“New” listings

Some are just being delisted after their old listing expired, like

26 Stag

26 Stag Lane

26 Stag Lane, asking $3.950 million. This was a good house, built by (the good) Richard Harris back in 2006, but I think, and he thought, he was lucky to get out of it in 2007 for $4.250 million. It’s down in a hollow, on a narrow, shared driveway, and is adjacent to the Merritt, so only the irrational exuberance of 2007 could have yielded that price.

As was demonstrated by the buyer, who lost it to foreclosure, and watched it sell to the present owner for $2.6 in 2013. Now that guy is trying for the 2007 price, assuming, I assume, that he got a bargain three years ago. My feelings on “bargains” is that you always end up paying exactly what something’s worth, if not more.

15 Wykham

15 Wyckham Hill

And the same status for 15 Wykham Hill Lane, back from the expired at $3.950 million. The listing says “custom built” and it was, by Hobbs, one of the finest, but back in 1996. It sold to this owner for $3.3 million in 2000, and he’s been trying to resell it since 2008, when he tried for $5.295. It’s been dropping ever since, and the last price before this, in November, was $3.995. The trouble with custom designs is just that: they’re custom, built around the owners’ tastes. The taste of this oner matched that of the people he bought it from but since then, no one’s showed up with the same esthetics. I happen to like it, but I’m not a buyer.

22 Comments

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22 responses to ““New” listings

  1. Cobra

    Stag Lane link goes to King Street property.

  2. Cos Cobber

    My god, I appreciate the RE update this late Friday, but man this is a boring bunch of houses posted over the past hr. Boring,Boring Boring…except for that Mortimer house and its FEMA steps.

  3. 15 Wykham Hill has the typical SRW parody of a style, but, is intriguing nonetheless. The garage/playroom/whatever looked better (pic #31) without the ‘growth’ coming out of the roof.

  4. I remember the stag lane house when it was for sale back in 2012. It looked tired and dated. I think the exterior then was brown. Now it looks gorgeous inside and out. Kitchen looks brand new to me. Everything is bright and pretty. I bet the owner does make a profit. How much I don’t know….

    • Oh no doubt it’s far better than back during its foreclosure days – houses do that. And so maybe ….

      • Anonymous

        What’s your guess on how much owner put into the house? Interested in understanding the economics of updating on resale. Rumor is its hard to break even, but there do seem to be opportunities to do better than that.

        • Anonymous

          Looks to me like owner painted exterior and interior – 50K total, redid kitchen: 100K, refinished floors 20K. At a minimum, possibly did some bathrooms. So, my guess is 200-300K. Needs to sell at 3.3 or more to make money considering brokers commission.

        • Chip

          Are you people hiring Michelangelo to paint? $50k for inside and out? The guys who quote those high prices go home and laugh their head off, tell the wife I reeled another Greenwich sucker in today. Shop around people. Good painters will cross the border or travel
          from different counties of CT than Fairfield.

          • Anonymous

            Exterior paint on a very small house – done by a cheap painter from out of town is about 8K. So I tripled that – this is a big house. Same for interior. interior painting I estimated for everything – trim and inside of closets – everything which is what makes a house feel very new.Do share an outside painter you know – names appreciated. That would be heloful

        • Anonymous

          Thanks for your perspective on the fix up. I like that the broker used all caps on zillow, that really is a value add.

          50k total on painting seems on the cheaper side for 6700 sq ft. Regardless of Chip’s chirping, using cheap painters is short sighted (though paying more doesn’t guarantee better results). As long as you look at the walls at least 5 ft away, you don’t see the mistakes and brush strokes around the doors. Also, that job could be close to 2 months of work for a crew.

          If they paid 2.6, 300 for work and then broker puts your break even a little over 3m. Just because you list around 3.9, doesn’t mean it goes much over three if you are neighbors with the Merritt.

  5. CT2CA

    I really like the Shope house. Not in love with the ‘growth’ on the garage wing and also think that the low slope of the roofs to either side of the door are a bit off, but otherwise nice…..and seems like a tremendous amount of quality house for sub $4MM.