring as I am and are holding off, waiting to see if things don’t cool off. If we’re wrong and prices keep soaring well, then that’s what happens. I do know that, unlike 2009-2012, I’m not seeing anything in this area of town that looks like a solid place to dump a lot of cash.

I don’t know what specific flood zone Mortimer is in, by the way, but it’s obvious that I’ve already been proved wrong in one prediction: Hurricane Sandy, which might have served to remind people of the close proximity of water to Old Greenwich neighborhoods, has had no effect in damping sales, so to speak. Probably a good time to go long on rubber raft manufacturers.

15 Comments

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15 responses to “Accepted offers

  1. 13 Mortimer is unlucky in several ways.

    There is a pond at the south end of the street that connects to Ole’s Creek and brings tidal flooding to the adjacent lots, including the back of Shorelands. The new flood hazard elevation is set at 13, with the street at elevation 5. So house condemnations and liftings in progress are clearly visible, raising 8 ft to meet the new regulations.

    Will P&Z allow lot filling to moderate the number of steps to the front door?

    • Well if the deal falls though, Mike, I’m sure I’ll be blamed for it but I certainly wouldn’t recommend a house down there to one of my clients without first consulting you. Perhaps you’ll be receiving a call this morning!

  2. Mickster

    I see HUGE INVENTORY of homes south of village and it increases as you get closer to the water. I lost count of the number of Shore Road properties on the market. People are getting out. Builders are having second thoughts and this will reduce demand. I haven’t seen so many homes for sale in Keofferam/Sunset/Byron in ages.

  3. Anonymous

    I think the homes in Old Greenwich that are for sale on Shore/near the water are for sale because of the new Fema Regulations. I have seen a great home on Lockwood Ave as well one on Sound Beach. People want the sense of community that OG has to offer and the ability to walk to town/train/school you can beat.

  4. shoeless

    NoPo FTW.

  5. Anonymous

    I don’t understand why anyone would choose to live in Shorelands or Edgewater- many of the houses there with no water views flooded badly during Sandy. I have friends that lost much of their belongings. People do have short memories though.

    • There have been photos in the local paper after every major storm showing Shorelands and Edgewater families being brought to dry land in the shovels of huge end loaders since at least the sixties and I’m sure long before that. People live there because they enjoy the neighborhood and so long as they live in a house raised high enough above the water to keep their furnace dry, a little inconvenience is all the price they have to pay to enjoy that sense of community.
      Of course you’re right, though; it does help resales that our memories are so short.

    • Mickster

      I had one resident there tell me ruefully that the only time he got a water view was in his basement during a storm…

  6. Anonymous

    Friends of ours living on Palmer island just got the bad news from FEMA.
    Raise your first floor 7 feet higher than it is now
    Fill your basement with cement, and move all the utility room mechanicals to at least the height of your first floor….or else…
    Your annual flood insurance will go from 1200 bucks/year, up to $20,000.00
    Estimated cost to raise their home, fill the basement, move the mechanicals and build a mechanical room, north of 250k.

  7. Sanjay Bigglesworth

    I don’t think it is limited to Greenwich. There is a definite migration of folks trying to purchase housing “in town.” It appears that no one wants to live in the sticks.