This week’s real estate rumor…

Not quite a rumor, actually, but Greenwich “Patch”, or one of those quasi newspapers reported a couple of days ago the sale of 136 Field Point Circle  for the tidy sum of $20,000,000.

This is Field Point Circle, of course, so $20M doesn’t seem out of line, but since there appears to be no broker involvement, we’re all suspicious.

“Can’t two parties get together and sell a house without you brokers poking your nose in?”, I hear you ask.  Answer, yes, by all means, and it does happen!  But it’s rare.  If we brokers were that easy to do without, people would be, wouldn’t they, in this Internet Age.  Yet, here we all are, still working.

So is this “sale” of 136 Field Point Circle an arms-length transaction?  Or is it mere estate property-shuffling, or some other kind of tax related transfer?  More importantly, is $20M what it’s actually worth?

On the one hand, we have 120 Field Point Circle, which sold last year for $25,000,000. Based on that magnificent house, I’d say $20M is too much for the obviously inferior 136 Field Point Circle.

On the (still another) other hand, we have the sale of 30 Field Point Circle this year for $12,368,700.  It was 2.28 acres of non-waterfront property (albeit, with some great views) and a couple of charming* old, small brick buildings.  If 30 FPC got that much, why shouldn’t 136 FPC get $20M?  Maybe it makes sense!

By the way, if a well-known financier’s Field Point Circle place should come on soon, I predict the asking price will be $59,000,000.

*Yes, sadly, “charming” is code for….tear-down!

136 Field Point Circle (sorry for the “before” picture, it has since been completely renovated) is reported sold for $20,000,000.

And here is the view from 136 Field Point Circle…get the picture?

4 thoughts on “This week’s real estate rumor…

  1. Don’t these ‘no broker’ sales rumors usually have follow on rumors from seller’s agents that they could have conjured up a better price and from buyer’s agents that someone way overpaid?

    I’m thinking of two brothers who could aptly play these parts…now what were their names.

    • Cos Cobber:
      Ha, you a FUNNY man! But you’ve stumbled into a good point (or perhaps reminded me of one)…Most of these “no broker” deals, upon closer examination turn out to have had at least ONE broker guiding, coaching, and otherwise advising.

      As for sour grapes from the brokers who weren’t involved, that happens, too, but hell, you get that on MOST deals!

    • Cos Cobber:
      Oh puh-LEEZE! “For Sale By Owner” or FISBO’s, is that supposed to worry me? Let me (again) remind you that, 15 years into the Age of the Internet, real estate agents are still among the living. What could be the reason for that?

      Is it possible that selling property is
      hard to do? That all of us, even brokers (!), actually need assistance? Answer: Yes.

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