Tag Archives: Greenwich land values

Land values

714 North Street, 3 acres in the R-4 zone, has sold for $3 million. That’s a good sale for the agent, Peter Janis, since he had both sides of the deal. $3 million approaches the high end for a building lot these days, but it’s significantly lower than the original asking price of $5 million.

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Land Prices

I’ve written before about the collapse of land prices – a temporary collapse, I hope, while buyers regroup, get their bearings and regain the courage to invest in building a new house – and here’s an example illustrating at least a decline in that category: 5 Kenilworth Terrace, off lower North Street, joined another land sale on that street, asking $1.495 (the other is asking in the $1.6s). Everything there is about an acre, so comparisons are at least similar. 25 Kenilworth asked $1.375 back in July, 2000 and sold for $1.525. 23 Kenilworth sold for $1.940 in 2003 and 27 sold for $2.7, full asking price, in 2006.

Twenty-seven may have been more than a mere land sale, at that price, but not the other two. So at $1.495, we’re back below 2000 prices and, of course, the place hasn’t sold yet.

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Are we running out of ball players?

29 Calhoun Drive, a tear-down and building lot off Glenville Road, was purchased by the builder Back Country Ventures for $2.375 million back in July, ’08, and put back up for sale in October at $2.450. Today, just days after selling their Perkins Road house to that new Yankee, they dropped the price of this land to $2.150 million. We’re still in spring training guys; not too late to hold out hope for a new player coming in, is it?

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What’s a building lot worth today?

Less than it was, that’s for sure. I viewed a friend’s potential listing yesterday to give a price opinion and I was stumped. The street, never one of Greenwich’s premier addresses, saw a couple of new homes built on it a few years ago but that transformation has stopped, at least for now, leaving mostly small, modest little capes that are just fine for living in but aren’t going to attract IBers – well, those bankers who are still employed.

But this particualar house is a wreck. Both concrete porches have split from the foundation, the foundation itself is “challenged” and the interior matches the condition of the foundation. It’s land value, only. My friend was thinking in the range $600-$650,000 which, a few years ago, would have seemed realistic. I drove away with numbers like $175,000 – $250,000 in my head and even then, I wondered who’d want to build there. It’s a toughie.

And then there’s a building lot for sale at 131 Cat Rock Road, for sale since 2005 with a current price of $1.450, down from an original price of $1,795,000. Two acres, in Cos Cob, on Cat Rock. That’s tough, too. We know that it wasn’t worth it’s original price four years ago in a great market, what’s it worth today? I have a feeling we won’t find out for a while. If I were bidding on it, I think I’d start in numbers that started with a 9, not a 1.

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