Tag Archives: Old Greenwich market conditions

Testing Old Greenwich price levels

16 Benjamin Street was new construction when it sold in 2006 for $4.365 million, which far outdistanced the previous record for that street of $2.863 mil. Now the buyers have put it up for sale again, this time for $4.395 million. I appreciate their restraint, but I suspect that 2006 saw the high water mark for prices for the time being. In which case, this one will struggle. We’ll see.

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Palmer Hill Test Case

240 Palmer Hill (I’m writing this from a foreign computer that doesn’t want to load pictures so you’ll have to wait for that) is a nice little cape on just under a half acre. It sold in the $400s back in the mid-Nineties, came back up for sale, renovated, last year, at $1.395 and now has a new broker and a new price, $1.295. A few years ago, that would have seemed almost reasonable – I remember similar houses selling for $1.1 million – but who knows where we are now? Surely more than $400K, and the market has shown that $1.4 is too high. I have my hunch but I’ll just wait and see. But it will be interesting to learn what today’s market value is for a typical cape on an okay, but not prime street. I have a feeling that buyers will be pleased and sellers disappointed.

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Apples to apples, one to watch

31 Sound Beach Ave.

31 Sound Beach Ave.

This is a nice little house that came on today for $1.250 million. It has a sales history that neatly illustrates where the market went during the past nine years and perhaps its sale now will show where that market is headed. Or not, but I’ll be keeping an eye on it.

It sold for $445,000 in January, 2001. The new owners painted it, may have added a new kitchen stove and some other sprucing up but pretty much left things as is, and listed it again for $1.095 million in April 2006. There must have been multiple bidders because it sold a month later for $5,000 more than ask, or $1.1 million. There’s no mention in today’s listing of any additional improvements so I assume that either there were none or those that were performed were too insignificant to mention (and we realtors consider sweeping the ashes from the fireplace a “renovation”, so assume nothing’s been done). The seller must hope, therefore, that the market price for a house this size and in this location has increased $150,000 since the spring of 2006. Is he right, or wrong? I know what I think, but that’s irrelevant; we’ll see what the market says. Stay tuned.

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Prices, Old Greenwich

7 Gisborne Place

7 Gisborne Place

This perfectly nice house near Innis Arden sold for $1.810 in 1999. The new owners completely renovated it and sold it again in 2007 for $2.860 million. It returned to the market last year at $3.095, failed to sell and today was reduced to $2.6 million. So there you have it.

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Old Greenwich woes?

I thought that 54 Highview Avenue was fairly priced back in August, 2007  when it was first listed at $1.695. The owners had paid $975 for it in 2001 and completely renovated it so that, while it remained an unprepossessing builder’s special on the outside inside it was a comfortable, well laid out house, all up to date.

But the market was beginning its decline then and it didn’t sell, even as its price dropped and dropped again until it finally reached $1.295 this November. Today it was reported as under contract but “sold direct” meaning that the owners found a friend or neighbor to buy it, presumably for less than its last asking price. So it’s selling for at best 76% of its first asking price and probably less. Considering the improvements put into it in the past years, I wouldn’t be surprised if they lost money on this deal.

I make fun of a lot of houses that sell for far less than their first asking price and point out how ridiculous that price was. That isn’t the case in this instance, so we’re seeing a real market decline, rather than just a overly-optimistic seller finally accepting reality.

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