New listing, new post-Sandy price

That was then

That was then

21 Heusted Drive, Old Greenwich, is back up for sale as land and asking $1.250 million. It was completely renovated in 2006 and marketed during 2007 and 2008, starting at $1.695 million and dropping as low as $1.495, without success. At that time, it was listed as a house. Today it’s described as land, with approved permits for a new house (on stilts). There are three other houses for sale on Heusted, at least two of which were battered by the storm, and I suspect that most buyers will be hesitant to get their feet wet in this now-pioneering neighborhood.

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11 Comments

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11 responses to “New listing, new post-Sandy price

  1. Anonymous

    Feet wet…. hahaha.

  2. anonymous

    Is that the going price for a 5,227 square lot? Zoning is 3,790 for a 12,000 sq foot lot so…… maybe 2000 sq feet of FAR here?
    I don’t see how a builder can make money at this price, let alone a regular buyer. No basement to supplement that low square footage. Grim.

  3. Anonymous

    This is a sad story. The edgewater neighborhood is a really charming neighborhood. Close to town, beach, walk to school, lot’s of kids on their bikes, sunsets down at the end of the road – the quitensential beach life. At the height in 2006 these quite small houses were going for as high as $1.7m so we’re talking probably $700-800sf at the time.

    Now reality has kicked in. After Sandy, most of these houses suffered significant damage – generally 3+ feet of water on the first floor. Combine this with strict regulations and the houses are truly worthless. People poured money into these house in the mid 2000’s and here we are. This is likely below the new BFE and flood insurance is probably $30k a year…which is why it is being marketed as a land deal.

    This area still has the charm and appeal, but no longer at that price point. A 2,000sf house that is very expensive to build due to regulations and extra costs of raising, with no basement, and no place to store your stuff.

    It will be difficult to determine what this will sell for, since quite often someone with little knowledge of the area and situation might overpay thinking more about the neighborhood than their potential future pain points. I personally wouldn’t pay more than $800 for it….maybe $900k on a stretch. For $800, plus $600k for a house…it might make sense.

    • anonymous

      800 + 600K for a house of 2000 square feet, no garage, no storage. Strollers lugged up the steps. Grandparents can come visit only if they can still climb. I’m not sure that will work for anyone. It’s the size for downsizers but downsizers typically don’t want to climb. Grim.

  4. BigMike

    I’m starting to think Tod’s Point may get a little bigger over the next 15-20 years.
    Maybe this lot/land sale could be the perfect spot for the new gatehouse.
    And everything south of this, and west of sound beach could become the new, expanded, just like the good old days, tods point.

    Ha!

  5. pulled up in OG

    Dock application across the fjord, eh?

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  7. sam

    2,000 square feet for 1.8 million isn’t a terrible deal if you’re moving from Manhattan. Schools free. Store stuff in attic. three feet climb will stroller is nothing. Park on street. Use Westy for big stuff. It’s probably the best type of neighborhood to live in within 40 miles of the City. This will sell quickly.

  8. sam

    Drove by. I find the street bleak. It’s narrow. Houses should to shoulder. Cars parked everywhere. Even the new construction appears to be jammed in. I don’t know about paying even a mil for tiny new construction. You’re right. The whole thing might be worth 300k. How high can you go — two stories? You need kids in elementary school for it to be a desirable proposition.

    • The fun part is that P&Z wants you to build up to 18 feet above flood zone and still caps height at 35′ above ground. The result: a pancake on stilts. Talk about appetizing!