February 17, 2016 · 1:32 pm

Interesting possibility here

125 Hillcrest Prk

125 Hillcrest Park Road

125 Hillcrest Park Road, a 1960 ranch on 0.38 acre, has been dropped from $979,000 to $899,000. It’s in the R-12 zone, so there’s plenty of FAR room here. Good neighborhood, too.

27 Comments

Filed under Uncategorized

27 responses to “Interesting possibility here”

  1. Reasonable Richi
    February 17, 2016 at 1:44 pm

    Thanks – I’ve been meaning to look at this piece of land – I’m surprised this hasn’t been scooped up yet. Is there something wrong with it? Seems like a good deal for this area; especially if you comp it against Havermyer Park recent land deals which were generally just 0.25 of an acre for same amount of money. Looks like you can build roughly 5,200 sq ft home above ground here – this seems like a no brainer – I see $500k of profit here – I’m going in. I owe you one Mr. Fountain!!

    • Anonymous
      February 17, 2016 at 2:43 pm

      Aren’t you going to use Mr. Fountain to make the offer? If so, I’d say you won’t owe him any longer after that. If not, shame on you. 🙂 Btw, I’m not Mr. Fountain.

  2. Cos Cobber
    February 17, 2016 at 1:50 pm

    Seems like a wide and shallowish lot. Backyard maybe limited, with excess side yard which is less useful.

    • Reasonable Richi
      February 17, 2016 at 2:01 pm

      Thanks – that may explain the discount to its intrinsic value. Nevertheless for someone looking to get a new house sizeable for under $2MM, in a good neighborhood, and good school district this looks like a good opportunity.

    • Chris Fountain
      February 17, 2016 at 2:07 pm

      But 16,000 sq. ft in a 12,000 zone should give you room to maneuver, side and rear yard setbacks notwithstanding – my partner Farricker, 8 years exp on P&z, is the one to ask, though.

  3. Anonymous
    February 17, 2016 at 1:59 pm

    i saw a house just like that on a half acre in ocala florida recently, i think it went for $28k.

    here in greenwich, price is a bit higher….

  4. Anonymous
    February 17, 2016 at 2:08 pm

    Has anyone been following construction mortgage rates? I just looked into this and the rate is better than a traditional loan plus I get to build the house of my dreams and I need to put less money down – I almost can’t believe it. Seems like banks are trying to incentivize borrowers to build vs. buy an old used home. I’m excited; now I just need to find the right piece of land/teardown.

    • Cos Cobber
      February 17, 2016 at 2:17 pm

      Banks have been willing to do constr/perm loans for about 2 years now. It’s a game changer and I know several households who are proceeding with their personal constr projects (expansion or tear down) because credit is flowing. And I’m not talking about high LTV spec situations, but rather the simple need to borrow roughly 50 to 80% against the projected improved value of the home post renovation or post construction.

      If you have patience to manage the process and good design sense, you are better off building yourself. You will save $. But only if you are comfortable managing contractors and managing costs & design.

      • Riverside Dog Walker
        February 17, 2016 at 4:43 pm

        I think there is a big difference in doing renovations versus building new. I agree that a lay person can manage a renovation job, but I think it is a different story doing a complete new build. I am halfway done with my new build in Florida and I think the builder is earning his 17% cost plus fee. Assuming you are dealing with a good builder, they should add a lot of design value, as well as get better prices and better quality work from the subs than you can get yourself. A builder is a source of recurring work for the sub, but if you are your own GC, you are one and done from their perspective. I’ve also learned that a good interior designer (not decorator, they rightly get mad if you call them that) is essential and also adds considerable value.

        Even if I was building locally, I would not attempt to herd those cats.

        • Cos Cobber
          February 17, 2016 at 4:53 pm

          RDW, I agree that you have to have a builder. To self GC new construction is way too much work. And, for the reasons you stated, you have no leverage or ability to select subs as a one and done homeowner. A fair architect and a reasonable interior designer (both need to be on a leash as they are prone to racking up the hrly bill and the materials cost) are also important. Assembling the team is not easy and you have to have an eagle eye on cost control…but also, you can’t be short sighted and skimp in the wrong places. All in all, in can be done and if you are a good manager, you can build a better home for less than “sticker.” Of course, that delta is really your own sweat equity.

    • Anonymous
      February 17, 2016 at 2:51 pm

      Which banks are you talking to?

  5. Flash
    February 17, 2016 at 3:44 pm

    I’ve driven around that Hillcrest area and it is charming, but many if the roads are in bad shape. The location of this lot is in the denser part of the neighborhood. But on the plus side it is closer to Palmer hill access.

    • Anonymous
      February 17, 2016 at 3:52 pm

      I heard the association has a plan to redo the roads but they are waiting until all the construction ends before doing so.

      • Anonymous
        February 17, 2016 at 4:52 pm

        This home is not part of the Hillcrest Park Association. The association does not start until you hit the speed bump and two stone pillars at the top of the hill.

  6. Cos Cobber
    February 17, 2016 at 3:51 pm

    I just noticed 6 Elizabeth Lane (Riverside zip/Cos Cob schools) listed at 2.395M is reporting a contract. Spring market might not be a dud after all.

    • Anonymous
      February 17, 2016 at 3:57 pm

      Pretty house – you could easily have a better / bigger house at this hillcrest location for less money than what someone just paid for Elizabeth Lane. It is a better deal to build vs buy if you can find the right piece of land.

      • Cos Cobber
        February 17, 2016 at 4:13 pm

        And if you can deal with the process. Most people can’t deal.

        • Anonymous
          February 17, 2016 at 4:18 pm

          Reality is most realtors don’t want their clients to buy land because it eats into their commission so they don’t recommend it as an option to clients.

    • Chris Fountain
      February 17, 2016 at 5:43 pm

      Oh, the market, like the pussy willows, will bloom, eventually. The question is more a question of its strength, rather than it happening at all.

  7. Cos Cobber
    February 17, 2016 at 3:54 pm

    CF, Can we launch a kick starter campaign to stop the construction of this home? Its hideous. I think someone received a $99 Architectural software program for Christmas.

    Fortunately it will be hidden from the public on a dead end in the Cos Cob mid country.

    http://lockwoodandmead.com/idx/19-Carriage-Road-Cos-Cob-CT-06807-mls_95626/?PropertyType=A&PostalCode=06807%2C06878&pg=5&OrderBy=-ListPrice&p=y&n=y

    • Chris Fountain
      February 17, 2016 at 5:42 pm

      19 Carriage, asking $2.395, doesn’t look like my cup of tea, and it’s built in a swamp (they couldn’t even dig a basement). Propane as the heat source is expen$$ive, and the design, as you mention, looks rather much as though brutalist architecture has risen from the dead. That said, it’s a new house, for $2.4. Someone will buy it.

    • Beachside
      February 18, 2016 at 4:47 am

      Three cars pictured in this listing, all of whom wouldn’t be caught dead parked in front of that Lego kit.

  8. Flash
    February 17, 2016 at 8:24 pm

    I’m willing to bet that this property has a deal/contract within the next month…anyone want the other side of that bet?