The week, part III

One more thing about last week; we had 10 closings. It’s all well and good to talk about accepted offers, contracts, etc., but what did the property actually, eventually sell for?  Click on that link and see.

P.S.  One of those ten closings was a 3-unit multifamily building on .37 acres at 263 Milbank Avenue  (corner of Milbank and Havemeyer Place) that ended up fetching $2.125M.

18 Byram Dock Street (off Byram Shore Road), direct waterfront, dumpy little house on .23 acres, just closed for $2.2M. Dumpy or not, this looked like a hell of a nice place to live. Bruce Barker, listed. Heather Platt, sold.

4 thoughts on “The week, part III

  1. Out of the 10 closings, 542 Lake is the only one barely above $5 million. But look at what you are getting for for that: Lake ave label, North street school, new 10,000 sqft well built colonial, 2.5 acres, close to town.

    What a difference a few years make! Back in November 2007, 541 Lake (across the street) sold land for $6.25 million, 3 acres.

    Clearly the North street school is getting a big premium, as we can see from recent activities within the NoPo area (4 Dogwood, 19 Boulder, and many more).

    The Lake ave label is also a no brainer as bragging rights/showoff is a key thing in Greenwich.

  2. The builder still made a decent profit since he bought the land of 542 Lake for $1.5 million back in August 2010. Though his profit is much smaller than the profit builders are making in RVSD and OG.

  3. Just to clarify my last statement with an example: look at 542 Lake versus 11 Pinecrest (RVSD). Both lands were bought for $1.5 million. 542 Lake built a 10,000 sqft while 11 Pinecrest built 5,000 sqft. 542 Lake requires a septic system (expensive) while 11 Pincrest has public sewer. 542 Lake is 2.5 acres while 11 Pinecrest is 0.5 acres. 542 Lake took a year to sell while 11 Pinecrest sold before finishing construction. 542 Lake sold for $5.3 million while 11 Pinecrest sold for $5 million.

    Look at the huge difference in profit! And many more examples like this one.

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