Actually, this boat yard on Ole’s Creek (dividing Riverside and Old Greenwich) has been for sale for a year or so but it’s newly listed today (via Peter Chimpson) on the GMLS, asking $2.6 million. Hmm. I wonder what this place is worth? It’s grandfathered in as a commercial boat yard but the D.E.C. has banned all floating docks on the mud flats of Ole’s, so it will be hard to sustain it as a business. It would make a nice restaurant but the neighbors would never let that happen, even if zoning allowed it (and I don’t believe it does). It could be that its highest and best use is as a residence but the land around it has been sold off and it now has just 0.3 of an acre in the form of a thin strip along the water. Between setbacks and shoreland regs, you could probably build something twelve feet wide and twenty-five feet high, but would you want to?
So what’s it worth? I have no idea – the town appraised it at $1.3 million, but that’s when there was still a viable business there. Now, perhaps it has more value as a charitable contribution to the Land Trust.
For What It's Worth 