This surprises me, a little, but given the current state of low priced inventory, perhaps it shouldn’t

 

48 Hawthorne

48 Hawthorne

48 Hawthorne Street, over in Glenville, 0.11 acre, 1883, renovated 2005, asked $785,000, went via bidding war for $800,000. It looks like a pleasant house, and it’s in a very nice neighborhood; multiple bids, though? Tough market to predict – I wonder if the buyers are Westchester tax refugees?

22 Comments

Filed under Buying/Selling Greenwich Real Estate, current market conditions

22 responses to “This surprises me, a little, but given the current state of low priced inventory, perhaps it shouldn’t

  1. The New Normal

    lots of wanna-be landlords lurking out there

    • Flash

      Becomes a nightmare if you get one bad tenant.
      Go to Housing Court and judge let’s them pay $100 month for unpaid tent and keep current now. Two months later, same ruling.
      eSPECIALLY if children Involved.

      • Cos Cobber

        And there are a ton of houses on the rental market. Some wanna-be-landlords are in for a surprise.

        • A good tenant in a pricey (say, $9,000+) with a corporate sponsor or at least a perfect credit score, and the landlord’s probably in good shape; not always, but usually. Renting to more ordinary people is a real risk, and the wise landlord will set a rent that will mitigate, if not eliminate the loss of having a tenant sit in it for a year without paying rent.

        • Long Time Central Greenwich Resident

          I see 41 3 bedrooms for rent under $5,000 in all of Greenwich. A few in Old Greenwich, but most are townhouses or apartments. A single family house would be easy to rent for under $5,000 if you are in one of the more desirable areas. You could wait for a good credit. Nothing I see on this list seems to have an acre or more of land.

      • Connecticut’s housing court is an absolute hell for landlords and our politicians like it that way. Of course, by making it nearly impossible to evict non-paying tenants, the legislature has forced landlords to jack up their rents to cover the cost of bad tenants so those people, even poor ones, who do pay their rent, pay more. But Democrats aren’t bothered by the effects of their laws; it’s the warm, feel-good tingle they receive that makes their job so fulfilling.

      • t

        That’s why landlords in marginal areas are more apt to take section 8 applicants

  2. Greenwich Resident

    I think you might be right about Westchester tax refugees…my cousin just sold her house over in Belle Air (I think that’s the name) on King Sreet because the taxes were upwards of $38,000 a year! They came back to Greenwich 4 weeks ago.

    • Yeah, I remember holding an open house years ago on a street off Sherwood and a couple asked me what the taxes were. Told “$7,000”, they said, “oh that can’t be right, we were just across the street [at Bellaire], and the taxes there are $22,000!”. I replied, “welcome to Connecticut”.

      • infoDiva

        It’s BelleFair, across KIng Street in Rye Brook, and for your $22K/year in taxes you get the airport. The houses are built well enough so that you don’t hear the noise indoors, but the real problem is the incredibly noxious smell of jet fuel, especially on summer evenings. I see a cancer cluster in Rye Brook’s future. This development was a bad idea.

        • towny

          Diva
          The political corruption in Port Chester, Rye Brook and Harrison is legendary.

          • Oh my yes, and then you have the corruption of the Westchester County government – a whole additional level of government, with people whose own needs must be satisfied, and are. Just one tiny example: Playland, owned and operated by the County (why?). There are something like 40 Westchester County municipal “maintenance workers” assigned there (whose salaries must be paid by the concessionaires). They are low level political employees, placed there as a favor and immune from firing – picture how we staff our own DMV and you have the idea. According to one of the concessionaires, these guys spend most of their time in a huge, empty warehouse on the property, playing cards, drinking beer, swapping lies. A wonderful workday, no doubt, but nothing gets done.

        • towny

          Chris.
          Playland -the amusement park- is only open 4 a few months during the summer. The year round operational expense cost the taxpayer MILLIONS. Its a money losing dumping ground for political patronage

  3. t

    It;s all relative. I friend of mine, ( a Greenwich ex-pat) owns a beautiful 1b/1b 900 sq co-op on upper Westchester Ave in Port Chester. Pool, parking, security, the works. With STAR, the RE/school taxes are around $90 bucks a month.
    A comparable comp in Greenwich would be the co-op high rises in Putnam Park.

    The Port Chester co-op cost about $100k / $1100 yr taxes
    The Greenwich co-op cost about $650k?/$4400 yr taxes?.

    There’ s no argument that Greenwich is the mecca, however housing prices are very high

    For young entry level cop, fireman, teacher, professional or downsizing mom and dad, one can only purchase what one can afford, and Greenwich is out of the question.

    If there is any interest, the place is for sale.

    • GreenITCH

      plus u can always rent a room in a house over in Byram and send your kids to Greenwich schools ….

    • $800k also buys you a hellava lot more house in Westchester.

      • BigMike

        For now yes. But then in 7 years when the taxes are 50k on a 800k home, you will be lucky to get 500k for that house.
        Westchester reached a tipping point, and the mass exodus is well underway.
        Sure we have Malloy and all that, but at the end of the day, we keep more of our coin.
        Tough to argue with that.

        • Taxes vary widely from one town/school district to another in Westchester. The towns that have no commercial tax base are the ones where you really get screwed. I’m in a town where that’s not the case, and in the last 10 years my taxes have gone from $9k per year to $11k. I did challenge the assessment in 2010 and got them knocked down some. My house probably has a current market value of $750k.

          My point is that if you’re dumb enough to buy in Bronxville or Briarcliff you deserve to get taken. If you look around there are towns with great schools and services where the taxes haven’t run been allowed to go insane.

  4. Anonymous

    is happening in long island too.

    maybe there will be a prop 13 (california) style revolt.

  5. PLR

    I think the wonderful elementary school this house is districted for contributed to how well this house did