Tag Archives: Sales and contracts

REO sale on River Road

78 River Road

Townhouse units in this complex sold in the high 500’s in 2000, climbed as high as $870,000 by 2007 and then dropped. The owners of this one listed it for $849,000 in 2007 and lost it to their lender before they could sell it themselves. Yesterday CitiBank sold it for $616,900, which probably doesn’t make for a cheerful Christmas for those unit owners who bought after 2001. So it goes.

 
 
 
On a brighter note, 45 Buckfield, a nice older house, is reported under contract. It was asking $4.595 and sold quickly enough to make me think the owners are getting close to their price, so that’s encouraging.
And Old Greenwich continues its strong showing, with a new house at 11 Irvine, priced at $3.7 million, selling yesterday for $3.4. It was a very nice house but that price surprises me. Good for the builder.

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Mary Crist has a good day

Two of her listings were reported sold or under contract this morning. 51 Glen Street was listed by another broker in 2007 for $1.499, a testament to the power of a dream, but Mary finally got hold of it, in May of this year, listed it for $989 and now has a contract. The assessed value is $931,000.

14 Stepping Stone was bought for $1.740 million in 2006, completely renovated and placed back up for sale in March, 2008 for $2.350 million. Again Mary succeeded into the listing and priced it lower, albeit still higher than the falling market would support. Price dropped to $1.999 and the house sold yesterday for $1.850. That’s probably not enough to cover the cost of the renovation but these days, I think that’s a given and just something sellers have to accept.

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Sellers’ delusions

I spent a fascinating day with Frank Farricker and a local builder Thursday and was struck by the builder’s absolute faith in the inevitable resurgence of the Greenwich real estate market. Hang on for three, maybe five years, he reasoned, and all his projects would be back in the black. Unfortunately for this builder and many of his peers, hanging on for so long may not be possible, and by my logic, they’d be better off accepting the offers of the money guys Frank and I have available to bail out now. But so far, sellers, for the most part, are determined to go down with their ships. Which is okay – we’ll deal with the banks directly, eventually, but it does seem illogical.

Whatever, here is what the situation is:

Current (through April 25) inventory: 932 housing units, 224 condos and co-ops, 708 single family homes.

36 Condos asking $2 million plus, 71 single family houses asking over $8 million.

Sales/contracts this date: 

54 total units, 17 condos/co-ops, 37 single family

15 condos sold between $172,000 and $999,000. 1 sold at $1.3, 1 (240 Valley Rd) sold for $2.3. Again, number of condos priced over $2 million, 36.

14 SF sold between $400,000 – $999,000

14 SF sold between $1 – $2 million

 7 SF sold between $2 – $3 million

 8 SF sold between $3-$4 million

 0 SF sold between $4 – $5 million

 2 SF sold between $5 – $6 million

 3 SF sold between $6 – $7 million

 0 SF sold over $8 million

And again, number of single family houses listed above $8 million, 71.

There are plenty of Greenwich house sellers with the wherewithal to sit on their property for five more years. There are even more, I suspect, who either can’t or don’t want to wait. For those in the latter category, the right course of action seems obvious, to me.

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Sales activity, sort of

19 Church Street W., Unit #4 (in Byram, not central Greenwich) has sold for $172.500, the lowest price for anything in Greenwich that I’ve seen for awhile. Granted, it’s just 546 sf, and has just a bedroom, living room and galley kitchen, but heck, it’s a sale. Bought for $184,000 in 2004, by the way.

220 Overlook Drive in Milbrook has gone to contract. This came on priced at $3.495 million in October 2007 and never had a price reduction. Did the seller’s stubbornness wear down a buyer or did he finally throw in the towel and accept a lower offer? We’ll know when it closes. No property details because it’s a Greenwich Fine Properties listing and they like to keep the details of their listings secret. Is that why it didn’t sell for 15 months? I don’t know, ask GFP.

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