Low inventory = fast sales

 

16 Licata Terrace

16 Licata Terrace

16 Licata Terrace, three bedrooms, $1.350, already has a contract. Wouldn’t necessarily be my first choice but these days, there’s not much choice at all.

Owner paid $911,500 for it in 2009. Just saying.

57 Comments

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57 responses to “Low inventory = fast sales

  1. Libertarian Advocate

    As I aksed earlier, but for which I received NO ANSWER AT ALL: Does the current surge in Greenwich R.E. sales suggest the existence of a DiBlasio Effect?

    • Anonymous

      The De Blasio Effect does not apply to people who escape NYC to buy what would otherwise cost maybe $174k in the rest of the country.

  2. The New Normal

    no, but it might suggest a de Blasio effect

  3. BigMike

    Limited inventory.
    Plenty of demand.

  4. that must be some Playroom, judging from Other Comments

  5. anon

    O/T: second John Gilbert movie in a couple of days on TCM now. This one a 1926 silent. Is it the anniversary of his death or his birthday? TCM usually has a reason for highlighting a stars films. According to what I read about him, 1926 was one year after his divorce from your grandmother Leticia Joy.

  6. Anonymous

    Low inventory is the driver here….great time to sell the Greenwich starter and move up to next best level you can afford!

  7. Anonymous

    Same in New Canaan. A lot of people paying up big for low-end housing.

  8. AJ

    Step right up to CF’s Real Estate Emporium. If you like what you see why should it be any more difficult than buying a loaf of bread. From prospect to homeowner in twenty easy stress free minutes. Why not bring your friends?

  9. sam

    school starts anew in four months. people gotta get in now. good looking buy. won’t be too many more opportunities. NYC still gets denser and denser. roads worse and worse. stress and tension on the streets here. this will go for 1.5 this time next year.

  10. Guest

    Not clear what this house looked like in 2009, but it has everything now. Nice kitchen and baths, big family room, finished basement, very pretty yard. The bones are good and all there. Shows what a tasteful fix up (and maybe a fair amount of money poured into renovations) can do for a house.

    In New York City, if you did a gut renovation, you would have made out equally well in the same time period.

    Or maybe this house was just a bargain in 2009.

    What is so strange is that in mid country where I live (and not farther from town than this house is from Cos Cob), nicer, larger houses that could easily be fixed up to the standard of this house go for land value. They are 50% larger than this house but worth only in the mid one millions for a full acre of land, North Street School, golden triangle location with no highway interference or busy street less and than 5 minutes from town. All are private sales – no broker. The private sales in midcountry if you can get one are the best bargain around.

    At least some of Cos Cob has surpassed the golden triangle in price.

    • BigMike

      North street school feeds into CMS
      OG, NMS, DUNDEE AND RIVERSIDE feed into EMS.
      that’s what parents want.
      Anything that feeds the kids into EMS.
      End of story

      Unless they can afford 1m/kid for k-12 private edu.
      Then they pony up for the 4m+ house wherever they want inside the city limits.

      • Guest

        CMS is relatively highly rated. After that everyone is in Greenwich High. .North Street and Parkway are highly rated as well. The difference in education is marginal between EMS and CMS. CMS just has a few more minorities who test lower – some who were born in foreign countries and are still learning the English language.

        The difference between EMS and CMS for three years – really not worth living in houses right on top of each other or near the highway and in any event two or three stops farther from the City on train in my mind. Your kids will be done with middle school in no time.

        I don’t understand the serious discounts in mid country, and especially why houses like this one, but a little bigger, are all teardowns, even completely fixed up. The concept of a really nice 4 bedroom 3 bath colonial with a family room and separate dining room on an acre of land and a quiet street being a teardown in mid country makes no sense.

        • Flash

          The tear down concept increases when new home builders compete with end buyers. I think banks prefer to fund builders because they get a higher rate and quick buck turnaround……new 30 something bankers think foreclosure is a thing of the past.

        • Anonymous

          CMS is not even in the top 50 rated middle schools in the state; EMS is number 2. Only ISD, Riverside, NMS and OGS in top 50 for elementary schools. This data is based on test scores, which is limiting, but what many people use as the standard.

        • Anonymous

          Excuse me, but Glenville School is rank 45th. That’s right. Above precious North Street. How do like them apples! Of course WMS is next but life isn’t perfect.

        • Anonymous

          Sorry Glenville! Didn’t see you there!

      • Joey

        where do you get the 1m figure per kid mike when the bill is 34K a year. And it has not gone up much in the last three years. Private school is not cheap but 1m???

    • Midcountry Momma

      Guest, not strange at all. The cost of construction in Cos Cob and Golden Triangle are the same, but the upside potential in golden triangle is much higher for new construction. The new house in Golden Triangle would go for 4 – 6M vs 2.5-3.5M for Cos Cob. Add that to the cost of land, and the rational economic actor would probably be better off fixing a house in Cos Cob and building new in golden triangle, returns wise.

    • Anonymous

      The golden triangle has become exclusively a high end enclave. Public school kids need not apply. Less than half of kids zoned for North Street actually attend the school, and it’s probably less than 20% of kids who live in the golden triangle unless they are live in help. Most are made of fringe kids in Cos Cob and and the less expensive areas. That changes to 100% private when you hit areas zoned for Glenville. It’s the richest neighborhood in the country. Nobody who moves there is gonna live in a piece of shit like 16 Licata Terrace. That’s why they trade at land value.

      • Guest

        Don’r know where everyone went to school on my golden triangle street, but do know some in the area who went to public school. Not everyone wants single sex schools for high school, and Stanwich is just getting high school kids now. With girls, it may be a little easier, with Sacred Heart and Greenwich Academy. For boys, it has been just Brunswick, and there are only so many places.

        Private schools are hard to get into, and they tend to give parents a lot of S__T in terms of everything from your kid’s behavior and study habits to applying to the colleges THEY CHOSE for your kid, and not everyone can swallow that.

        • Anonymous

          RCDS, King, Greens Farms….

        • Guest

          Turn your kid into a commuter. Where is the social life for a kid going to day school out of town? Pay up for those privileges. Few families in Greenwich will make the choice of an out of town private school. Boarding school and Greenwich High are your realistic options if you do not get a private high school in Greenwich. Furthermore with GCDS ending before high school, the private school places are not plentiful anywhere near Greenwich.

  11. sam

    last year I would have jumped on this. bet they could have got another 100k. On inspection, this house looks nice. A little far out of the way. North Mianus, or Cos Cob school? Flash makes a good point. Last thing, I believe people actually like living near or next to other people. Sense of security, and activity. Along with some type of community. We moved to Havemayer and enjoy the liveliness.

    • Anonymous

      Agree with your last point. When we moved out of Manhattan, I remember my wife sitting down at the dining room table in a very nice house on one acre in Armonk I had taken her to see (with other nice houses around on their acre) , and her looking at me and saying “I can’t do this.” Okay, search is narrowed to Riverside, Old Greenwich, and Rye, I said.

    • Joey

      I like Greenwich but I have never associated liveliness with this town. Just saying

  12. wishIcouldbuy

    So a house priced at 885000 that has been siting for 53 days is overpriced, yes?

  13. BigMike

    This is worth copying and pasting from above anonymous
    Maybe even requesting the source from anon @ 2:36pm

    “CMS is not even in the top 50 rated middle schools in the state; EMS is number 2. Only ISD, Riverside, NMS and OGS in top 50 for elementary schools. This data is based on test scores, which is limiting, but what many people use as the standard.”

    Once that’s found, it should be a permanent link, hell, it should be a sticker we put on our cars over here in EMS territory!

    🙂

    • Anonymous

      I found it at School digger. Again, it’s based in test scores, but that’s what a lot of people consider to be an accurate predictor of school excellence.

      • Guest

        The school ranks are based on standardized test scores. If the school takes more foreign born, the test scores drop. You just have people who did not start school in this country, or if they did, may have had non-English speaking parents, which lowers verbal test scores. Also having poorer people may be correlated with lower test scores than for richer people. Does not affect the test scores of native born Americans to parents who speak English at home who attend the same school or of children of professional parents.

        The real estate market is valuing the wrong thing here.

        Sure, if you want to go to Harvard, you are better off in private school. But going to WMS as opposed to EMS or CMS would have no real impact on anyone’s ability to get into Harvard.

    • Joey

      It depends who your kid is. If your kid is smart he/she will do well in any Greenwich school. The teachers are pretty much equal in every school. If this is true then the premium being paid is unjustified.

      However If the buyers/parents are just relying on a ranking number or they don’t want their kiddies to be exposed to the Chicken Joe’s types then perhaps the premium paid is a rational choice. My guess it is one of these last two factors that is driving the premium.

  14. sam

    EMS. We’re #2! Guaranteed to get your car keyed wherever you go. How come Old Greenwich School is so far down the list? Too many family vacays during the school year to St. Barts, Vail or Positano?

  15. BigMike

    Ok so,

    EMS #2 ranked Middle School in CT
    (This is based solely on test scores)

    CMS #52
    WMS #142

    I think that sums up the demand for OG and Riverside homes that feed into EASTERN MIDDLE SCHOOL

    Rock on neighbors, rock on.

    • Anonymous

      WMS is soon to be racially unbalanced. It is far harder to justify the makeup of our middle schools than our elementary schools to the state. It’s a matter of time before these get readjusted and they all fall to around 50. Don’t worry, your kid will still get a great education. The free lunch kid is not going to make him any dumber.

    • housecat

      Big M, you seem like a nice guy (no snark), so I’m loath to pick a bone with you. However, the public school snobbery thing is a bit like proclaiming oneself a “beer snob”. Yes, some beers are better-tasting than others, but at the end of the day, it’s still just beer. May as well start comparing Yugos.

      • BigMike

        If it raises the value of my home, bring it on.

      • NextOnTheTee

        Cat lady,
        The private schools aren’t all they’re cracked up to be.
        The amount of coddling that goes on in these kids loves make them absolutely unable to function in the real world. Difficult to be hungry when you are spoon fed. I see it all the time, year after year.
        I’m just not impressed by the kids.
        Can’t tell you how many have ask me for a job over the years.
        Even more pathetic, it’s the parents asking for their kids to have the job.!
        LOL

        And DYK, the private schools hire teachers that have an inferior education compared to the public schools.
        They will hire anyone willing to work for 1/2 the public school teacher salary.
        Yea, it’s half.
        And what do you get when you pay 1/2?

        • Flash

          Ha ha, old joke
          What do you get when you pay peanuts?…….monkeys
          Gonna take another look at those yearbook teacher pics

        • nutmegger

          Not accurate on the pay. AND you are forgetting their kids are going to 40k/year schools for FREE. AND a lot of them are getting free housing in Greenwich or hugely subsidized. Your math sucks.

        • NextOnTheTee

          It’s a 40k/yr school that’s useless.
          The teachers are not certified by anyone.
          They are not required to have completed a degree in education.
          They simply are “good and math” and can teach lacrosse.
          They are not what you think.
          The math is correct, it adds up to nothng.

        • Anonymous

          What do you get when you pay nothing? Public school…

        • housecat

          Next: I actually don’t have any use for people that cop an attitude because they send their kids to private school, although I think my comment sounded as though I do. Also, it’s probably unfair of me to pick on BigMike, since he is merely one of scores of commenters who’ve said similar things about Riverside and EMS. Maybe it’s because I didn’t grow up in North America, but some thingsare just baffling to me – I never “got” the Ford vs Chevy thing, either.

        • Joey

          you obviously have no idea what you are talking about.

  16. Anonymous

    Anonymous – I completely disagree with you on rebalancing. The law has no teeth and the state knows it….it’s just fundamentally unconstitutional to put a quota on race. We haven’t even submitted a plan and the State has yet to do anything about it….2 years past due. We’ll submit a benign plan to rebulid New Lebanon, ask for state funding to do this and make it more attrictive as a magnet school. After construction is complete and we have time to absorb those students who want to attend a magnet and realize that it’s not working, it will be 5 – 7 years.

    We’ll be at the table with the State again for another round. The more time that passes the more likely the law will be rewritten….

    • Anonymous

      Having one middle school half the size of the others where we stuff all the poor kids just doesn’t pass the smell test.