Accepted offer and the return of a native

2 Horseshoe

2 Horseshoe

2 Horseshoe Road, Cos Cob, asking $1.385 million, has a buyer. I liked this house and thought it was a good value. Two different sets of clients looked at it, saw its value but declined to bid, but that was because its site didn’t serve their requirements. It sits up high on rocks and overlooks ponds on two sides. Parents with young children get nervous about rock “cliffs” these days; in my time, we’d see them as a great opportunity for climbing but never mind – times change. The house itself was gutted down to the studs not long ago and pretty much completely rebuilt. Here’s a case where price really wasn’t as relevant as waiting for the right buyer. Listing agent Tom Broadhurst did a good job pricing it to begin with (that just means I agreed with him, but heck …).

11 Loughlin Ave

7 Loughlin Ave

7 Loughlin Avenue, also in Cos Cob, is back after reporting an accepted offer a few weeks ago. The sellers made two mistakes, I think, when first listing it in January; one was pricing it at $1.750 million, the other was demanding that a pre-qualification letter from an approved lender be presented before the potential buyer could even enter to look at it. I don’t know whether they corrected that second error; I wouldn’t go near it, but I give them credit for recognizing that their price was too high and rapidly correcting it, taking large price cuts repeatedly until they hit $1.195 and finding, or so it seemed, a buyer.

I don’t know what went wrong here, and there are so many reasons a deal can fall through that it’s unfair to speculate, but the house is right on Loughlin Park and an easy walk to the train or what passes for the Cos Cob shopping district – seems like a decent value, today.

13 Comments

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13 responses to “Accepted offer and the return of a native

  1. FRF

    All the offers we submitted were accompanied by a Pre-qual letter.
    And it worked!

  2. FRF

    Any would be buyers our there would be wise to do the same.

  3. AnonA

    Regarding 7 Loughlin. Two words: flood zone.

  4. Anonymous

    flood issues just killed a deal we worked on trying to buy. city was impossible to get clear answer from.

  5. Anonymous

    getting elevation certs, soil testing, site surveys, etc. will either be a boon for those firms, or a total bust because nobody will even bother doing ’em anymore, thinking it’s an utterly lost cause. we were about to begin the process of spending about 15 grand for a variety of tests, but it’s literally throwing money away given the current state of affairs. p&z would absolutely in no uncertain terms give me any guidance that what we were proposing would work. the answer was, basically, get a full monty of tests & surveys, bring in a plan, and toss a coin if you want odds on getting approval. and expect to spend years in variance purgatory. there is no such thing as guidance, or explicit rules, or anything resembling normal government building processes anymore.

    and don’t even get me started on obtaining insurance…. where the average premium will be 8-10k if you’re within spitting distance of flood zone. the ins. agent we spoke with said he’s got folks now paying 20k+/yr on marginally large properties, and for the bigger stuff, the figures are embarrassingly high.

    in other words, move inland, up high.

    • I am afraid we’re going to see this summer what I predicted would happen: the complete unmarketablity of land in the two flood zones: direct waterfront VE and the second, AE zone further in. P&Z’s inability to provide any guidance to interpretation of its own rules is killing this.

  6. Anonymous

    seriously to all homeowners in flood area, call or meet your ins. agent to confirm hazard premium and nifp or fema policy changes comin’ in july if you’re ae or ve zone. be prepared to bring some lube and squeal like a pig, ’cause it won’t be pretty. i just got quoted almost 18k for a policy that last year would’ve been around 3.5k.

  7. Rivman

    I painted the horseshoe house in college. We buried one of my coworkers in that pond.

  8. Listing agent for 7 Loughlin here. Avid reader of your blog so it was great to see your input on this home, Right on the early listing errors but all has been corrected. Truly wonderful home. Yes, 100 yr flood zone. Home has 2 sump pumps and had no claims or damages from superstorms.

  9. Anonymous

    listing agent–that’s great and lucky for the owners no claims or damage. but insurance co’s don’t care. house is in the zone. done. end of story. owner has 3 options: 1) sell, 2) stay & open up wallet big time, or 3) pay off mortgage and go without flood insurance/self-insure.

    • Hi Anonymous – There is no mortgage on 7 Loughlin but they keep flood insurance. At less than $250 per month, it is a small expense and gives peace of mind – even if they never use it.