Real estate

A number of sale prices reported today, along with two accepted offers.

Sales first:

One Sparrow

One Sparrow

1 Sparrow Drive, Greenwich proper, $3.995 million.

Round Hill

Round Hill

558 Round Hill Road, land, $3.5 million.

6 Loading Rock

6 Loading Rock

6 Loading Rock, Riverside NoPo, $2.4 million. The sellers paid $2.350 for it in 2009. This was – is – a fine house, directly across from the community beach and really well made. The builder who erected it tried to get $3.695 for it in 2008, which was  a foolish price in any market and certainly not the right price during a market crash. But $2.350 looked pretty good in 2009, and $2.4 looks good today.

16 Split Timber

16 Split Timber

16 Split Timber, across Sheephill from Loading Rock, sold for $1.325. That’s what this development is selling for these days.

6 North Ridge

6 North Ridge

6 North Ridge, Havemeyer, has an accepted offer: $895,000.

10 Boyd Lane

10 Boyd Lane

And 10 Boyd Lane, new construction priced at $2.178 million, also has a buyer. This land was purchased for $562,000 in 2011, so the builder is doing very, very well.

Boyd Lane, by the way, is the site of the Great Greenwich Whiffleball controversy back in 2008. The field’s gone now, plowed under by the town, and the high schools kids who played on it are all in their early twenties – everything’s changed, especially the value of the land the game was played on.

34 Comments

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34 responses to “Real estate

  1. LAK

    So that whiffleball field is now a house?
    I thought it was land owned by the town in between 2 houses?
    If I lived in that house while they were playing…I would have pulled up a chair & served them lemonade.

  2. George Leroy Tirebiter

    OT (feel free to move to a new posting–I suspect you will want to)

    “Yes, I shall gloat: The Editor of NY Newspaper, whom Unethically released Names & Addresses of LAWFUL Gunowners, FIRED!”

    http://www.dailypaul.com/295296/yes-i-shall-gloat-the-editor-of-ny-newspaper-whom-unethically-released-names-addresses-of-lawful-gunowners-fired

    • Oh my oh my, you just made my day.

      • Annie Oakley

        But but but Janet Hassan is still at the helm which says to me McBride was nothing but a token firing to get publicity off Hassan. Oddly, Theres nothing in twittersphere re this firing. Hassan was the one who sought and fought for the names. It’s something but not as big as Hassan going.

        • Yes, I was disappointed not to see Janet Hassen among the body count. This seems to be merely the death throes of a dying form of journalism rather than anything connected to the gun map incident.

        • Layoffs at regional rags like the journal news are constant as their business model circles the drain. The gun permit story may have even spared her for a few months.

  3. Anonymous

    That seems like a decent amount of activity to me for the middle of August…

  4. CEA

    $562.000 + 4,500 sq ft x $300/sq ft = $1,912,000

    Selling price: $2.178,less 6% commission ($130,680) = $2,047,320 NET

    $2,047,320 – $1,912,000 = $135,320

    For 2 years of work and aggravation. IMHO, that is not “very, very well”, unless you think $65K/year gets you much of a lifestyle in G’wich.

    • If that builder paid $200 per square foot he’s no builder. And 1,500 of those square feet are basement – cheap to finish.
      I’d estimate this guy has $1.2, $1.3 in the project, land included

      And the house took months, not years to build. I’m not begrudging his profit- profits are what made America great – but I stand by my assertion that he did very, very well in this deal.

      • CEA

        Personally, I’d ask him, as I don’t know many people who can build a 3,000 sq ft house (excluding the basement entirely) with the high-end kitchen and bath finishes as the pics show, for $245/ft (and that assumes just 3,000 sq ft, and $1.3 mil total in the project, so $738,000 of that to build the house). But this is your blog, so you may have the final word on it.

        • Shoeless

          Not a builder by trade, but built 3000 sq ft with high end finishes (and a lot of sweat equity) for 200/ft. A builder could do even better. 3000 doesn’t include 1000 sq ft finished basement.

      • Toonces

        The house has 4500 sq feet above ground. There is an additional unfinished basement that would add 1500 sq feet. Hard to know until close whether he got 2.178. I bet closer to 2M but I am usually wrong. It’s a modular home – maybe that decreases costs somewhat?

        • Figure $65 sq.ft. for the modular, plus finish work, appliances, upgraded bathrooms, etc. $800,000 in, I’m guessing. Plus land.

          • Toonces

            thanks Chris and thanks to builder Fact check. Boyd seller did well. It was a nice house – great spaces inside. Just too much on-the-curb appeal.

        • Factcheck

          Toonces– not a builder. I’m building a custom house and writing checks to my builder and feeling the pain of the rising cost of each ‘upgrade.’ Builders’ economics has improved materially in the past year. They were not able to compete with end users up to this year, now probably the economics has tilted towards builders and as a result we will likely see more spec house … If they can find decent land.

          • Toonces

            Fact check, thank you! I think those numbers were easier to understand than I’ve heard from anyone else. Maybe it’s a Pelosi thing – you’ll find out how much it costs after you start building…..

      • Factcheck

        The house is not high end, but rather a basic mid level spec. That level modular is somewhere around $250/sqft for end user including a finished basement. Assuming GC margin is 20% then cost to builder is $200/sqft. Stick built will add about $10/sqft and 2 months.
        From this basic point the cost goes up (standard to 3000sqft):
        * shingle roof $10/sqft
        * higher end windows $5/sqft
        * more recess lights $5/sqft
        * foam vs batt insulation $3/sqft
        * masonry fire places $3/sqft per one
        * and so on: more recess light,copper gutters,tiles on walls in bathrooms,house automation,built ins….
        For an ‘entry high end’ the cost sqft for end user is roughly $300/sqft wo even starting with landscaping

        • CEA

          thank you! did not realize it was modular. Would a buyer know that, I wonder (or care?)

          • Toonces

            We found out it was modular when we met the next door neighbors. They told us how cool it was to see the house come in , in sections. You find out the most by meeting neighbors if they happen to be outside.

          • Modular homes still suffer a stigma, a little, because buyers confuse mobile homes – the ones that have wheels and cheap velvet Elvis artwork in the living room – with modular, which simply means the house was constructed in a factory. There is nothing inherently wrong with modular construction, in fact, proponents of the method point out that you wouldn’t want your Mercedes built, piece by piece, in your driveway, nor should you want your house stick – built, in the rain, by a bunch of guys running around with hand tools.
            I over-simplify to make a point, which is that a modular home from a reliable source can be just as good as a stick-built one and, depending on the skills of the respective builders, better. And remember that at Greenwich price levels, as much as 60% of the total house will be finished on site – no fiberglass shower installs here, usually, so the level of finish can be superb depending, of course, on how much you want to spend.

          • Toonces

            Good analogy with building a car. My guess is it’s easier to measure and get perfect symmetry in a factory built home.

        • Cos Cobber

          Interesting, I’m seeing numbers in the 165 to 180 range and thats to the end user for entry level high end….but before including tile, fixtures, countertops and extensive built in cabinents.

        • shoeless

          That $165 number is pretty close if you take out the furnishings. With all of greenwich’s crazy regulationis, there are significant costs to engneering, zoning, etc that raise the price a lot higher than it needs to be. My mosular “shell” (I installed baths, kitchen, etc onsite) came to about $75/ft. $100 ish more for all the town crap like infiltrators, retaining walls, etc.

  5. Friday Foto

    Made MY day. And weekend.

  6. Anonymous

    That seems like a decent price per acre for Round Hill. What do you think Chris?

    • Well it was brother Gideon’s listing and he tells me buyers were all over it, so yes, this was a decent price, for buyer and seller. Grand when things work out that way.

  7. anonymouse

    The house on Boyd arrived on a truck. Modular. Not sure how much those cost on a square ft basis, much depends upon the finishes I suppose. But there had to be some savings vs. stick built (time, for one).

  8. Those are some great properties. Lots of activity with high price tags for August.

  9. Anonymous

    very interesting thread on building costs and modular vs. stick built. wonder @how much cost that translates to for a finished 3,000 sq ft house not constructed by a builder? Mod vs. stick? cost for a tear-down and rebuild with basement and foundation already in place.

    • Toonces

      Not a chance you can build a modular for 300,000 (3,000 sq ft). I have heard they don’t save you much money, they do save time however.

  10. Anonymous

    For a finished 3,000 sq. foot home – via shoeless, cos cobber and factset – am seeing any where from $300,000(modular) to $525,000(mod) to $900,000 custom built high end. It seems like a huge discrepancy?

    • Factcheck

      It might be that the discrepancy is due to: a. What’s included in the numerator (ie total cost), b. denominator ( sqft , w or wo basement), and c. Level of construction.

      The numerator I’m using is all in cost including site work (excavation, nominal fill, foundation, drainage, utilities), architect (external and internal), framing, mechanicals, …. , and finishes (usually included under allowance).

      The denominator is above ground finish area. Hence, a 3000 sqft house w 1500sqft finished basements will have a denominator of 3000.

      Level of construction, the spectrum is very wide from a modular with vinyl siding and asphalt roof to shingles or the even more expensive option of stone and slate. Windows type standard vs custom sizes / Marvin vs no name, and the list is long. Each of these decisions can lead to many $10ks difference in cost. To illustrate, carpeting a 1500sqft basement vs high quality engineered wood is $15000 difference, Marvin vs. no name is a $50000 difference. 1000sqft stone pation is about $30k. These differences add up to $100ks.

      That said and as this thread suggests, not many buyers will know or care to price these large differences. Street smart and experienced spec builders know this and will spend accordingly.

      Regarding modular, it is about 5% difference and shorter construction time (~2mos) . It is only 5% bc it only saves on labor cost (north Carolina vs greenwich) of framing. Everything else is about the same (site work, materials, and finishes).

      As a data point, I know of a modular house about the discussed size with a finished basement that is about to finish that cost $300/sqft all in including demolishing (~$30k) . It is a plain vanilla colonial with mid to low range finishes. The construction of they house was managed by one of the top architect firms in town controlling the budget very tightly. Basically, a $800k to $1mn to leave a land w an old house on it and return after 8 mos to a house fully finished w a basic landscape.