Ogilvy & Associates has cut the price of the Greenways/Copper Beech estate another $10 million to $130,000, down $60 from its opening price. Last May I noted that Ogilvy held the record for largest fall from asking to actual selling price: the Helmsley place, $90 million price cut; and predicted that he’d break his own record for this one. $60 million isn’t $90 million, yet, but back in September, when this property took its first price cut of $50 million I predicted an eventual selling price of $45 and, even if I was too conservative then, there’s still plenty of room for that $90 to be surpassed.
Tag Archives: 499 Indian Field Road
Probably not the $190 million being asked for it. I was playing with some napkin calculations and here’s my guess, completely unsupported by accurate surveys, wetland delineations and so forth, so you know how much credence to give it:
Of its fifty acres, there are probably no more than five or six building lots it can accommodate after wetlands, tidal lands, road set asides, conservation set aside, etc. are deducted and accounted for ( and deduct the two islands – they count for the acreage total but won’t be built on). Of those lots, the parcel that the obsolete mansion itself sits on is the best and the only one that, so far as I can tell, has (quasi-) deep water frontage and a view down the Sound. Be generous, give that lot $18 million for land, $0 for the house itself. The other lots are either “waterfront” with mudflats in front, or interior. You might carve out two mudflat lots and, maybe, sell them for $5 million apiece, and up to three more interior lots worth maybe $2 million each. That’s $32 million total. It might be more, it might be less, but it’s not $190 million.