The Board has reopened, so here’s some real estate news

No open houses today of interest – look for that aspect of this scam to resume next week, after school kids get settled in, but we do have two price adjustments reported, one down, one up.

80 Clapboard Ridge

80 Clapboard Ridge

80 Clapboard Ridge has taken the more conventional route and dropped its price, after failing to sell since 2012. Started at $6.495 429 days ago, today it can be yours for just $5.250 million. That wouldn’t seem a preposterous price: looks like the owners paid $2.9 million for the land in 1987 (really? For 2 acres?) and built this 9,500 sq.ft. house on it in 1988, so that must be worth something. I’d guess that the land itself is still worth around $2.5 million, so the house, less that land value, comes in at (gezuntagezunta…) $263 per sq.ft.  That’s below replacement cost.

20 Mackenzie Glen

20 Mackenzie Glen

Just east of 80 Clapboard, the owner of 20 Mackenzie Glen has taken the opposite tack and raised his one-acre building site $100,000 and it will now cost you $1.895 million to wrest this from his grasp. The land has been for sale since before the breakup of gondwanaland, starting at $2.695 in 2007 and remaining at that price for a full year despite the market’s failure to respond favorably, then dropping in 2009 to $1.995 and eventually $1.795 in 2009 and holding there until today when, as noted , you have been punished for your delay.

Mackenzie Glen is a decent street, in a convenient-to-town location, but this particular parcel is comprised mostly of a house on a hummock and some overgrown scrubland down a cliff. A house could be built on the rise, the scrubland cleared (assuming what looks like wetlands aren’t), and you’d have a nice place. The trouble, at least so far as clients of mine and their builders have concluded, is that the cost of preparing that site precludes building a respectable house here for $3 million, if you must pay $1.8 for the land. Now that you’d have to pay $1.9 for that land, the difficulty has increased. But for someone looking to build a $5 million house, perhaps this higher price will make sense.We’ll hope for the owner’s sake that another 1,492 days won’t have to elapse before that buyer appears.

18 Comments

Filed under Buying/Selling Greenwich Real Estate, Mid Country, Neighborhoods, Riverside

18 responses to “The Board has reopened, so here’s some real estate news

  1. Toonces

    263/sq foot might sound good unless you feel as I do that all of it needs some serious help. 80’s weren’t the best building years. I wonder what the cost to renovate all that house would be and then I think building new would be cheaper and result in a more pleasing home.

    • “80′s weren’t the best building years.”

      You’re being as kind as I am.

    • Anonymous

      Building new would cost you at least $350-400/ft unless you want to be your own general contractor. Let’s say you could settle for 8,000 sq ft that would still run $2.7-3.2mm to build, and it could easily be higher if you got carried away. The house is in very good shape, assuming the exterior style is OK for the buyer you could probably redo the kitchens and bathrooms in a high end fashion for below $750K. That seems like a huge difference to me.

      • Toonces

        I guess it boils down to whether you like the look of the house – inside and out. It’s just not my style. If I were to buy that lot, I’d build 6,000 sq foot home and have more land – that’s just the size that I like. I know that’s not how to get best resale but It is what I’d do.

        • Anonymous

          Seems reasonable, but it is not a tear down, at least not at $5mm. I suspect the house is worth something, not just the land!

  2. CEA

    We know the owners at #80, and they didn’t build that house. In fact, they bought the property with the house already there, and told us they actually REMOVED square footage (some large unneeded room apparently). So not sure what is happening but they haven’t been there nearly 30 years.

    • Toonces

      I looked at the pictures again. It isn’t that bad. Many of the rooms are OK and seem wondrously sized. I think I’d just remove the tumor sticking out of the 2nd floor foyer balcony. The outside of the house looks very current in my opinion and that yard/lot is awesome.

      • Anonymous

        I guess that’s what makes a market. I HATED that house when it went up–in our family we jokingly called it the Greewich Hilton–and time hasn’t changed my perception from the curb, although to be sure, some of the spec homes that have been built along North Street now make that house look positively subtle.

        • CEA

          “some of the spec homes that have been built along North Street now make that house look positively subtle.”

          Truer words were never spoken.

        • Toonces

          I can definitely see the Hilton too. What I meant by current is that a lot of houses in Greenwich look like that one.

  3. Riverside

    Interesting interiors… and who would want to take a bath without a crackling fire in the fireplace (presumably Jeeves sets up and lights the fire and then ducks out b/f one disrobes?)

    • Toonces

      I thought the same thing! Do I REALLY want to fetch logs for the fire before I take my bath? Maybe it is a gas fireplace – now that would be nice.

    • I should have included that picture in the post – glad you saw it. It looks as tough it’s never been used since 1988, surprisingly – where the hell has Jeeves been?

  4. FF

    The house on Mackenzie Glen feels like the ski lift shed at the base of the mountain. All I could think of when showing that place was the big white house on North Street coming off its moorings and slamming into 20 Mackenzie Glen. Plus, the sun never seems to come out

  5. Anonymous

    Cooking for oneself is so gauche, hence the rug on kitchen floor.

    That, or their dog just licks it all up.

    • Midcountry

      80 Clapboard Ridge was a builder house as I understand it. One of the first biggie new houses in its area, and the first owners put its size on a crash diet.
      The Interior decor is spare. If you want a different look, you could make it look quite different – lush or modern – whatever your taste is – with a good decorator.
      You could also change the exterior look and make it look quite a bit different with a lot more landscaping. At least from the front, the current landscaping is quite spare.
      Aside from redoing kitchens and baths there is a lot of opportunity to create a very nice house.