Two properties return to the market

And both are at least “interesting”.

43 Richmond Hill Rd

43 Richmond Hill Rd

43 Richmond Hill Road is back, now at $3.950 million. It sold new in 2006 for $4.9 million, came back on at $5.495 in 2010, and has been kicking around ever since at successively lower prices. I’m not sure that this is, finally, the right price: as I recall, the land’s a little iffy (not bad, just not spectacular) and, to my taste, the barn silo-thing going on at one end of the structure is sort of silly, but the inside is very nice and the price trend is making it look better all the time.

(Representative)

(Representative)

And 552 River Road (the River Road east of the Mianus, not the one along the harbor in Cos Cob) comes back to us at the same price it wouldn’t sell for before, $1.2 million. This property’s at the southern end of River, a neighborhood of rather rough-looking multi-families and modest single family residences, but it’s zoned to permit at least three, maybe four units, and its acre appears to back up to the river. I’m not suggesting you put up a $3 million home here, but there ought to be a way to make some money on a couple of rental houses, or something. It’s an estate sale, and those are usually tough, because there’s always one heir who lives out of state and is convinced that anything in “Greenwich” must be worth millions. But might be worth taking a run at.

7 Comments

Filed under Buying/Selling Greenwich Real Estate, Uncategorized

7 responses to “Two properties return to the market

  1. Kat

    Have you seen 516 Round Hill Road?? I can’t believe that they are asking 7.95 M!!

    • Round Hill Rd inspires great optimism in sellers. Sometimes that optimism is rewarded, more often, not.
      I wrote about 516 a week or so ago; I didn’t share the seller’s high hopes.

  2. Anonymous

    is there an average time frame for a mortgage contingency clause?

    • 30-45 days. The shorter the better, from the seller’s perspective, so if you can get all the documentation necessary to approve you on a financial basis ahead of time, then you can shorten the time considerably: the lender orders two appraisals, puts the loan through review and presto. You hope.

  3. Riverside Dog Walker

    Owning rental property was one of my ideas on how to make money and build wealth when I was younger and less experienced. My experience is that it is a very hard way to make money, particularly if you can’t count on asset appreciation to help. I’d buy gold instead of River Road.

  4. Backcountry Boy

    43 Richmond seller must be confident with 85 Richmond selling.

    Heard a rumor that 717 Riversville has finally sold. What have you heard?

    P.S. Missed you this weekend at the Audubon Hawk Festival.

  5. Anonymous

    Regarding 552 River Road – too bad there’s not a way to buy out all those awful old nearby houses, raze them & start afresh. A Greenwich eyesore.