15 Bramble, built in 1965, has sold for $1.9 million.
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Sad to spend so much for so little.
Under 1/3 acre, wow!
4 Bramble (corner lot on Hendrie) sold for $2.0mm in March – similar acreage – looks like they did some renovations and now is listed as a rental with August availability for $13k/month. Point is at this price point looks like investors may be purchasing as rental income rather than builders looking to teardown and rebuild. Am waiting for some of the other Riverside pendings – 161 and 215 Riverside Ave and 14 Spring Street – all listed between $1.8-2.0mm – to close for price discovery.
Or it was purchased by builder – with the incredible delays imposed by the town on new construction these days, it can make sense to rent a house out for a year or two while the project works its way through the bureaucracy. Not saying that’s what’s happening here, just that I’ve seen it elsewhere.
I understand your point but not sure it applies to this house as they took off the entire roof from this house and did some construction work with the roof off during May as I watched from school dropoff – not sure what they did but would be surprised if they would do that in anticipation of eventually tearing it down?
Not sure if ELK homes bought it, but here is a listing of some of their other Greenwich rental projects. http://www.elkhomes.net. they gave quite a few in Riv/OG.
Taking 4 Bramble as an example – $2m price, $300k renovation, realtor fee for rental, taxes, insurance….this works out to a 5% return on purchase price assuming it does not go unrented. This is not a great rate of return given that there is still risk.
Also interesting in that these rentals ultimately lower the inventory for purchasers thus artificially inflating prices….
My guess is that they’re building inventory, with an eye towards building new down the road, but that’s just a guess. 5% on holding isn’t too bad, though.
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