23 Eggleston Lane, a half-acre of waterfront in Shorelands sold yesterday for $4 million, just about its assessed (70% of 2005 market value, Bob) value of $3.7. It’s billed as two lots but you’d be foolish, I think, to do anything with this land except tear down the wreck that stands there now and build (one) nice new house. A word of caution to other waterfront owners, like those on Binney Lane: even direct frontage doesn’t get you a ridiculous price. Tamar Lurie had this listed at $8.5 million in January 2008 and went nowhere except off the scene.
Tag Archives: Old Greenwich waterfront
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.
17 Hendrie Drive in Old Greenwich is a very nicely-renovated split level right on Ole’s Creek with a dock that’s useful four hours a day. I cheered when it came on a year ago priced at $7.5 million because I live just across the creek and if Hendrie could command that kind of money, I figured to be spending at least $6 million of my own in the near future.
My doubts about that price, alas, proved well founded, and the place keeps whacking bucks off its price. It was reduced to $5.750 last month and today reduced another $250,000 so that it’s $2 million below where it started.
I’m still not spending any imaginary money, but I do wonder two things: if you’ve overpriced your house by (at least) $2 million, why not admit that immediately instead of bleeding to death slowly? And, if you can’t sell it at $5.750, why do you think a wee price reduction of $250,000 will make a difference?
Just asking, you know.
Commenting on my first post about this property (below) a reader asked why I “waste my time viewing obviously overpriced listings”. Generally, I don’t – if I see a new listing that’s light years from what the street it’s on will support, I skip it, saving it for when the seller snaps out of it. But this property isn’t in that category – not entirely, anyway, and besides, it’s been built and listed by friends of mine, so off I went (the offer of free lunch might have played a small role in that decision, too.)
And I’m glad I saw it. The “water glimpses” I envisioned turn out to be great, sweeping views – across and down the neighbors’ driveways, admittedly, but the view is protected and it’s very nice. Stamford Harbor’s light house is part of the scene, which adds a little something. And the house itself is one of the best house for entertaining I’ve seen. An entire glass wall folds away, revealing those water views and opening to a terrace, with fireplace, that wends its way back to the kitchen – dining area so that the ground floor serves as a really cool party central. The bedrooms are nice; all but one has a water view, and decks and balconies abound.
What would I price it at? I’ve written the number on a scrap of paper and hidden it in my desk drawer or I would have if the Ikea special Frankie Futter provided me had a drawer. As it is, I’ll just say that I wouldn’t have been as confident of market conditions as my friends (did I mention these guys are my friends?) are, but they have enough experience and judgement that I’m certainly not going to gainsay them (publicly). So we’ll just see what Mr. Market says and I’ll report that news when it happens.
Great views, obviously, from this house next to Tod’s. It sold for $3.535 million back in the glory days of 2005 and sold again, untouched, just eight months later for $4.975 to the current owners. They must have figured they could make more money more easily by riding the land value up rather than building a new house because eight months later they tried to unload it for $5.695. That was in February 2007 and no one was interested. Today they relisted it, back where they started at $4.975.
Will they get it? The most recent comp, 200 Shore Road, sold for $7.750 million this past August, just a shade under the asking price of $8 million, but that was a larger (0.5 vs. 0.33) more private lot with better views and included a beautiful, expertly crafted house built in 2004. I suppose you could duplicate that house for around $3 million, especially with today’s contractor discounts, so $4.975 might work. It will be interesting to see what happens.