Pending sales

 

42 Riverside Lane

42 Riverside Lane

42 Riverside Lane, $1.950 million, 13 days on the market. It sold new for $1.710 in May, 2012.

11 Chieftans

11 Chieftains

The owners of 11 Chieftains weren’t as fortunate. They were asking $2.950 million and it took a year to find a buyer. Worse, they paid $4.650 for this in 2003. Checking the listing from back then, it appears that the property was never exposed to the market, and was instead sold via an agent-to-agent “pocket listing”. Wonder whose pocket got filled, and whose was picked?

 

16 Grant Avenue

16 Grant Avenue

16 Grant Avenue, in Old Greenwich, falls somewhere in between these two results. There’s a contract, after a year, and the owner’s been asking $3.050 for it, after paying $3.310 in 2005. Not a bad house at all, but certainly nothing to knock your socks off. But what do you expect for just three million bucks?

21 Comments

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21 responses to “Pending sales

  1. Patrick

    The house on Grant seems like a bit of forewarning to all those Bramble/hearthstone buyers. Brand new house in 2005, good neighborhood, good school….10 years old and now down about 12% while the stock market is up 60%. That’s a loss of $2m if you count full principle or about $1.3 if you just take the down payment into account. Definitely cheaper to rent and then put $ in the stock market. The real winners are the builders and flippers of knockdowns. New builds just don’t appreciate.

    • Jonathan

      I think you have to reduce his loss for the cost of renting, which would have been about $1.2-1.3M over 10 years?

  2. Shoeless

    Riverside ave has .22 acres and 4500 sq ft? Must include the basement, yes?

    Did the buyer know they got CMS and CC schools for that price?

    • BigMike

      Ofcourse they don’t know
      And neither did the previous buyers
      Look for this deal to fall through after reading our post, or
      Look for this to list again next spring.

      • Rick

        The listing agent claimed the owners were transferred down south somewhere. Pretty dramatic reaction to finding out you were in the wrong district, if true.

      • Cos Cobber

        Gang, for many people – EMS would be nice, but its not essential. When you parse back many of the statistics, the difference between Cos Cob/ CMS and NMS/EMS is relatively small.

        The houses on Riverside Lane have been steady in their sales prices providing quick and easy comps for any buyer to measure against, which is very attractive.

        • Indeed. And I doubt that anyone buying there is surprised to learn that the district os Cos Cob/Central. It’s on every disclosure sheet. Education, in Greenwich, depends more on parental involvement than anything else (except stubborn laziness, as I proved). If your child can’t flourish at Cos Cob and Central, there’s far more wrong than those schools.

        • BigMike

          I’m just saying, it’s not the first time it’s happened in that neighborhood.
          I have no idea what the story is with this one.
          But, I know two families who have left that hood in the last 12 months for that very reason.
          Bought in riverside, thought that meant riverside schools.
          Obviously missed it on the disclosure sheet.
          Listed em, sold em, done.

        • BigMike

          Cobber
          It’s the mommies.
          Ok?
          I hang out with these chicks every day.

        • Cos Cobber

          The Mommies? Well, I suppose I get that. The Cob has it own circuit of mom’s striving for ‘mom compliance’…but I am sure it pale’s to the NOPO/Riv/OG world.

        • BigMike

          Pretty much Cobber, pretty much.

    • Rick

      I can’t comment on what should be the premium for Riverside schools, but this was a pretty nice house, albeit on an odd shaped corner lot, compared to what is on the market elsewhere in town in the under $2mm price range this spring.

  3. Anonymose

    Jonathan:

    At prevailing jumbo rates for the time, 6.14%, and 20% down, you’re looking at a monthly mortgage of $16,067. For 9 years that’s $1.74M in mortgage, with only a ~$300k reduction in principle. That principle reduction is wiped by the price cut, the down payment is nearly wiped by transaction costs and at least halved. $1.4M in interest payments is pretty close to rent. Instead of a 360k profit on the S&P with that 660k downpayment, they take a 300k loss (not to mention taxes, landscaping, maintenance, renos, decorating, etc that gets increased when it’s “your” house). $16k rent and investing the downpayment easily gets you 1.2M better off than buying all in. All cash (or levering the S&P) makes the math even worse

    • BigMike

      But isn’t the problem with renting always the same…
      They can ask you to leave
      They can raise the rent
      They can opt to sell and showings are with your stuff and on your time.
      And if you have kids in schools, you run the risk of not finding a new place to rent when the time comes.
      Sooner or later, you will have to bite the bullet, pony up, strap in, and get er done!

    • BigMike

      6.14 % …ouch
      I like my 3.62 much better

    • Stump

      or they could modify their loan every 6 months to current rates for a $1500-2500 one time fee … kinda silly comments Anonymose … sounds like you are just kind of pissy about something. Chill Brah … exercise common sense and get off the spreadsheet

  4. Xyzzy

    I wouldn’t use Grant as an example. It was bought in 2005 which while not the top of the market in Old Greenwich was close to it. It sold at or above asking price before it was finished.

    As with all properties there is a story involved. How did Mark Obrien always luck out in those ways.

  5. housecat

    I saw nothing wrong with the cape that was there before.

  6. Patrick

    I’m not sure it was luck with Mark. He had a formula. Take a decent lot with decent location and put up the biggest modular he could with the minimal amount of high quality finishes to sell the place. A good business model to me and profitable.

  7. Anonymous

    Here’s a story about the owners of 16 grant … guess this is how you folks roll in Greenwich. It’s not only about having arrived, it’s about letting everyone else know. Yuck.

    http://www.bloomberg.com/news/2013-09-30/wall-street-on-a-budget-revives-greenwich-real-estate.html