Category Archives: Mid Country

More Mid Country blues

Going down?

Going down?

16 Dingletown Road takes another price cut, to $5.095 million. I like this house: it’s removed from Dingletown itself, has a nice back yard and a convenient location, but I did wonder at the owners’ decision to price it at $6.150 this past April after they’d paid just $5.6 for it in 2011. Now the elevator, having paused at the ground floor, is heading for the basement. Oops.

The owners aren’t alone in their overestimation of the value of this house, however; the spec builder who put it up in 2008 tried $8.995 and various lower price points until he found these people three years later who were willing to pay that $5.6.

I wonder if the buyers made the mistake of looking at the original asking price and figured they were getting a bargain? It happens.

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Filed under Buying/Selling Greenwich Real Estate, Mid Country, Neighborhoods, pricing

We’re not in Riverside anymore, Toto

17 Windabout Lane

17 Windabout Lane

We’re in the mid country, where the prices keep falling. 17 Windabout Lane just cut its price, again, and now asks $2.695 million. To be fair, that’s still a price that, for this house, might face resistance even in Riverside, but the owners can be excused for pricing it at $3.250 million 222 days ago because, after all, that’s what they paid for it in 2002.

Ouch.

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Filed under Buying/Selling Greenwich Real Estate, Mid Country, pricing

So what were they thinking in 2007?

125 Pecksland Road

195 Pecksland Road

195 Pecksland Road has a new price, $3.685 million, and notes that it now sports “a fabulous new master bedroom suite” and a new kitchen.  That sounds very nice, and the price looks attractive, but if all that new stuff now makes it worth $3.7, what on earth was the justification for pricing it, pre-improvements, at $6.250 million back in 2007?

Another demonstration, if one were needed, that the authors of Freakonomics were wrong to conclude that real estate agents not only price their own homes higher than comparable homes, but get those higher prices.  In Greenwich, at least, agents are notorious for overpricing their homes, but they never get what they think it’s worth. Emotionalism beats objective assessment, every time, just as it happens so often with normal people.

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Filed under Buying/Selling Greenwich Real Estate, Mid Country, pricing, Real estate agents, Uncategorized

On the other hand, here’s someone who disagrees with the previous post

26 Taconic

26 Taconic

Having failed to sell for $5.495 million in 2010 (it started at $6.495 in 2007), Kaali-Nagy has brought 26 Taconic Road back on the market for $5.950. Much as I like Mr. Kaali-Nagy’s work, and I do; he builds a beautiful home, I’ve never liked this one as much as his others. The land sucks: 2 acres, but much of it is underwater in the form of a pond or found on the hill sloping down to that pond. On the busy, lower end of Taconic. The house itself is, to my taste, too dark, in part because of a porch roof on the east side that blocks the sun.

East wall

East wall

When he couldn’t sell it he rented it, for $17,500 in 2008 and $16,000 in 2010. Now that lease has apparently ended, so he’s spruced it up and offered it for rent at $27,500 or purchase, as noted, at $6 million.

I bet he doesn’t hit either number.

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Filed under Buying/Selling Greenwich Real Estate, Mid Country, pricing, spec houses

Abandoned Ridgeview Ave. house finds buyer and (unrelated), the Synagogue expands its Cos Cob footprint

 

9 Ridgeview Avenue

9 Ridgeview Avenue

9 Ridgeview Avenue, placed on the market by its bank-owner at $2.999, reports a contract. The failed developer paid $2.355 for the land in 2008 and took out a $4.7 million mortgage to build this shell. I assume all of that sum hadn’t been advanced before the project went south, but it’s a fair bet that there was a serious write-off here.

I personally would be wary of a house that has sat empty for so long, but I assume an inspector has signed off on the structural integrity.

88 Orchard Street

88 Orchard Street

In Cos Cob, an Irish realtor, Francis X. Fudrucker, has sold a Scotsman’s house on 88 Orchard Street to a Jewish synagogue; are we a multi-cultural town, or what? 88 looked for $2.355 million in 2011 and dropped as low as $1.795 before its listing expired on Halloween, 2011. The treat finally arrived last Friday, when they sold for $1.6 million.

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Filed under Buying/Selling Greenwich Real Estate, Cos Cob, Foreclosure, Mid Country, Neighborhoods, spec houses

Slow day for real estate

Three small items to note.

241 Valley Rd

241 Valley Rd

241 Valley Road, asking $895,000, reports a contingent contract. This is a 1924 shack on 0.08 of an acre overlooking, but far uphill from, the Mianus River. But a beautiful view, and no neighbors to the east, at least. I’m sure you can do something interesting here. To keep score, this sold in basically the same condition in 2000 for $515,000.

44 Hunting Ridge

44 Hunting Ridge

44 Hunting Ridge Road has taken another price cut and now asks $5.495 million, which is better than the $7.925 it wanted back when it was first built in 2006.

414 Stanwich

414 Stanwich

And back again, 414 Stanwich is now priced at $1.525. It sold for $2.1 million in 2003, so the owners can (almost) be excused for first pricing this at $2.695 in 2006, but buyers weren’t buying it. A number of rentals, a handful of brokers, and many price cuts and years later, it’s down to this level. I like this house; it’s always been the price that put me off. Perhaps this will do it, but if I were advising my own clients here, I’d suggest that they negotiate, hard.

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Filed under Back Country, Buying/Selling Greenwich Real Estate, Contracts, Cos Cob, Mid Country, Neighborhoods, spec houses

Dang, I was hoping to snag this one for my own kids

555 Lake Avenue

555 Lake Avenue

555 Lake Avenue under full contract, $26.5 million. 19,000 square feet, 8 acres, but just 8 bedrooms – there’s still room to expand, thank goodness. This property was never on the market but supposedly it was going to be and a buyer moved in and snapped it up.

 

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Filed under Buying/Selling Greenwich Real Estate, Mid Country, Neighborhoods