Sale and a haircut

111 W. Lyon sells, 543 Stanwich keeps going down.

W. LyonThe Lyon Farm condo sold for $700,000. Last sale was back in 1994, for $512,500. According to the government’s CPI index, that 1994 price should be $807,813 today, so no home run here, but twenty years of shelter is certainly worth something.

543 Stanwich

543 Stanwich

And 453 Stanwich, which originally asked $4.225  in 2009 has been reduced yet again today, to $2.590 million. It’s a 1966 house “renovated” in 2007, and being marketed primarily as a four-acre building lot. Nice land, but how much better is this than the 4 acres on Mohawk, a mile south on Stanwich, that sold yesterday for $700,000? Stanwich has flat lawn, Mohawk is woods and swamp, so Stanwich is worth more, but how much more? If you built the 10,800 sq.ft. house touted in its listing as the maximum size permissible here, you’d probably pay $400 (or higher) to get the quality and level of finish work demanded by such a size house, so …(gezuntagezunta…) $4,320,000, plus pool, plus etc. Pay $2.5 for the land and be all in at $7 million. That could actually work, economically, but I wouldn’t plan on moving soon.

2 Comments

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

2 responses to “Sale and a haircut

  1. InfoDiva

    Not sure I understand how 111 W. Lyon Farm can have almost $12K in taxes and “special taxes” on top of a $500/mo HOA fee.

  2. Anonymous

    Diva, I was going to ask the same question and was wondering if the 471 monthly fee was already in the taxes or special assessments up above or in addition. Seems pretty hefty all in if that’s the case. Otherwise Lyon farm might be a decent choice for those who are downsizing and don’t mind doing a little interior updating.