Clapboard Ridge

Two_Apples_watercolor_painting_LLeslie McElwreath’s new listing at 218 Clapboard Ridge, $25 million, is profiled in today’s Greenwich Time.  Here’s what Leslie has to say about the street, and the house at 218:

“There’s been a lot of activity on this street, starting from here and going all the way over…”

On July 3, a home at 75 Clapboard Ridge Road went for a little more than $9 million. Twelve days later, 89 Clapboard Ridge Road fetched $3.45 million, followed by 124 Clapboard Ridge Road’s $3.65 million sale on July 17.

At Linden Court, the current owners “took it down to the studs and expanded it” when they purchased the house in the early 2000s. With a modern exercise room, theater, eight fireplaces and eight bathrooms along with three powder rooms, it balances old world charm with modern conveniences.

“It’s really a trophy property,” she said. And while a price tag of $25 million will certainly narrow the perspective buyer pool, she said she’s not concerned about the possibility that it will sit on the market long.

“There are pockets of people looking for something special,” she said. “And this, this is something special.”

Leslie’s a top agent – truly one of the best- and if she’s optimistic about this home’s prospects at $25 million, who am I to gainsay her?

Bust heck, what’s this blog about except to do exactly that?

To date, the top selling price on Clapboard Ridge is $10.6 million, and while there have been 6-8 sales in the $10s ,$10 million is not $25; not even using math as taught today.  Of all those top-end property sales,  the one I see as most comparable to 218 is 97, which sold in 2008 for $10,350,000. Here’s why – take a look at the two listings, both on the same road, same neighborhood (218’s listing describes it a located in Khakum Woods, but it’s entered via Clapboard, not the association’s main drive, which places it “of the wood, but not in  the wood”, as I see it).

218 Clapboard Ridge: 1929 construction, renovated “from studs out” in 2004. 5.11 acres, 13,080 sq.ft. asks $25 million.

97 Clapboard Ridge: 1925 construction, renovated by Hobbes, a premier builder, in  2006, 5.34 acres, 12,200 sq. ft., sold in 2008 for $10.350 million. 

I understand the art of fruit comparison, and appreciate the difference between an orange and an apple, but these two look like peas in a pod or, if you insist, two apples. A Jonathan and a Northern Spy, perhaps, but they didn’t fall far from the same tree.

Of course, that’s just my opinion, and like Leslie, I’m “not concerned about the possibility that it will sit on the market long”. But the cause of my indifference is different from hers: it’s not my listing, so why should I care?.

25 Comments

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

25 responses to “Clapboard Ridge

  1. Greenwich Gal

    Nice house – the decor is dated – “1980’s Junior League” but 25 mill? I think not…

  2. Linda in Poughkeepsie

    Me thinks she is going to wait and wait and wait for no one to buy this property at that price. $8.7 and you will have a done deal.

  3. LMNOP

    So how does “a top agent- truly one of the best” price a house so outrageously? To me, a top agent would be more practical. Am I wrong?

    • CEA

      David Ogilvy has made himself a business at pricing significantly above where a house eventually sells.

      Sellers believe their house is worth a fortune. So they hire the guy who tells them that. Then, if it doesn’t sell, the agent blames “the market” and then the price gets ratcheted down.

    • InfoDiva

      This agent managed to get the house covered by the press for free. Reason enough to price it so high initially, I think. She knows where the house will eventually trade; she’s trying to set the house apart from the crowd, and give bragging rights to the eventual buyer (“Tthis pile started at $25 mill but we got a great deal.”).

      • LMNOP

        So let me understand. The agent knows the house will not sell anywhere near the asking so the article in the GT is nothing but a pack of lies? That takes gall.

    • Anonymous

      David Ogilvy would be a counter argument.

  4. CEA

    We watched #97 get renovated by Hobbes and were in it several times. They did a fantastic job. #97 used to have another 3 acres or so, but they hived it off and there’s another huge house there (corner of ClRidge and Dairy Road). #97 does sit very close to the road, which is the only major difference, and you enter from the side of the house. But not sure that is worth $15 mil.

    I think #218 is priced at a 100% markup to what it will eventually go for.

    • toast

      And Hobbes is exceptionally good too. Xheama is the absolute best (IMHO) and they did the work at 218.

      Source:I have worked in the construction business from Westport to 5th Ave and private islands all over the world for going on 20 years .

      In my humble opinion I can say will say 218 is one of the best quality workmanship protects you will see. to this day the finishes look like they could have been done the day before yesterday, that kind of qulity does not happen by accident. It cost and it cost a lot. To be clear I do not or was I ever employed by Hobbes or Xheama. They are both cream of the crop in the area, I would be honored to work for either one, I simply think XC delivers the most superior quality and finishes you may ever see with such consistency and enduring . you can spend a lot, do place , use all the best stuff but if you don’t truly do it right then in 5 years it will be falling apart. after nearly ten years I am amazed at how every little detail at 218 still looks amazing.That is a truly beautiful house inside and out.

      I am lucky to be ale to stomp around some of the most desirable real estate in the country,I wish I could share some to the things I have seen over the years but I cant really say too much. I can say the world of high end (the real stuff ) is nuts , truly nuts sometimes.

      Sorry I drifted off topic, is 218 priced too high? maybe but compared to some of the over priced junk I have seen I think its 25 is right in the ball park. Some of the worst junk I have seen is less than 3 miles from 218 (just south of Johns St on RHR) and should have been criminal to build such awful spec houses with truly such low quality.

      • toast

        Just as a comparison (for asking price above 25 mil). Donahue asked over 27 for his Westport estate. They got 20. Yes, I do understand there was more land and it is direct water front so its not really a comparable property to 218 in the way I think RE agents talk compatibles , heck not even in the same town.

        http://www.westport-news.com/realestate/article/Donahue-s-Beachside-Avenue-estate-sold-for-20-4571754.php

        When i say I think 218 is in the ball park it because of sales like this. The right person just has to have it, they will pay that premium, funny thing is that house in Westport sure appeared to kinda be just a big pile of crap but that didn’t matter, sure seems the buyer just wanted the land. I think the house location and land at 218 will be worth that same kind of premium to the right buyer, I could be wrong but i guess will have to wait and see,Maybe 20 in the end?

        • Waterfront is completely different. Completely. And the theory that “if someone really, really wants it they’ll pay whatever is asked” is a misconception that has doomed many a home owner to grave disappointment. The people who have this money got it, (sports starts and feckless scions not included) by being smart with money. They don’t, as a rule, overpay.

          218 is a beautiful house on just five acres. 97, however, is also a beautifully renovated house, same era, same size land, that sold for less than half of what this one is asking. I don’t believe a buyer will look at Donahue’s waterfront in Westport for a comparison, he’ll look just down the street.

          You might get a premium (you should, in my opinion) for the 17 acres at 122 Round Hill (pretty much just around the corner from 218 Clapboard), because that size parcel in that part of town is, like waterfront, rare and practically unique. Pay full price: $16,000,000, build an incredible house for $9 million (and that would indeed be an incredible house) and you’d be all in for exactly what 218 Clapboard is asking but on 17, not 5 acres, with, perhaps, a more prestigious address (still prestigious despite the efforts of Walter Noel, Frederick Bourke, the Raj, Dominick Devito and the rest of the crooks on the road to besmirch its name).

  5. Flash

    #97 is English countryside
    #218 is French wine country
    Both lords of the manors can lounge in velvet slippers and smoking jackets
    I can’t see the denim, flip flops, beer drinkers of tech fame here, BUT I would like that view!

  6. RE Junkie

    I agree that 218 is one of the more romantic-looking houses in town–love the architecture, the grounds and especially the driveway….very authentic French.

  7. Toonces

    Someone is going to get that house at 1/2 price!

  8. $25m and no AGA? pathetic.

  9. Yardbird

    So Putin shut down Obama.

    Notified the donkey on the raft that he would not only continue to sell arms to Syria, but would support their effort.

    Obummer.