Sometimes, it’s better to cut your losses and run

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One Pinetum

Cos Cobber has brought to our attention the new listing off Bible Street, One Pinetum Lane, asking $5.295 million. I’m skeptical of its chances at this price.

The owners tried, and failed, to sell an older house here back in 2007 for $2.495, so they doubled down, razed it, and built this one instead. It claims 7,459 sq. feet on its one acre, but given FAR restrictions, at least 2,000 feet of that must be underground, and despite what some agents claim, 2,000 feet of gym equipment and a big screen TV in a dark hole does not, nor should it, command the same valuation as rooms with, you know, windows.

Still, it’s a nice house, as this style goes, and I’m sure a buyer will turn up who doesn’t mind its inaccessible location or the presence of so many (much) more modest houses along its approach. It is across the street from the archery club’s 20 acres, so that may have some appeal.

But will that buyer pay over $5 million to live out here? We’ll see.

18 Comments

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18 responses to “Sometimes, it’s better to cut your losses and run

  1. Cos Cobber

    This place has some gaudy qualities, but overall – I do like it. Replacement cost is well below the 5 handle however.

  2. Anonymous

    You guys are harsh

  3. AJ

    I remember the Cat Rock end of Bible St as kind of nice. Trouble is it’s attached to the Little Italy, other end of Bible St. Not that there’s anything wrong with that; it’s just not a $5 million address.

  4. former og lifer

    At least it’s within walking distance to Scarpelli’s when a craving for the best sausage in town hits.

  5. Anonymous

    Maybe the owners will get lucky and the buyers will be represented by an out of town broker.

  6. Cos Cobber

    I like the pool set up with this one. For 2008 construction, the styling has held up pretty well. Wonder where they hid the septic field on this 1.15 acre lot on a slope.

  7. Mickster

    Personally, I like the house. Location – not so much. Out of curiosity I checked and found only ONE house has EVER EVER broken $5million in Cos Cob and that was 200 Cognewaugh in 2007 at the height of the madness. It will be a cold day in hell before this reaches that lofty goal. Anyway, he’s a commodity trader who, I’m sure, has done very well before that business imploded, so he’ll be fine. Hola!

  8. Anonymous

    Not sure its a bad trade per se…he paid $1.2 for the lot and I would guess $1.5 to build. I think he can get out for what he paid for it…

    • Mickster

      You almost right. My guess is $2m and change to build plus $1.2 so he’s in there for $3.25 – $3.5 and he should get that. Unless Wall Street takes off again, I’m not sure I see a $4 handle on this.

  9. Mid-country Cos Cobber

    I love the location and think it’s s pretty house. My guess is mid 3s though … Although for selfish reasons I hope I am wrong!

  10. justlooking

    why are there no pictures of the bedrooms? It seems an odd mix of photos for a marketing piece. Do you know is the house on septic and well water? If so, double negative for many.