Leslie 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?.