32 Sawmill Lane
32 Sawmill Lane, asking $3. 195. Sellers paid $2.975 for it in 2011, and since nothing was done to it between then and now, I guess that’s slightly encouraging for owners in this area – these homeowners should just about break even.
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Many of the new listings this week are homes that were purchased in the past 18 to 48 months and it seemed to me they all were looking for 10 to 15% over their purchase price.
I agree – I went to few open houses this week precisely because of that: been there, seen that.
If you bought a house in 2010-2011 in most areas of the country you would expect at least 10% appreciation since then. Manhattan it would be higher. Of course there is no reason to assume the same is true in Greenwich but if houses here have not appreciated generically by 10% in 4 years it probably isn’t a great sign for the market going forward, as favorable conditions for home purchasing including lower interest rates are coming to an end and financial services compensation is still declining.
Today I saw 154 north st . Chris you are so correct- that brokers overprice their own house! 3.8 asking – what do think it will sell for?? The brokers assistant and I had a great conversation on how much we enjoy your blog!
Well, they paid $1.735 for it in 2012 (after five years on the market; back lots don’t appeal to everyone), so figure out what went into renovating it – probably not $2 million – and Bob’s your uncle.
Making a left turn out there is a nightmare on north st ! I like your honesty !
That’s one ugly house.
I know the owners of 154 North St…they told me they put $500K into it and are already bragging to friends that they will make around a $1.5MM in profit. I guess there is something to be said for buying and selling at the right time? I think they are delusional…as I like to say…bulls and bears make money and pigs get slaughtered.
It was a good flip project, because it was first put in the market at 2009 for $3.5 million which, given its back lot siting and run down condition, was ridiculous. So the people bought it for $1.735 in 2012, when the heirs threw in the towel, and if the flipper is selling it for, say, $3.5 (the MLS still shows it as active) and only put $500,000 into it, that’s a good deal, for them. The heirs could have done better had they priced it properly in the first place.
I’m sure you’re not going to be invited to their going away party now.
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