Here’s the listing information for this house, with more pictures.
Category Archives: Riverside
This new listing should provide a pretty good gauge of what’s happening in our strongest market, Riverside. Built new in 2005 it was first priced at $3.350. That proved too high but when it dropped to $2.995 in April 2006 two different buyers appeared and it sold for $3.0 million. Now it’s back, essentially unchanged, for 10% more: $3.295. Four bedrooms, 5,300 sf (a good portion of which is basement, I’d guess), three fireplaces, okay yard, kind of, on a very nice, quiet street. All in all, a typical newer Riverside house, I’d say, on an above-average street. So will it prove to have increased in value? Dropped? Let’s watch and see.
A commentator guessed that there were 10 spec houses for sale in Old Greenwich and suggested that their builders were in trouble. I won’t hazard a guess about the financial condition of the people behind these projects but there are in fact 10 spec houses for sale south of the Village (plus 3 north of the Post Road, but those don’t really count), priced from $2.295 to $5.795. That’s a pretty large number, even for good times. Right now, I’m inclined to correct the commentator on only one thing: he said this was “bad news’. While it certainly is bad news for the builders, I think it’s good news for buyers. There are bound to be some bargains to be wrenched out of this mess.
Riverside is in better shape. There are six new houses listed for sale but I don’t believe any have broken ground, so the builders may be sitting on land but they don’t have the expense of an actual construction project to carry. That should give them more staying power so if you like to negotiate, I’d head for Old Greenwich instead of Riverside. Of course, even Riverside builders would like to be employed; if you want a custom job, now’s the time to ask for one.
Three contracts have been reported in the past two days, all in Riverside: 13 Club Road, asking $2.275; 25 Bayside, asking $1.498; and 12 Druid (new construction) asking $3.550 million. I wouldn’t call Riverside “bomb-proof”, but it’s holding up better than all the other Greenwich neighborhoods.
Here are some numbers: Since September, 47 single family homes in Greenwich have gone to contract. By neighborhood, that was 4 in Cos Cob (72 current active listings); 27 in Greenwich (405 active listings); 5 in Old Greenwich (49 active listings) and 10 in Riverside (57 active listings).