While I was out …

I was attending a walk-through and closing this morning but other agents were busy reporting various transactions.

175 Zaccheus Mead

175 Zaccheus Mead

175 Zaccheus Mead finally sold, for $4.730 million, after starting off at $7.3 million 1,419 days ago in 2009. If I were that developer who’s cramming in three spec houses on the same lot up on Lake Avenue this price might give e pause. The houses he’s building look a lot like this one and will probably sell for around this price but I’m guess the builder is hoping for more. He shouldn’t: people who buy these houses expect their own yard, an impressive street presence (the Lake Avenue homes have a “modest farmhouse” look, which is never going to cut it) and they insist, absolutely insist, on a house unique to themselves. Three ducks in a row on Lake or, as here, just another ho-hum builder’s special, won’t convey that aura of exclusivity.

20 Midbrook

20 Midbrook

On the other hand, 20 Midbrook, in Old Greenwich, asked $1.050 and got $975,000. That seems to me to be a good price, for both buyer and seller.

11 Bayside Terrace

11 Bayside Terrace

11 Bayside Terrace, in Riverside, closed at $2,020,000. This split level was purchased by Karp Associates (excellent builders out of New Canaan) for $1.175 in August of last year and renovated. Pretty fast money.

18 Tomac

18 Tomac

18 Tomac, also in Old Greenwich, asking $2.495 million, has an accepted offer. Owners paid $2,412,500 for it in 2008 and it’s likely they’ll be selling it for about that, too.

44 Close Rd

44 Close Rd

And then we have poor Steven “The Foreclosure King” Braverman’s ill-advised purchase, 44 Close Road, back on the market at $10.750 million. Braverman paid $9.5 million for this house “new” (I believe it’s older than the age stated in its listing, but no one ever moved in) in 2005 and has been trying to sell it ever since. He started at $12.5 million in 2006, raised it to $13.995 in 2007 and slowly dropped it over the years until April, 2013, when it expired unsold back where Braverman came in, $9.5 million.  I presume the foreclosure is complete and the bank that so improvidently loaned money to Braverman now owns this property. They’ve priced it at $10.750, apparently on the assumption that the only thing preventing its sale until this past April was too low a price tag. It was this quality of thinking that caused the bank to so foolishly lend money here in the first place, so look for the house to be around awhile. So far, it’s been actively for sale 2,369 days, but I’m sure the bank can improve on that.

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9 Comments

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9 responses to “While I was out …

  1. anon

    Schuss, don’t tell anyone, I heard the buyers of 175 ZM demanded, as a clause in the closing, that a Swiss-made gondola be installed in the Alp-like backyard.

  2. CEA

    January 20, 2012

    “The Board’s back up and reporting and not only is there a second accepted offer to add to this week’s Havemeyer contract, it’s in the mostly moribund $5 million plus category. 175 Zaccheus Mead has found a (contingent) buyer. Last asking price was $5.999 million. This is a nice house if you like ‘em big and it’s on a good street. It was custom built and that quality shows. Before you owners of houses in this range get overly excited,however, you should know that this started at $7.3 million in 2009 and spent 975 DOM. Don’t pack your bags just yet.”

  3. Anonymous

    Zaccheus Mead had (and maybe still has) major drainage issues that needed to be addressed. Does anyone have any info on this?

    • They lost a law suit brought against them for diverting water onto the neighbor’s yard, but I believe that was resolved long ago (see the berm in the backyard). The ” solution” might have exacerbated the water issues on this lot, maybe, because there were a couple of busted deals. Whatever the problem.if there was one, must have been corrected, because it sold.

  4. Anonymous

    I agree with your comments regarding the 3 houses on Lake Avenue, Chris. What is that developer thinking? What a scar on that otherwise beautiful section of road.