Sale, accepted offer

Two different areas of town, two different results.

33 Highland Farm Rd

33 Highland Farm Rd

33 Highland Farm Road has sold for $6.1 million. That sounds like a lot of money and it is, but it’s a large hit for the seller, who paid $6.9 for it in 2005. He tried for $7.750 back in 2010, pulled it after that didn’t take and brought it back at $6.950 a year ago. Things continue to be slow going for this price range north of the Merritt.

3 Hearthstone Drive

3 Hearthstone Drive

Over in Riverside, however, 3 Hearthstone Drive, $3.125, reports an accepted offer after 28 days. I thought this house was intelligently priced by the agents Russ Pruner and Ken York and the builder, because number 7 Hearthstone, right next door, was built to what I thought was a higher level of finish but was priced at $3.795 when this came on. Figure that number 7 will sell for around $3.4, $3.45 (it’s already dropped to $3.6), then coming in $500,000 lower than 7’s original price opened the door to a broader body of buyers (yes, two puns in one this morning – bonus!) and, assuming the normal negotiation process, that $500,000 – perhaps $400,000 difference will remain. Which seems about right.

18 Comments

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18 responses to “Sale, accepted offer

  1. Cos Cobber

    With Highland, maybe the public doesn’t go for bush anymore.

  2. Just_looking

    I wouldn’t think you would call a 800k hit on 6.9MM a big hit, and what is that about 10k/month? Reasonable rent.

  3. InfoDiva

    I think we have to leave Chris alone. He grew up in Riverside, still lives there, and finds it hard to see value or opportunity in any other part of town.

  4. sound beacher

    http://www.darientimes.com/24757/superintendent-falcone-resigns-effective-today/
    OT: Seems we are not the only town with Superintendent issues. Anyone know the story in Darien?

  5. Just saying...

    McCullough (#3) was never known for the quality of his work – he wheels in a box in a day and finishes it and sells them every time. He’s got a formula and it works. O Malley (#7) on the other hand, will always give you quality but you normally pay $500K extra for that – because he’s spent the extra money.

    OT, Greenwich Fine Props – just folded into Coldwell Banker.

  6. Anonymous

    Craftsmanship is one difference between #3 and #7, but layout is another significant difference. #3 has the better layout.

    • Fluid Grid

      Problem is, they won’t sell for 4 million the next go round.
      Even in 10 years.
      Buyers will be lucky to get their money back.

      But 10 years of mortgage payments should allow for some equity to be established.

      Should be enough to get their down payment back, pay the realtors, and plunk down for the next.

      I guess if you can afford the payments, go for it!

  7. 3 Hearthstone was a collaboration with Ed overseeing and us doing the design and upgrade work including Wheelock Maidique kitchen, Porcelanosa baths and outdoor patio with built in grill etc.

  8. Patrick

    The six year letter is a state law and the building department is obligated by law to give it out. It essentially states that any homeowner who lives with a non-permitted modification without notice from zoning or the town automatically get’s a CO for said change.

    I bought a house that required a six year letter in order to close an open permit. I also sold a house in Greenwich where I didn’t get permits for work done and no one asked me to sign anything to this effect.

    It’s an interesting strategy to open a permit and never close it for six years and just get a letter.