Old Greenwich contract

 

5 Keofferam Rd

5 Keofferam Rd

5 Keofferam, $3.525 million, ask, 49 days on market. This is a lovely house, and I wondered aloud here several times why it wouldn’t sell back in 2012, when it started out at $3.495. It finally did sell last October, for $3 million, to folks who added on a 700′ addition that must have provided the space buyers had previously perceived as lacking, because this time, it went quickly.

 

3 Comments

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3 responses to “Old Greenwich contract

  1. anon2

    The previous buyer was in it for the flip? One doesn’t usually buy a house in October 2013, hire an architect, file for permits, find a builder for an addition that probably took 6 months A to Z, then sell. By my calculations, they never got to enjoy the house. But perhaps that was never their intent.

  2. ShedLessToolMan

    That kitchen blows for $3.5 million. Everything else looks wonderful.

  3. Patrick

    If it’s a flip, then they should look for a new career. House is $3.5mm – commission to realtor $175k, less cost of construction (architect, permits,etc. $250sf) – $175k – less carry cost for 1 year $75k – less closing costs to buy the house ($5k), less closing costs to sell the house (transfer tax) – $35k….Loss to possibly break even at best.

    I never understand what the driver is for holding a house with this large a price tag for such little time. Is it a divorce, transfer, found a better house? Either way the finances rarely work.