Riverside sale

34 Miltiades Ave

34 Miltiades Ave

34 Miltiades, non-railroad side, sold for $1.1 million. A good friend of mine grew up here, long ago, with his brother, sister, grandmother and both parents. The children were quite successful in later life, somehow. What’s sort of sad is that my friend’s father’s job was to empty parking meters for the town of Greenwich, yet he lived barely 100 yards away from the president of a large NYC bank. The days of that kind of economic diversity in Riverside are long gone. I’m certainly not calling for some sort of government leveling program here, just observing that the town’s a far different place than it was when I was growing up.

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27 Comments

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27 responses to “Riverside sale

  1. Accolay

    I think it is more likely that the bank president was living below his means, which is something that’s very rare today. Of course everything’s more expensive, but there’s still economic diversity in Riverside, only it’s middle managers and presidents now versus meter maids and presidents.

    • Well I grew up on Gilliam Lane, three streets over from Militates. As neighbors we had the CEO of American Tobacco, the head of a very large Wall Street law firm, an advertising guy in and out of work, a retired man who, whatever he’d done in his work career, apparently wasn’t much, and the president of Homelite and, a stone’s throw away, the president of Union Carbide. It’s not that people were living “blow their means” so much as they were content to live in comfortable, modest houses and didn’t seem to aspire to more. I don’t think that reflected a lack of ambition on their part, just a different view.

      • Anonymous

        You’ve just described what living below your means, means. Query the effect that 80%+ financing on luxury homes has had here, too, something that was basically nonexistent 40 years ago.

        • Both good points. My father didn’t have a mortgage, nor, I suspect, did many of his generation. On the other hand, he sold his brownstone on W.11th street to buy our house on Gilliam Lane rather than take out a mortgage. I think I heard that the brownstone last traded at $20 million.
          Oh well.

        • Accolay

          I would think a lot of people in Greenwich don’t have mortgages even today, particularly on the ritzier streets (Indian Head, etc)

        • SBH

          Same homes 40 years ago went for about 40,000.
          Now the dirt alone is worth 25-30x.
          Not sure median incomes have risen by the same multiple…

        • SBH

          Oh yes they do.
          And they banks that employ them offer them up on a platter.
          It’s foolish not to take them up on it.
          So off they go, with 2,3,4 million dollar mortgages.
          If they get canned, the list, leave, and someone else takes a shot.

        • I’m sure most people have >50% downpayments. Can’t envision too many $2-3M homes putting 10% down.

        • Anonymous

          Most people buying today in $2-4 mm range are up and coming professionals putting about 30% down (this is a cutoff for many banks). These people may be able to afford to put more down but they understand the value of being able to borrow at historically low rates for 30 years.

        • pulled up in OG

          Forty years ago, every room was furnished. : )

        • Inagua

          Another factor might be compensation expansion. When I started working in the budget department of a Dow Jones 30 industrial company in 1970 just out of college, I earned $10,000 and the Chairman of the Board earned $150,000. Sure, he got some options and other goodies (I don’t remember how much) but he made way, way less than CEOs and other senior executives do now, particularly as a multiple of starting salaries for college grads. The has been enormous compensation inflation at the top.

  2. Cos Cobber

    I can’t believe that house going up at the corner of Militades and Riverside Ave. Its totally shoe horned in between the elevated Riverside roadway/ bridge and the railroad corridor. Its a nice design and the work looks decent, but tough location.

    • Anonymous

      Zero back yard but a three car garage. sad what matters these days.

      • RivAve

        It’s got a much bigger backyard than you think, go stand on the NYC bound platform and take a look, they own a big chunk of land behind that first house on Miltiades. Well, big relative to new build in riverside anyway.

  3. another starbucks 4 me

    There are still a lot of level headed people in town who are truly wealthy and not just “working rich”. Greenwich Magazine is littered with a lot of those aspirational types, it is rare to see heavy hitters get caught up in that trashy scene. I’m happy to be the beneficiary of stepford wives and their daddies driving up the value of real property in town. It’s a free country … party on!

  4. Just Looking

    Can you quantify the difference between “working rich”and truly wealthy? I think it depends on street around here.

  5. rivman

    You also didn’t have the insanely high CEO salaries back then that you have today.

  6. Anonymous

    Quit for 10 years.

  7. Nopo chick

    Land value Chris?

  8. Anonymous

    Problem has more to do with the piggish compensation Boards give to the bank CEOs.