Adjusting to the new reality of the Greenwich market

646 Riversville Rd, 2015 - ADA compliant

646 Riversville Rd, 2015 – ADA compliant

646 Riversville Road is back on the market, now offering a 9,000 sq.ft. house to be built for $6.975 million. This five-acre parcel was purchased for $2 million back in 2001 and since then the builder/buyer has been trying to either unload the land (starting at $3.295 in 2003, increased to $4.750 in 2008, reason for increase unknown, then back down, to $3.795, since 2010) or build you a house on it.

That proposed house was originally to be 14,000 sq.ft., priced at $12.9 million, then 11,500 sq. ft. for $8.9 million in 2010 and now, as noted, 9,000 sq.ft for 6.975.

It will be interesting to see how much house they’re offering in 2015.


Filed under Back Country, Buying/Selling Greenwich Real Estate, Neighborhoods, pricing, spec houses

7 responses to “Adjusting to the new reality of the Greenwich market

  1. Isn’t it rather risky to buy a “to be built” house from a builder whose expectations have been disappointed? I’d have a great fear that he was going to cut corners.

    • That’s always been my reaction. At least this builder keeps reducing the amount of the house he’s offering as he cuts his price. The ones that worry me are those offering the same size for a smaller price. Something’s got to give, and human nature suggests that it won’t be the builder’s pocket book.

  2. Yardbird

    Doesn’t sound like a builder at all.
    For if he was, we’d be talking about a house, not a spotty bit of land near the Net Jets hanger.

  3. Anon

    Similar situation up on 895 Lake – building 11K sf spec house with ask of $11MM.

  4. I miss W

    I’m sure Houlihanlawrence Greenwich think its a fine listing.

  5. Anonymous

    Paddock has an “accepted offer”…not contracts. Just sayin’.