35 Club Road, Riverside, CT

35 Club Road:  About to sell? Rumor has it, this rare Doron Sabag/Dynar Wadia collaboration has a deal in the $8M’s and will, like the last time, be sold “off market” (but with brokers on both sides).

My Club Road sources insist this place not only has a deal, but is about to close.  For how much?  I’m hearing $8M+.  The sharpest among  you will immediately recall it fetched $8.675M back in September, 2008.  This happens to be the property all of us experts liked to point to and say “Ah, there was the good old days, we’ll never see prices like that again.”

As usual, “the market”, you know, those actual humans with checkbooks who buy stuff to live in and actually, truly, determine what something is worth?, the market refuses to listen to experts.

I’ve harped on this before, and I shall do so again…it is impossible to name a precise percentage amount that the Greenwich market has declined since its high-point back in…hmmm…well, when was the high-point?  Fall 2008, let’s go with that.  Certain sections of town “appear” to be down significantly, yet we have so many glaring exceptions:

Here are 8 recent examples of properties that recently sold for “too much”, or so some experts would have us believe.

14 thoughts on “35 Club Road, Riverside, CT

  1. Plethora of examples : 10 Normandy $4.99million, 32 Carriglea $4.0million, 5 Indian Point $5.3million, 12 Rocky Point $3.52million that went up from 2007 price of $3.4million…
    Hard to argue the market tanked everywhere

  2. Do you really think the peak was the fall of 2008? That is not consistent with the rest of the country, although I do appreciate that Greenwich is “special” in many ways!

    • shoeless:
      As you suggest, Greenwich did indeed “resist” the nation-wide real estate decline that probably began as early as late 2006. Did we keep rising right up to late 2008? There’s evidence of it, but by then, we’d seen the collapse of Bear Stearns and Lehman, and the writing was very much on the wall, so…how about Spring 2008? Shall we call that our most recent top?

    • Anonymous:
      Pretty sure it was builder Tom O’Malley who bought that 3-lot parcel at 70 Meadwo Road in Riverside.
      Let’s do the math…
      Paid: $6.350M for three lots.
      Per lot cost: $2,116,666.
      Total land size: 2.10 acres (91,476 sq ft)
      Each lot will be: 30,492 sq ft
      Zone: R-20
      FAR: .225
      Maximum size for each house: 6,860 sq ft
      Builder’s cost: $300 per foot? = $2,058,000.
      Cost of each new house: $2,058,000 + 2,116,666 = $4,174,666.

      Can he get $5M+ for each house to make all this worthwhile? If Mitt’s the next president, yes. If it’s Barry’s 2nd term, there’ll be trouble in River City.

  3. Gid,

    I found a nominal house price chart, which I would be willing to afford you perhaps a peak in prices as late as the spring of 07, but by early 08, a significant amount of damage had already been done.

    • Shoeless:
      Hmmm, yes, I like the looks of that chart, thanks. I think Greenwich felt the effects later because, well, it’s Greenwich and all that that implies. It appears we are recovering ahead of the rest, which confirms the saying, “Greenwich: Last to feel the recession, first to recover.” (No doubt true of lots of wealthy towns)

    • Calculated Risk is a terrific blog, it’s too bad the comments have gone to shirt since Tanta passed away, the comments used to be almost as valuable as the economic data Bill provides.

      Tanta vive.

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