Sale reported, (limited) open house report

 

140 Indian Head (representative)

140 Indian Head, Riverside, has sold for $11.9 million, which I’m sure is the all-time record for non-waterfront property in Riverside. It’s a spectacular home, custom built for the sellers by Doran Sabag (Sound Beach Partners), I’m not really surprised by this price. But it’s a lot of money.

I didn’t get to that many broker open houses today – the ones I wanted to see were pretty spread out, but two I thought were of particular interest were 41 Baldwin Farms South and 363 North Street.

41 Baldwin Farms, $4.995 million, surprised me because I’m not a great fan of the French provincial (? Frenchy, anyway) look, but it’s a beautiful home, on great land that abuts the pond running along this road. Open the front door and step into the foyer and even a complete hermit like myself can see its potential for entertaining: the house just invites you in. High ceilings, easy flow, immaculate condition, everything is here. If one insisted on redoing the kitchen, which is in perfect shape, so why bother?, the layout’s there, so you could buy new cabinets and appliance if so inclined. Again, entirely unnecessary. If there’s an objection to the layout itself, it would be the location of the master bedroom on the first floor. For some buyers that’s a turnoff, for others a plus. Your call, but I’ll mention that there’s a newer (1999) addition above the three car garage that presently serves as an exercise room ; with its full bath and separate stair it would be a great nanny suite, and if she’s upstairs dealing with your future New Lebanon students you can be a floor away, happy and contented.

363 North Street

I did expect to like 363 North Street, and I wasn’t disappointed. I mentioned this a day or so ago because it had just been returned to the market after an 18 month renovation and I was curious to see what the owners had done. Just about everything, it turns out, from new wiring, new crown moldings, walls moved, radiant heat installed in many rooms, new baths, new flooring, restored flooring, paint, custom panelling, new kitchen, and on and on and on. New price, too, $5.295 million instead of the old, unsuccessful, pre-renovation price of $3.495. I think the new price is closer to its current value now than the old one was then. Nice house.

Turns out, there IS a limit

And not just in Riverside, as these transactions from all parts of town show.

5 Old Mill Lane

5 Old Mill Lane, 14,000 sq.ft of questionable taste on 2 acres, sold for $10.375 million. That’s  lot of money, for some of you, but the sellers paid $11.2 million for it in 2007. They originally priced it at $12.750 this past winter, but that proved overly optimistic.

5 Irvine

5 Irvine Road, Old Greenwich’s price trajectory also illustrates, maybe, that there’s  a ceiling after all. It’s marked down today (pictures will be posted soon, I assume), for $2.835 million. That’s a lot for a house with a FARport instead of a garage to keep Stamford bicycle thieves at bay, but it sold for $2.750 in 2004, $2.875 in 2005, and $3.225 in 2007. This time around, in 2012, it started at $3.350 million before falling back to earth. Welcome back to 2004, if someone’s lucky.

31 Vista is not a new listing, but its agent switched brokers and took this property with her. Given its history, her old broker was probably glad to see it go. It’s been for sale since early 2010, when it wanted $16.750 million, and has been at its current price, $8.995, for more than a year. Not happening. I’m not sure what a waterfront building lot’s worth over here: I’d guess around $5 million, but whatever that price is, that’s what this place is worth.

6 Meadowcroft

And here’s a surprise: 6 Meadowcroft, which started at $17.4 million in 2011 and finally reported a contract on its last price of $13.750 million a few months ago is back on the market, still at that $13.750 price. The contract was reported as fully executed, no contingencies, so I wonder whether the defaulting buyer walked from his 10% deposit? That would hurt.

Which is why we call it Rogue’s Hill

Brutal attack by bat-wielding husband up at 261 Round Hill Road.

261 Round Hill Road

The husband, Michael DeMaio, (who does not work for JP Morgan, Teri Buhl reports, even though Greenwich Time says he does) explained to the police that “he lost it” when his wife announced she was leaving him. Had the idiot kept track of the listing price of his (wife’s) house, he might not have been taken by surprise. It started at $8.998 million in 2012, suddenly dropped a million in November of last year to $7.998 and dropped still later to $7.299. On August 8, 2013, the house was withdrawn from the market; I’m guessing that was on the advice of a divorce lawyer as a dissolution suit was being prepared.

I am certainly not making light of this horrible act: the woman is in critical condition and has, according to the police, probably suffered permanent brain damage. But it’s interesting how Round Hill Road seems to draw far more than its share of criminals.

Contract and a new listing

534 North Street

Just about my favorite house in town, 534 North Street, is finally under contract. This 1819 Federal is a treat to drive by and a reminder, however bitter-sweet, of what North Street once was. The price that did the job was $2.395 million (that’s the last asking price; presumably the actual selling price will be less). The owners tried to get $3.295 million last year but no one bit. Overshooting by a million bucks will do that to a house.

 

 

 

Fountain’s selling tip of the day: If you want to charge $4.5 million for your house, don’t use a photo taken in mid-March for a late August debut, and stain the freakin’ deck.

Under new listings, 5 Grimes Road in Shorelands (Old Greenwich) is up, asking $4.495. This was built in 1991, so probably didn’t get hammered by Sandy but much of Shorelands did. Readers? Experience? Insights? $4.5 seems pretty steep to me, but we’ll see.

Real estate news reported

Some sales, an accepted offer and a new listing.

55 Lockwood Ave

55 Lockwood Avenue, Old Greenwich, asked $1.695 million, got $1.275.

49 Lockwood Lane

49 Lockwood Lane, Riverside, asked $1.350 and found a buyer almost immediately at $1.291 (where’d that last thousand come from?)

5 Keofferam

5 Keofferam. OG, finally has an accepted offer. It’s been asking $3.310 million these days and I really can’t understand why it’s stayed on the market so long – 382 days. Great house, recently updated, wonderful road and location. People have been paying more for far less, which just shows something about the quirky nature of real estate.

40 Winthrop Drive

And 40 Winthrop Drive, Riverside, a so-so house built in 1996 on what was the Berrizzi’s property, is new to the market and asking $3.495. I don’t see the value here (the listing makes no mention of improvements made since it was constructed 18 years ago) but Winthrop’s a popular street, so who knows?

May I have the envelope, please?

My friend John Cooke (Pru-CT) has supplied me with the November inventory numbers. I always have trouble posting his stuff from this Windows machine but when I get home to my Mac I’ll put them up. Until then, here are some highlights:

Overall, single family units are up 17% from a year earlier, 509 then, 597 now.

$6-7 million, from 23 to 36 + 67%  57%

$3-4 million, from 55 to 80 + 57%  45%

$8 million +, from 60 to 68 + 13%

The lower end looks encouraging at first glance, with the $800K-$900K inventory down 26% but I suspect that’s because prices have fallen out of that category and into even lower ones: $700-$800K is up 17% and $600-$700 has increased 30%.

I’m guessing that we will not see much moving from inventory until (sometime) after the New Year. Should be a dull December.