A little bit of activity reported

A sale, an accepted offer, a price increase (!) and a decrease (in Riverside, no less).

22 Welywnn

22 Welywnn

An August 8 sale that was just posted today is 22 Welywnn Road, Riverside, asked $2599, got $2.375. Welywnn’s a nice street, off the northern portion of Indian Head Road, so easy walk to the schools and train; this price doesn’t surprise me at all.

85 Richmond Hill Rd

85 Richmond Hill Rd

And poor old 85 Richmond Hill Road, up near the North Pole, has finally found a buyer, or at least someone has made an acceptable offer. Latest asking price was $5.495 million, which sounds like a lot, and it is, but the owner bought this spec home when it was brand spanking new in 2006 for $7.1 million. I don’t think he ever lived in it – marital discord, and he put it bad up for sale in 2007 for $8.9 million, with no explanation of why it was worth almost $2 million more than the year before. Even more curious, when it didn’t sell after six months he must have panicked, because he chopped a full $5,000.00 off its price and, six months later again, another $5,000. That $10,000 reduction produced nothing in the way of a buyer but did provide a good source for derision, heaped on with great enthusiasm by this blogger.

It was rented out for a while, then returned to the market in 2010 for $7.675 and, 1,438 days after beginning its journey, has seemingly found a buyer. It looks as though instead of making $2 million on his purchase, the owner will lose $2 million. Real estate’s funny that way.

6 Dunwoodie

6 Dunwoodie

The owners of 6 Dunwoodie are taking a different approach from Richmond Hill’s and after they were unable to sell their home for $1.690 million, have increased it today to $2.250 – let this serve as a cautionary tale to you recalcitrant buyers: pay full asking price now or be punished later; your choice.

40 Winthrop

40 Winthrop

And 40 Winthrop Drive, Riverside, which came on just a week or two ago for $3.395 has dropped to $3.195. That’s a smart move on the owners’ part and their agent. This is quite a nice home inside, and the yard and the street are great, but if the market is telling you you’ve overshot the proper price, don’t d*** around, fix it. In some areas of town, two weeks without an acceptable offer shouldn’t be wildly alarming but in Riverside, in this market, in this neighborhood, you definitely guessed a little bit wrong. Nothing wrong with that- no one said this was a science, but don’t cling stubbornly to a price you want if the market says you want too much. I applaud these folks, and if you haven’t seen it, check it out. Nice house.

12 Comments

Filed under Buying/Selling Greenwich Real Estate, Contracts

12 responses to “A little bit of activity reported

  1. Perhaps the owners of 6 Dunwoodie discovered diamonds or a vein of gold under the house.

  2. Stanwich

    Winthrop looks exactly like the Cognewaugh house you featured yesterday. Plain vanilla builder special from the ’90’s. I wonder if Winthrop is a pre-fab too?

    • Winthrop is much, much nicer than Cognewaugh. Modular? I forgot to check – the tell is a double-height entrance, usually. Regardless, a lot of money went into finishes here, and it feels good inside. I might doll up the exterior front wall, but that’s cosmetic, and not particularly expensive.

  3. Anonymous

    It is a prefab.

  4. Anonymous

    Regarding Richmond Hill you sound almost happy at the outcome. Schadenfreude and all 🙂

  5. Anonymous

    Agreed that 40 Winthrop is a nice house. Solidly new construction with a great design and layout. Much bigger yard than you find in the area – deed restricted (thanks to Dario Berizzi, good for him). A price adjustment in the buyer’s favor is always a good thing. Expect for this puppy to find a new owner before long. And, no. I don’t represent the seller in any respects or know the seller or their agent. Nice disclaimer, ay – CF?

  6. Anonymous

    Richmond Hill should serve as a wakeup call for 717 Riversville & 229 Bedford.

  7. Anonymous

    I live around corner. Winthrop is great location if you have kids, very close to RS school, its a circle (no through traffic ala Hearthstone/Druid/bramble), far enough from 95 and train so no noise, easy trip to OG/95. House fine but nothing to look at, given the 5-7k sq ft monsters recently built on same street I’m betting it’ll be bulldozed.

  8. Anonymous

    I’m not sure what happened here but Mr. Fountains original comments from a week or so ago were accurate. Then he flip-flopped. The house hasn’t changed though. It’s either a 100% gut renovation or a bulldozer job. To pay $3.2mm to bulldoze a lot in this part of Riverside (with no views at all and no water access) makes no sense. This is a $2.5mm property, and the house has no value – it’s just a really nice lot.

    • That’s just silly, and certainly not what I said last week. I questioned the price, not the value of the house itself. If you don’t like the house and want to build new instead then I certainly agree with you that you shouldn’t pay this much for land. You’re certainly entitled to your opinion: everyone’s got one, and I toss my opinions around on these pages all the time, but I believe that others won’t share yours, and that this will sell to an end user.

    • Anonymous

      I tend to agree. No one spending $3.2mm wants a pre-fab house with vinyl siding.