Finally! The Market Heats Up

6 Ford Lane, Old Greenwich, waterfront house w/extra lot, asked $7.5M, one week later, DEAL.
list: Steve Archino
sell: Dena Zarra

Long before the Greenwich MLS publishes reports of deals under contract, there is “scuttlebutt” among us brokers. Are you busy? Are you showing lots of stuff? What happened last weekend, how many people did you take out?

Until very recently, the usual answer was zip, zero, nada, but now, suddenly, I am getting reliable reports of genuine…dare I say it?…busy-ness among my compañeros (at various firms). And it’s not because of this warm weather, the deals I’m hearing about clearly started in the last two weeks.

Here are two very fresh examples: 6 Ford Lane, Old Greenwich waterfront, $7,500,000. 1986 house with some updating, land size .71 acres, which includes an adjacent vacant parcel of .29 acres. Part of the house is in the flood-zone (oh no!), but the first-floor’s at 20 feet, so gimmie a break… if that worries you, you need to undergo years of analysis. Anyway, perpetual market-worrier Archino puts this baby on Feb. 13th and had a done deal in SEVEN DAYS. Hot enough for ya?

Second example:

8 Mayo Avenue, Greenwich, $2,695,000. In the heart of Belle Haven, but….not in Association. Nevertheless, instant deal with multiple bids.
list: Kristy De La Sierra
sell: Blake Delany

8 Mayo Avenue* , Belle Haven section of Greenwich, but not in Belle Haven Association (oh no!),  $2,695,000. Great old 1944 brick colonial, some updating, .57 acres, got a deal in about a week, three bidders!

By the way, that’s .57 acres in the R-1 zone, meaning a paltry FAR of just 3,352 square feet, but wait! FAR was further restricted by the adjacent right-of-way to a rear property. Total FAR, therefore, is a mere 2,780 sq.ft. Did the bidders give a hoot? They did not!

Market heating up. If you’ve been watching some place, waiting for the price to drop again, make your move now.

  • For several years, financier Louis Bacon lived across the street from this one. I’ve always liked that combo, “bacon on mayo”, but no one else found it amusing (interestingly, Bacon moved to Rye, and sold his Mayo house to Mr. Lettice, I swear!)
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Why Are Companies Fleeing CT? Tune in to tomorrow’s show to hear the sad truth.

John Boyd Media Pic

John Boyd, Jr. of the Boyd Company, location consultants, i.e. “the executioners”, from the standpoint of CT politicians. But don’t blame Boyd!

Companies have been fleeing high-tax/high-regulation Connecticut for years. They won’t stay here, they won’t move here, they certainly won’t start here. Nope, there’s no escaping the fact that our once-great state now sends a very clear message to the business world: STAY AWAY.

What can be done? On tomorrow’s radio show, I will interview John Boyd, Jr., Principal of The Boyd Company, which consults major companies on site selection. As you can imagine, by the time a CT company contacts Boyd, they have already decided they’re going to move, so Boyd helps them pick a state with the most favorable tax and legislative climate.

I’ll be asking John if there is any hope for our dopey state, and what realistically could we get (those idiots up in) Hartford to do to fix things.

Tune in tomorrow morning Wednesday, Feb. 21st, 11:00 AM -12:00 PM. The interview with Boyd starts around 11:30, before that, Jonathan Wilcox and I will discuss the Greenwich real estate market and why, oh why, should it take an average of 320 days to sell your damned house?

Gid’s radio show, every Wednesday morning, 11:00-12:00. On your radio, it’s 1490 on the AM dial. On your computer/mobile device, go to http://www.WGCH.com

Gid’s Big Media Break

Yesterday morning at the glamorous downtown Manhattan studios of WOR Radio. Gideon and Susie , guests on the great Mark Simone Show. This WOR complex hosts about a dozen of the hottest radio stations in the country. (The internet not only didn’t kill radio, it gave it a 2nd life)

After donating a sufficiently large amount to “Charitybuzz” * , I obtained the right to appear on WOR’s Mark Simone Show, 710 on your AM dial (or online at iheartradio.com). I’m used to pestering a few dozen people at a time with my, er, wisdom, but this was the first time I got to inflict myself  on MILLIONS of listeners.

And that part was a complete surprise, my expectation had been that all I’d get to do was sit behind the glass and stare at Simone while he did his show, but no, Susie and I got ushered into the studio and I was interviewed like any other guest.

Mark Simone is one of the world’s best interviewers, he could interview a ventriloquist’s dummy and make the dummy sound like a genius, so naturally, I think I came out of it looking good! Did it help that he restricted the question subjects to Greenwich real estate and related matters? Yes, since that is what I know, it certainly gave me an advantage.

Anyway, click on the hyperlink below, listen to the Podcast, and see what you think:

(my episode is number 3 on the list, titled “Charitybuzz winner”)

https://itunes.apple.com/us/podcast/mark-simone-show/id1253585516?mt=2&i=1000402483767

Charity Buzz is a legitimate, for-profit internet company that raises funds for nonprofit organizations through online charity auctions. They have amazing stuff to bid on, like appearing on radio  and TVshows, golf with Jack Nicklaus, NASA zero-gravity experience, yacht cruises, you-name-it. Very cool.

Gideon’s “New” Radio Show

CORRECTION: DAMNED SHOW STARTS NEXT WEEK: February 14th.

This is an old flyer from the original show, in 2004…

I’ve decided to resurrect the real estate radio show I used to do with fellow-Realtor Jonathan Wilcox.  Starts tomorrow, and then every Wednesday, 11:00 AM – 12:00 noon. WGCH 1490 on your AM dial, as usual, but you can now pick it up on your mobile device. Just search “WGCH 1490” and you’ll see various options like “Tune In”.

For the moment, the show’s called “Your Greenwich House”, until I come up with something better. We’ll talk about the state of the Greenwich real estate market and, in the mood, take calls: (stupid questions welcomed!) 203-661-5051.

To listen on your iPhone/Android, just go to TuneIn.com and search WGCH, here’s what you get:

A Good Sign?

I was busy this week signing up some new for-sale listings, which is swell, of course, but what about buyers? Has Hartford finally made it unbearable to live in CT, or are there still a few hearty souls willing to take a chance?

Judging by the busy parking lot I just observed at broker Rob Johnson’s public open house going on now at 81 Lockwood Road, Riverside ($2,599,000), the answer is yes, there are actual buyers out there looking, praise be to [deity of your choice]!

As I was leaving, three more cars showed up, so really, that is a significant sign. Nice house, by the way, with a phenomenal rent-record, fetching as much as $13,500 per month. Walkable to Eastern Junior High* and Riverside Elementary.

* I’m no longer cooperating with the label “middle school”.

How’s The Market?

9 Manor Road, Old Greenwich closes today at $2,772,500, new street record. Note: non-MLS sale, only one photo available.
List: Allen Vetrosky
Sell: Lindsay Sheehy

2018 is a mere three days old, but there are already signs of a promising market. When you see new street price records being set, that is surely a positive sign, no?

Exactly. I was thrilled, therefore, to see 51 Glen Avon, asking price $15,900,000, get signed up in December. The previous record for Glen Avon/Club Road area was $9,500,000 and this new record price is reportedly in the $15Ms (closes in a few weeks).

51 Glen Avon, Riverside. Asked $15,900,000.

2018 RECORD BREAKERS:

9 Manor Road, Old Greenwich (top picture) just closed at $2,772,500. Previous street record was $1,385,000 !

12 Nimitz Place, Old Greenwich just went to contract. Ask is $2,195,000. Previous record for Nimitz? $1,775,000.

12 Nimitz Place, Old Greenwich. Asked $2.195M (builder paid $812K for tear-down)

Despite all of Connecticut’s problems, people still insist on living here. Say Hallelujah!

Is The Best Deal In Greenwich Really In Stamford?

I Shore Road, Stamford, CT. Unit 13 of the Ardenwood condominiums, gets a deal after about 2 days on the market. Asking $549,500.
List: Ted Thaxter

When brokers buy for themselves, their real estate knowledge would, one hopes, lead them to buy wisely. Such is the case with a 16-unit Stamford condo project called “Ardenwood” where you will find quite a few Greenwich brokers as your neighbors.

What’s the draw? First and foremost, they are mere inches from the border of Old Greenwich, hence perfectly positioned for slipping in and out of Greenwich as needed. I’m told Stamford brokers do not find this location convenient, but obviously, it’s all about where you need to get to every morning.

It’s not just location, however, these units are also of “manageable” size (1,425 – 2,417 sq.ft.), perfect for down-sizers, bargain-hunters, empty-nesters, freshly divorced-ers, you name it. The whole project overlooks the Innis Arden Golf Club, that’s good. They can be somewhat difficult to rent, that’s bad. The association has rules that limit to how many can be rented at one time, so these aren’t suitable for investors.

But they are attractive, well-laid out, well-maintained, and less than half the cost of anything remotely similar in Greenwich.

This is the view from unit 16, the Innis Arden Golf Club in the background.

Sales prices over the last five years:

unit 3    $745,000.

unit 12   $630,000.

unit 7    $566,350

unit 10   $540,000.

unit 9     $549,500.

unit 15   $545,000.

unit 16   $635,000.

(Prices and sizes vary depending on whether the one-car garage has been converted to living space and also quality of view)