93 Doubling Road – great old mansion but …

93 Doubling Rd

93 Doubling Rd

I visited 93 Doubling Road’s broker open house yesterday, and it’s truly a sight. It’s not dark inside, as I’d feared, and its been updated to modern standards (except for the laundry room, but I suspect the lady of this house won’t be spending much time there), so the buyer can move right in.

The slate tiles on the roof, 100-years-old, are literally thick enough to use as terrace paving stones and are probably good for another couple of centuries. As is the house, in all its sprawling glory. Only 4 of its original 54 acres are left, but that’s still enough for complete privacy and the tennis court, sunken out of view, is an idea whose time should never have passed. The wine racks, by the way, will hold 1,138 bottles (it took me forever to count them!), though it’s empty now, except for three magnums of champagne – a shrewd negotiator can probably get those thrown into the deal. Hell, at this price, he can probably demand that the racks be completely replenished.

But that price: $14 million, is going to be a tough sell. I heard one very, very experienced agent, someone who’s sold plenty of homes in this price range, say, “it’s absolutely magnificent, but it’s going to take a special buyer.” That’s true of any house in this price range, of course: buyers in the $9 million-and-up category are thin, but that hasn’t stopped 71 other Greenwich owners from putting their houses up for sale in that price range. Of course, only 12 houses asking $9 + sold in the past year (and many of them fell below that threshold in the final negotiations), but that’s good news for buyers: with 14 years of inventory out there, there’s plenty of time to look.

16 Comments

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16 responses to “93 Doubling Road – great old mansion but …

  1. Libertarian Advocate

    14 Years of inventory???? Holy Fook!!! How much did the Legislature and Dumb-ass Malloy contribute to the aggregate with their most recent hike in taxes?

  2. Anonymous

    Really just stunning and emblematic of Greenwich. Limited buyer pool and too-high prices aside, I would rather look at places like this than 1950s capes on the train tracks in Riverside any day.

  3. So what’s the profile of the likely candidate to be that special buyer? A young family, with her fat trust fund/inheritance and his hedge fund job, a fer’ner, or me?

    I’ll take Not Me for $2000 Alex. But I wish I could.

    • Anonymous

      It’s hard to imagine. Even if it goes for $9m, that’s 2x the average trust-funder and hedgie range. I imagine a very rich, older couple or Europeans worth well over $100m. Someone who will be there a few months per year, with at least three full-time employees on site daily.

  4. Reasonable Richie

    This house was purchased in 2004 for $6.45MM…my guess is it goes for something close to that number. Seller may not like that reality but $1,000/sq foot is a bit absurd when your not on the water. Just one mans opinion – I could be wrong. Perhaps seller doesn’t mind waiting 14 years to sell.

    • Publius

      RR,
      Question, assuming the Cat Rock house sold at list (1.4mm) which is $667 sft why can’t 93 Doubling sell for +/- $10mm? I understand the hurdle with the gross price tag but .63 acres versus 4 acres and clearly the level of craftsmanship that most likely would be difficult to replicate versus meh and Cat Rock versus Doubling?

      • Anonymous

        Most of cat rock’s value is in the land. Doubling’s value, I think is in both the house and and the land

      • Reasonable Richie

        Good question. I think $10MM +/- is possible but that’s not in the same zip code as $14MM. I haven’t seen the house but it’s 100 years old which means there is likely a back end resale liability I’d be worried about bc once I’m done with it its 130 yrs old. The house appears to need a lot of updating from mechanicals, insulation, kitchen, baths etc. and that won’t be cheap. Plus from what I can tell the land isn’t great – so who cares about 4 acres when you are paying such a significant premium for the current structure at the asking price. For example, let’s say the land is worth $4MM then at $10MM your paying $6MM for a 13k sq ft house – does that house have $450/sq ft of replacement value? For me it’s not worth that much given the investment that needs to be made to modernize the current structure to today’s living/buyers standards.

        • In fact, the mechanicals have been done, and for someone “who hasn’t seen the place”, don’t you think your dismissal of the grounds is a bit ah … uninformed?
          All that said, I agree with you that this will be a difficult sale.

        • Reasonable Richie

          Ok – saw old radiators in the pictures and figured it was still on a steam or cast iron system. My bad!

  5. Anonymous

    That’s why they invented Tamar Lurie.

    • Reasonable Richie

      Your right! She can sell my house for me bc she is good. She can sell snake oil to a snake!

  6. Anonymous

    interesting..always thought Tamar missed her calling and should have been a commodities broker!

  7. Anonymous

    for half the asking, it might make a good off the beaten path, recording studio