New Riverside listing and 122 Round Hill Road

7 Hearthstone Drive (representative)

7 Hearthstone Drive (representative)

Tim O’Malley, a Riverside resident who builds very fine homes has listed 7 Hearthstone Drive for $3.795 ,million; he’ll probably get it. Pictures aren’t up as of this writing but it looks great on the outside and the listing sheet shows all the requirements of a new house today, including a nanny room in the basement. Not much of a yard on this 0.3 acre but these days, buyers don’t care.

Tim played this one pretty smart: he bought the parcel for $1.315 in the slow market of 2008, tore down the exiting house to save on taxes and then let the land lie fallow until the market picked up. Earlier this year he obviously decided that that time had come and commenced building. And now it’s done.

122 Round Hill Road

122 Round Hill Road

I did have a chance to see 122 Round Hill Road today, the $16 million, 1923 house that still has 17 of its original 140 acres. The house is fabulous, but needs everything: air conditioning, new wiring, a master bedroom suite, new bathrooms, windows and on and on. But the bones are there, and someone could pour money into this and end up with a spectacular home.

That, alas, is probably not going to happen. I asked another agent, a friend with 40 years in this business and who loves old houses as much as I do, what he estimated it would cost to completely redo: Five million? Nine? “It doesn’t matter,” he said, “this house will never survive – there’s no market for these any more”. I think he’s right, and that’s too bad. Time marches on.

9 Comments

Filed under Buying/Selling Greenwich Real Estate, Riverside, spec houses

9 responses to “New Riverside listing and 122 Round Hill Road

  1. Anonymous

    $3.8m for the Druid,bramble,hearthstone triangle has to be a new high. I personally don’t think it will sell at that price. Me thinks $3.5 max…likely less.

  2. Greenwich Gal

    Round Hill is a beauty. Large gracious rooms and fabulous wide plank floors. The house will undoubtedly be torn down. So unfortunate. It will probably be replaced in the style I call “Early 21st Century Russian” – tacky and overwrought.

  3. Anonymous

    I know I am the minority, but I really dislike all of these new houses wherein the basement is bigger than the back yard.

  4. Accolay

    I still don’t understand why some towns, like Southport, are almost entirely historical, old, grand homes, and yet it commands high end prices. Those homes definitely don’t sell at a discount, or even at land value, but they do in Greenwich. Southport is very close to Greenwich, so one would think real estate trends would be similar.

  5. Anonymous

    Southport is close to Greenwich? Have you ever driven frm Greenwich to Southport on a Friday at 5:00. One hour at least

  6. Flash

    122RHR’s only hope is Martha Stewart…..why don’t you give her a call?

  7. Anonymous

    Would it really cost $5mm to redo 122 Round Hill with modern amenities? I think you could do a lot of improvement for $2mm, although given the land value I understand that this house is dumpster ready.

  8. 122 Round Hill

    What did you think of the other out buildings (not main house) on the round hill property? Did you go through the cottages and former staff quarters? What condition did you find?