Old Greenwich waterfront sale!


20 & 22 Rocky Point Road: Spectacular (but I still prefer the view at the end of Meadowbank)

Ha!  No sooner had reader “xyzzy” and I finished discussing the lack of Old Greenwich waterfront sales, then broker Shelly Tretter Lynch reports an accepted offer on 20 Rocky Point Road, asking price $14,500,000.

It’s actually two buildings on two separate lots (39,204 square feet in the R-12 zone*), a main house and guest house, both absolutely beautiful. 


* “R-12 zone” means that the minimum lot size must be 12,000 square feet  (An acre is 43,560 square feet).

“Old Doesn’t Sell!”

My goodness gracious, isn’t this a persistent myth? But like so many myths, it has the unfortunate quality of being a load of bull-crap. Let’s look at the actual facts, shall we?

Recent sales in the Riverside/Old Greenwich sections of town, price range $1,900,000 to $4,000,000, sold or gone to contract since October 1, 2011.

There are 20 properties properties in that range and here are their ages:

202 years, 119, 118, 107, 100, 99, 82, 60, 31, 30, 28, 25,14, 12, 11, 11, 6, 5, 1, 1.

For 20 examples, that works out to an average age of 53.1 years. Even if you strip out the seven that are 80+, you still get an average age for recently sold houses of 18.07 years.

Were they updated? Of course, some very recently (click on the link above to see individual cases), but I think we can officially dispense with the notion that “buyers don’t want old houses”. They do, and they pay good money for them.

Hear that faint hissing sound? That’s the sound of a myth quietly dying….

"Today's buyers don't want OLD!"....except when they do.

Heather Platt’s done it again!

Confound it!  Don’t you people realize “nothing’s selling”?  Now comes this latest outrage: Broker Heather Platt, with a new listing last week at 7 Sparrow Lane, off Greenwich’s Parsonage Road, already has a deal!  Don’t know yet who the selling broker is but whoever it is clearly used Realtor voodoo on the hapless buyer*.

*Kidding, of course.  This place was a %&#@ing bargain and I wouldn’t be surprised to learn there were multiple bids.

7 Sparrow Lane, offered at $2,025,000.

Does an owner’s “stuff” matter?


Normally I’d say no, but in the case of broker Ken Yorke’s new listing at 3 Cornelia Drive, off Greenwich’s Husted Lane, yes, this owner’s stuff does add to the attractiveness of the house. The owner is an artist so the place is filled with interesting furniture and art that only an artistic mind would have selected. And I liked all of it.

As you approach this house

3 Cornelia: Hold the bulldozer, you might actually like living in this one.

, your first thought will be “Gee, how did this one avoid being torn down for so long?” But walk around the front and you’ll realize there’s a lot going on here. The artist-owner did a really good job modernizing a 1958…what, builder colonial? Split-level? Something.

Anyway, whatever it was, it’s no longer that. Now it’s a “contemporary-colonial” and it works. If you’re rattling around a big mansion and you want to scale down a bit and stay close to town in central Greenwich, this is your baby.

Another real estate “tragedy”!

When I was guest hosting the Chris Fountain blog “For What It’s Worth”, I was surprised by how many of the reader-commenters were genuinely upset when I would report a sale price that didn’t match their pessimistic expectations.  You would swear these folks actually wanted Greenwich prices to keep dropping!

So it is with great sadness that I now report the sale price of builder Damien Kaali Nagy’s spec house at 11 Pinecrest Road at  $4,970,000.  As I guessed a couple of weeks ago, this represents over a one million dollar increase from the previous record for the street. That’s good news for normal people, bad news for…the others.

But wait, there is some actual bad news that might cheer up the odd-balls!  Remember my post called “3 new in Riverside, will they sell?“, back on January 9th?  They haven’t (so far).

11 Pinecrest Rd: Did selling broker Carol Zuckert use Realtor "voodoo" or is this just an amazing house?

Rating waterfront

The Island of Santorini, Greece ("Pegasus Hotel")

I think we can all agree that the most spectacular waterfront/water views can be found in places like the one pictured here, the volcanic Greek island of Santorini.  And of course, there are all those beautiful Italian Islands, Hawaii, etc.

But my job is to help buyers evaluate Greenwich properties. So a reader wondered why I happened to pronounce the tip of Old Greenwich’s Meadowbank Road as the best waterfront in town. The reason is the immediacy of the water at that spot; it’s right there, ready for use, not down a steep hill or across the street or over a hedge.  And Meadowbank’s waterfront is about as far from highways, trains, airports, and “light-pollution” as you can get in this town.

Sitting around one night at Rocky Point Club made me aware of all this.  The sky was black, the stars were bright, and you got the feeling of being at the prow of a ship, sticking w-a-a-y out there.  Off in the distance, looking southwesterly, is Long Island’s Huntington Bay and Smithtown Bay.  To your east is the Chatham Rock lighthouse (still for sale!).

The whole thing is perfect, and that includes The Rocky Point Club, which, in my experience, has always been a nice, elegant, sedate beach club, one of our town’s little “secret places”. And no, I’m not applying for membership there, I swear.

Every once in a while, a political cartoon gets it exactly right….

Political cartoons are popular because their creators are gifted with the ability to distill an argument or a viewpoint to its essential element.  But they are, by necessity, simplistic, so they can never be “the final word” on anything.

With that disclaimer out of the way, I present to you a recent example of The Augusta Chronicle’s great cartoonist, Rick McKee, and his take on the difference between Tea Party folks and the “Occupy” movement….