We’re back!

First, some market activity that was reported while I was out enriching the Saudis.

4 Cat Rock

4 Cat Rock

4 Cat Rock Road closed, for $1.750 million after 302 days on market. Nice old (1908a house and nicely renovated, it’s real problem was that it sold for $1.880 in 2005, was improved, yet sold for $1.860 in May, 2011, and when this was put back on a year later at $1.995, buyers balked, probably because they saw the price decline and speculated that it would continue down. If that’s what they guessed, they were right.

1361 King Street

1361 King Street

1361 King Street sold, $2.125 million ($2.495, ask), proving only that you can get a lot of house for $2 million if you’re willing to live under the flight path a long way from town. Some people are.

5 Butler Street

5 Butler Street

5 Butler Street, Cos Cob, on the other hand, didn’t linger. It was priced at $835,000 and went via bidding war for $842,100. As an aside, it’s often smart to throw in an odd number in one of these things. Win or lose, you don’t want to tie, which will only set off another round of bidding.

15 Upper Cross

15 Upper Cross

And waay, way up in nose bleed territory, 15 Upper Cross whacked a cool million from its price today so that what would have cost you $9.1 million yesterday can be yours today for $8. That’s an improvement over its 2011 price of $11.995 but, at least to my taste, this is about the land this old pile of stone sits on and not the house itself. So, what’s five acres near the Banksville border worth? Not $8.1 million, certainly, so we can anticipate more price reductions in the years to come. Of course, that’s just my opinion of the house; someone else may come along who falls in love with the place and will pay for the privilege of restoring it. Maybe.

14 Comments

Filed under Back Country, Buying/Selling Greenwich Real Estate, Cos Cob, Mid Country, Neighborhoods, pricing

14 responses to “We’re back!

  1. Yardbird

    So 15 Upper Cross, not part of Conyers Farm?
    10 acre lots min inside the gates…and around parts of the perimeter right?

    • It’s outside of the gates – big drop in value – but I believe it’s officially part of the Conyers Farm deal, undersized lot notwithstanding. But I’m not positive about that, so don’t trust, verify.

  2. Yardbird

    And I will ask it again…how much debt on Glen Avon house?
    (The one asking 5m+)

  3. LMNOP

    Upper Cross has no air conditioning???
    The listing says “none”. That would be a problem. And last renovated in 1977 doesn’t bode well either. But the bones of the house are gorgeous. The pool and yard beautiful too. But lots of $$$ to upgrade to central air.
    If Banksville would step up and build a huge Trader Joes, those houses would be far more marketable. With the small market gone, its pretty long haul to get vittles.

  4. Cos Cobber

    How about that 5 Butler sale in Cos Cob…guess we’ll see another spec house here on this lot. And btw, while many questioned the sale of 7 Loughlin a few months back (just around the corner), it did eventually sell – for $1.2MM closing in early August.

  5. Cos Cobber

    Btw, I always really liked that 4 Cat Rock house. Really liked it…I think the buyers did okay here.

  6. Anonymous

    Yardbird, You’ve got your facts messed up on Glen Avon. Owners not in a 3 bedroom, 1900sf rental.

  7. Anonymous

    Can 5 butler be split. It has two entrances on butler and Laughlin