290 Acres In Rhinebeck? Sosnoff Said Yes

124 Martins Lane, Rhinebeck, New York, now reduced to $20M.

Normally, I’d say yeah, but no. On the other hand, the place is owned by legendary investor Martin Sosnoff, so you could do worse than to follow his lead. Never heard of him? Well then, read his recent book “Master Class For Investors: Stand Alone To Win Big“.

No interest in reading yet another investment book? Then at least read DailyWorth’s Amanda Steinberg’s review, she might change your mind about the value of this book.

The Sosnoff house, known as “Atalanta” (as in Atalanta Sosnoff Capital, $5.9 billion in assets) is a Klemm Real Estate listing. I really admire the Klemm family, they absolutely dominate the real estate biz in north Connecticut and north of Westchester.

Here’s the video for the property, watch a bit of it, pretty amazing place.

 

 

Advertisements

The $1,000,000 Flip

37 Tower Road Riverside, with view over Willowmere pond and beyond, to Tod’s Point and Long Island.

Don’t you wish this would happen to you? The buyer of 37 Tower Road, Riverside paid $6,300,000 on April 12th of this year. On August 3rd, according to Greenwich Patch, it sold again, this time for $7,300,000 to a Mr. Herman Apple Pye! Apparently Pye-guy really, REALLY wanted this place and was willing to pay the new owner a $1,000,000 premium (this kind of thing drives appraisers crazy).

We’re not talking about bidding wars here. These are cases where someone approaches the new owner of a property and says, what’s it gonna take?

How rare is this in Greenwich? Fairly rare, but not that rare. It happens about once or twice per year. The town attracts wealthy people and when they lose out on something, they tend not to take no for an answer…

Other examples where a frustrated buyer approached a new owner and paid a fat premium:

558 Round Hill Road, Greenwich. Sold for $3.5M, then re-sold for $4.750M.

558 Round Hill Road, Greenwich

sold August 5, 2013 for $3,500,000

sold again January 10, 2014 for $4,750,000.

 

63 John Street, Greenwich ,on 13.61 acres and pond. Sold for $5M, then quickly re-sold for $6M.

63 John Street, Greenwich

sold February 12, 2016 for $5,000,000.

sold again April 13, 2016 for $6,000,000  (dates approximate)

 

Tune in tomorrow for my radio show, we’ll talk about this and other vital topics: Wednesday 11:00 AM – 12:00 noon.

WGCH.com or 1490 AM on your damned radio!

 

Has The Market Been Dropping All This Time?

200 Old Mill Road, last sold for $6.3M in 2004. Now available for $5M. Bargain!                                        List: Helene Barre.

 

 

9 Woodside Road (Deer Park). In 2008, got $10,950,000. 2011, got $7,730,000. 2018 asked $6,475,000, now pending.
List: John McAtee
Sell: Lindsay Sheehy

17 Lismore Lane, sold in 2004 $3,010,000. Asked $2,300,000 in 2018, now pending.
List: David Ogilvy
Sell: David Ogilvy

The Greenwich market began to recover from the 2008-2009 crash in 2010 and the recovery continued into 2014, but since then,we appear to have slipped back, in some cases back to 1999 prices!

Below, I’ve provided some examples of recent sales in various parts of town showing the previous sales price and now the latest sale price, definitely bad news for sellers.

On the plus side, sales volume looks good. If you really want to sell, there are plenty of buyers in all price ranges. They are holding onto their wallets rather firmly, but they will buy if you make it impossible for them to say no.

Recent sale prices: Old vs. New

521 Field Point Road    2005: $6,035,000   2018: $5,200,000

43 Doubling Road         2006: $5,075,000   2017: $3,675,000

7 Knollwood Drive        2006: $5,650,000   2018: $4,500,000

123 Park Avenue           2007: $4,111,000.  2018: $2,650,000

45 Husted Lane             2001: $5,400,000  2017: $3,340,000

7 Little Cove Place        2012: $6,500,000  2018: $4,649,400

186 Shore Road, OG      2010: $6,625,000  2018: $5,500,000

46 Dawn Harbor Lane    2015: $4,155,000  2018: $3,700,000

(and there are many, many more examples)

 

 

 

Modern Furniture That’s Not Hideous

From French furniture company Roche Bobois. Possibly not something I would do in MY home, but…

A typical suburban real estate agent inspects a minimum of 10 houses per week, often it’s twice that number. That simple fact is the reason the job category “real estate agent” still exists. All that time and effort spent studying, analyzing, discussing with fellow brokers, and watching individual properties go through the sales process from start to finish, makes an agent a valuable person.

If you were foolish enough to ask a denizen of Manhattan “where’s the best fishing spot between Tod’s Point and Indian Harbor”, the Manhattanite wouldn’t have a clue. Similarly, people who merely watch real estate from the comfort of their office swivel chair can certainly have opinions about what a house is worth, but they are not useful opinions.

But where was I? Oh yes, modern furniture! So, with all that house-looking, we brokers encounter an awful lot of hideous glass and steel tables, steel chairs and bookcases (with no books), white shaggy couches, and of course, faux zebra throw rugs. Gets tiresome.

One sees more and more of THIS…

and less and less of THIS… (maybe that’s a good thing?)

It is therefore amazing that I have stumbled upon contemporary furniture that even I must admit ain’t bad looking. See if you agree: RocheBobois

(It’s a French furniture company, looks like the nearest showroom is on Manhattan’s upper west side, at 2040 Broadway)

 

Multiple Bids (in a slow market, go figure)

37 Tower Road, Riverside, original ask: $7.995M, eventual sell: $6.3M.
Co-List: Stacy Daccache, Cynthia DeRiemer
Sell: (Rye, NY broker)  Go to photos and check out the spectacular view.

Well, it’s happened again! As surely as night follows day (or is it the other way around), a house has come on the market with a, er, optimistic asking price, then got reduced and reduced and reduced again, and what happens? bidding war!

Of course, you never, ever get it back to that original asking price, but this example proves once again that, after multiple price reductions, most Greenwich properties start to resemble a bargain. If a seller has reduced multiple times, and you, you clever devil, have gotten them to agree to a price still lower, act fast, because someone invariably will notice what you noticed.

That’s what happend here.  A deal had apparently been struck, possibly around $6M? but suddenly, other buyers appeared, and drove the price up to $6.3M!

Tune in to my show, Wednesday mornings, 11:00-12:00 noon to hear more about this. On the radio 1490 AM or the web, www.WGCH.com

Fountain, right. Wilcox left

Again With The Bidding Wars

17 Roosevelt Avenue (corner of Irvine), Old Greenwich. Asked: $1.050M
Sold: $1.4M
List: Ann Simpson
Sell: Sheila Starr

17 Roosevelt only has .23 acres, but the existing house was shoved over into the corner, resulting in this (relatively) huge side yard.

Can there be a situation where you have a bidding war on a property but it doesn’t necessarily suggest a blazing hot market? Yes, in the case of 17 Roosevelt Avenue, a cute, charming little tear-down bungalow that, at $1,050,000, was about the cheapest thing you could buy in this neighborhood, the bidding war that erupted was not caused by an excited, possibly over-heated market.

In this case, the neighbor did it (they paid $1,400,000). And that is a very, very common story around town. Neighbors buy an adjoining property for various reasons, including as a defensive maneuver, to prevent builders from erecting a giant mansion looming over the backyard.

Needless to say, at $1,050,000, there were plenty of bidders, including some builders, but no one was going to pay as much as the neighbors! So this price, as in most cases of neighbor-purchase, is probably not all that useful as a comp for near-future appraisals.

I’ll talk more about this on tomorrow’s radio show, WGCH.com or 1490 AM radio, 11:00 AM – Noon (or listen later to the damned pod-cast!)

Fountain, on the right. Wilcox on the left (not politically!)

Bidding Wars: Who Doesn’t Love ‘Em?

14 Druid Lane, Riverside, 1950’s colonial nicely updated 2006. Asked $2.195M, went to bidding war…            List: Cynthia De Riemer

You (exceedingly patient) long-time readers know that I approve of bidding wars for a number of reasons, first and foremost of which is that they indicate extreme market enthusiasm. Another positive feature is that they create a “spin-off” effect: all the participants who didn’t get the house are now really, really primed to get the next one! They’ve now learned their lesson, that if you really want a house, don’t be hesitant, be bold. Raise your price, drop your contingencies.

Of course, they’re also ticked off and may well blame their broker for losing the house, so the trick for the broker is to hold on to them through the (bidding war) process and then, sell them something else.

So far this year there have been far too few bidding wars (that I’m aware of), but here are two properties that went “several hundred thousand” over their asking price. When they close, I’ll post an update.

17 Welwyn Road, Riverside, very impressive Ken Bacco-built 2006 (w/2017 updating) shingle-style. Asked $4.1M, went to bidding war…   List: Krissy Blake    Sell: Jane Basham

 

P.S. These happen to be Riverside examples, but I’m happy to say, mid-country Greenwich is also selling well lately.