Tag Archives: 99 Richmond Hill Road

Buy in haste, repent at leisure

99 Richmond Hill Road

99 Richmond Hill Road

This owner paid $8.4 million for the place in 2006, spent an additional million on it even though it was new and then this year bit the bullet and put it on the market for $6.995. It sold today for $5.9 million. Oooh.

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Contracts

While I was away ten properties went to contract – giving proof, no doubt, to the deleterious effects of this blog. If these are typical, the only thing increasing in value these days is direct waterfront. Everything else is way down.

429 Taconic, way up near Banksville, started at $12 million in ’08, dropped to $9.440 in July and has gone to contract at an undisclosed price.

32 Ferncliff, in Cos Cob, really nice land and a house that I liked, sold for $1.050 in 2003, was listed again in ’08 for $1.495 and dropped to $1.165 a month or so ago. I wrote then that I thought it was a great deal and someone obviously agreed.

99 Richmond Hill was listed as new construction at $11.9 million in 2005, finally sold in ’06 for $8.4 and came back on this year for $6.995. It dropped to $6.395 and has a buyer.

The exception to this trend is, just like 99 Richmond Hill, a Joe Barieri listing – Joe is having an exceptional year, with sales ail over town, from Old Greenwich to Conyers Farm. He’s also a very nice person, which makes mean people like myself despair at succeeding at this business. But we persevere. Anyway, Joe sold this in 2002 as new construction for $3.929 million ins 2002 and relisted it for his buyers just a month or so ago for $7.195. I expressed doubt that he’d get it but within days there were rumors of bids and now it’s under contract. Lesson, besides not listening to me, is to buy waterfront.

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