Don’t tell millionaires what they can’t do

100 Club Road

100 Club Road

100 Club Road, waterfront, finally sold yesterday after a long, long time on the market. Ironically, it sold in a bidding war ($4.250 on $3.999 final ask), after starting at $7 million and meeting buyer resistance all the way down. The problem, as I see it, was that the owner of the original estate this land was part of reserved a sightline easement over part of the property to preserve his view. It didn’t significantly affect what you can build new here, but people who can pay, say, $6 million for land are driven absolutely nuts when they learn they can’t do exactly what they please.

I figure this easement knocked a million dollars, easy, off the value.

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5 responses to “Don’t tell millionaires what they can’t do

  1. anon

    will gideon be forced to change his blog header photo?

  2. housecat

    CF, wouldn’t there be zoning restrictions on height anyway (on any new mega-palace built)? There seem to be restrictions pertaining to everything else (FAR, setbacks, single vs mutli-family zoning, etc etc etc). I can’t imagine the P&Z tsars would allow someone to build a six-story multi-plex anyway. Is this yet another example of perception trumping reality?

  3. pulled up in OG

    How bout the nice view of the parking lot, how much did that knock off?

  4. Anonymous

    Housecat – you don’t need much height to block views. I believe in this zone height limitations are 30 or 35 feet