
12 Heusted Dr
12 Hoisted Drive, Old Greenwich, listed at $1.795 million, has dropped to $1.695; that still seems like a lot of money for a tiny cottage in the flood zone, at least to me. Owners bout it in a bidding war back in 2008 for $1.305, but that was before Irene and Sandy blew into town and reminded people about storm surge and, of course, that price was paid via a bidding war, when logic and reason often go out the window.

9 William Street
And lest you think I only report on other people’s discomfort, my mother’s property at 9 William Street in Riverside has been reduced to $1.995 million today, a full million below its first price. I disagreed with that first price, but I did think $2.450 would be a good ask. I was wrong.
It’s a good illustration of what happens when sentiment edges out objectivity, I suppose: we Fountains remember great, cool summer evenings on the deck, watching the creek activity, the sailboats and kayaks we launched from here, and the pleasure of the company of our “creek neighbors” on both sides, Riverside and Old Greenwich. All those memories are useless to buyers, who don’t have them and won’t pay you for them.
All that said, a 1/2 acre of tidal waterfront, way above the worst flood waters, and a FAR of 6,000+ feet (that’s above ground FAR, not basement), still seems like a bargain, to me.