So says the Greenwich Time, which calls Stanwich “this summer’s hottest street” because five houses sold along its length since June, more sales than on any other road in Greenwich. While the number is accurate, there’s enough left out to make the story about as accurate as Al Gore’s hockey stick graphs.
[O] ne street in town had a busier summer than the rest: Between June 21 and the final week of fall, more single-family homes sold on Stanwich Road than any other stretch of street in town, an analysis of town documents shows.
“It’s a great street,” Jean Ruggiero, an agent with Douglas Elliman, said as she sat on the patio at 279 Stanwich Road, which she’s representing. The 4,030-square-foot home is on the market for $3.5 million, and while it has four bedrooms and four-and-a-half baths to accommodate a large family, Ruggiero said it’s the private oasis out back, complete with an in-ground pool, that charms visitors most.
Let’s step behind the velvet rope and check out those sales, shall we?
Of the five sales, one, 179 ($1.575 million) did indeed sell quickly, albeit at a fairly low price. Another, 176 Stanwich, sold for $2.71 million in a deal brokered by two agents privately without the property ever being publicly listed, so we’ll never know whether that was the market price or not.
The other three have interesting sales histories that add a more complete picture than the one provided by our local real estate advertising vehicle, Greenwich Time. In fact, it seems more likely that price reductions, rather than a sudden surge in interest in Stanwich, is responsible for these sales.
346 Stanwich sold for $2.505 million, after being listed for $3.8 million. Total days on market: 597
340 Stanwich sold for $2.995, after originally being listed at $4.295 in 2007 and then at various prices since, ranging from $4.295 to $3.595. It sold in 2004 for $3.495 million.
Total days on market: 457
200 Stanwich Road sold for $6.285 million, a large, but entirely reasonable price for a terrific house. The owners tried to get $6.495 for it in 2007, the height of the market, but were unsuccessful. They tried again in 2010 (after approximately $1 million in renovations were performed) at, first, $7.895 and eventually dropping in 2011 to $6.995, and then brought it back on the market in April, 2013, at that same $6.995. 454 days later, it sold for $6.285. Total time actively on the market: 1,587 days.
279 Stanwich Rd
As for 279 Stanwich, the house listed by Jean Ruggerio and used by Greenwich Time to illustrate the “hot” market on Stanwich, while Jean’s got it listed for $3.495 million, she’s at least its third broker: the house has been for sale since 2010, starting at $4.250 and dropping slowly, but steadily ever since. Total time on market, so far: 1,517.
It’s a testament to Jean’s marketing skills that she persuaded the paper to run this puff piece of an article, but it doesn’t say much for Greenwich Time’s independent reporting. Stanwich Road is a great street, but you could duplicate its recent flurry of sales activity on almost any other street in town merely by persuading owners of homes listed for sale to drop their prices to a reasonable level.