We’re still in the retread division of open house season, but perhaps the snow stalled things

24 field point

24 Field Road, nee Colonial

Nothing of particular note or new listed so far on the open house circuit, but I see that on Thursday, 24 Field Road in Riverside will be holding another viewing for brokers, the first since its price was reduced from September’s ask of $5.295 to $4.795. This was the property on Colonial Lane that was purchased and converted to a Field Road address. Doran Sabaag and Jim Hoffman built a custom house for a couple, who resold it to the present owners in 2011 for $5.350. It seems that even a Sabaag house depreciates.

22 Comments

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22 responses to “We’re still in the retread division of open house season, but perhaps the snow stalled things

  1. Mickster

    It is a fine well-built home. Unfortunately, IMHO they overbuilt. Should have put a smaller house there. Really tight yard. Minimal privacy.

  2. I was feeling the love until that pic of the garage showed up.

  3. Anonymous

    Interesting because 2011 was not the peak either.

  4. Hmm – that yard looks beautiful and big to me. Beautiful house and I love the garage – chris what don’t you love about it?

    • Anonymous

      Love the house, dream house in fact. Shame I can’t afford it.

    • Mickster

      Toonces, I sold the property originally and recommended the builders to my clients. I know the property very well. Not a big yard. They overbuilt.

    • T,
      To me, the garage looks awkward on that side with its non-proportional, thus, non-pleasing asymmetry.

      • chris – I just went to look at the garage again (because I hadn’t noticed asymmetry) and like magic, the photo is gone! Listing broker must have removed it. I like that the garage is on the side and love that it is 3 cars. Mickster – doesn’t almost everyone overbuild when they build new? Max FAR and all that?

    • My observation was directed solely to the fact that it’s being offered below cost which, in Riverside, is interesting.

  5. Riverside Chick

    When it’s lit up at night it’s absolutely gorgeous !

  6. uminn65

    spectacular house in every way. rooms are fabulous, finishes and detail are all high end. but for my millions [if i had them] i’d go for something less fancy on the water for the same cost. imo, you enjoy the water every day, but the coffered ceilings and tray moldings and wide plank floors become background in a few months.

  7. Anonymous

    I agree, the home looks beautiful inside. However, lift this classic interior to a home in backcountry and the commentary would be that this design is “dated” and not in keeping with the desires of the current Riverside /OG buyer. These new buyers pay premiums for more contemporary interiors that forego classic design elements. In the not-too-distant past the design elements in this house were mandatory to get a high price, but demographics have resulted in the new buyer valuing a different design approach.

  8. Enjoying TGL

    I like the house very much, but agree that 8000 sq.ft on less than 1/2 an acre is a little snug.
    Now 19 Hidden Brook around the corner sold last year on the same sized lot for 5.6m, however the interior, both in layout and quality appears substantially stronger.
    19 HB also had that sweet pool/party/cabana thing going for it.
    The kitchen @ 19HB also trumps field road’s
    IMHO the state of the world economy, the cost to borrow, the outlook on the future, and the 25% haircut in equity markets may also be pressuring this price downward for some time.
    Bonuses are down again, existing portfolios are down, business on Wall Street is declining.
    It’s decent news for the low end million dollar 1960’s “that will do for now”
    But big boys are hoarding cash like its 1929.

  9. Anonymous

    This is the same house your brother pitches as just a “motivated seller,” not a reflection that new construction, especially on spec, is a loser.

  10. MyObservation

    Has anyone ever sold a Sabaag house for a profit besides Sabaag?

    • Serenity Now

      Apparently, not. Sound beach charges outrageous fees, which are difficult to recoup even in a bull market. The buzz is that they “build beautiful houses”, but the houses are often over developed.

    • Anon

      There’s an old saying about taste that refers to a woman dressing for the evening – it goes that before going out she should look in the mirror and take off one piece of jewelry. Sabagg’s houses are the opposite – when he finishes his design, his default mode is to add a few more flourishes. Not just overbuilt – also overdone IMHO.

  11. anonymous

    I agree – not sure any home owner ever gets out anywhere close to whole from a Sound Beach house… They push too many high end choices that the next buyer does not place value on. Their designs, while sometimes edgy, just do not age well…