487 North Street, Minus The Land

Hmm, maybe I’ve been overly harsh in my pronouncement that this fine old mansion will meet the wrecking ball. It is still available for sale, now with a redirected driveway, and reduced from 14.26 acres to 3.07 acres, but it looks like they’ve spiffed it up quite nicely inside.  And it’s still possible to get some of that land added back, so go for it!

487 North Street, now just $5,495,000.

487 North Street with new driveway.  Buy it, add some land, update, and you've got a house of the quality they don't build no more.

487 North Street with new driveway. Buy it, add some land, update, and you’ve got a house of the quality they don’t build no more.

Another Week, Another Chris Fountain Sale

Well, this is starting to get annoying.  Last week I remarked that it almost looked as though broker Chris Fountain was the only one still selling high-end real estate around here and, by gum, he’s gone and done it again!

487 North Street is his latest triumph.  This was a magnificent, 14+ acre estate (directly across from the beginning of Dingletown Road, if that helps) which unfortunately entered the market back in April, 2008 at the, um, magnificent price of $23,500,000. It’s a truly grand, brick Georgian colonial, as seen below.  Seemingly called “Whispering Winds”, although, thanks to its siting, mere feet from busy North Street, perhaps “Whistling Cars” might have been more accurate.

But seriously, I loved this place, absolutely loved it, and it pains me to imagine it being torn down, yet that’s probably its fate.  Anyway, broker Fountain didn’t actually sell the building, he sold a separate piece, containing 4.9 acres. Here’s the part Chris unloaded for $4.750M:

487 North Street, the separate land listing

The sale is mysteriously credited to Chris’s partner at EBT Realty, Frank Farricker, but the fact is, Chris did this deal back in, when was it, October, 2011?  That’s a &%#@-ing long time to close, but hey, at least it closed!

487 North Street, still for sale, I believe, but now, thanks to Chris Fountain, it's gone from 14.26 acres to 9.36 acres.

487 North Street, still for sale, I believe, but now, thanks to Chris Fountain, it’s gone from 14.26 acres to 9.36 acres.

Waterfront Lot: $5,000,000

Anyone charged with the job of determining what something’s worth, naturally relies upon recent sales of the item in question. If it’s a commodity like gold, barrels of oil, LeRoy Neiman prints, it is an easy job to come up with the value.

Real estate is different; there are so many variables involved that all you can really do is offer an educated guess. Once in a while, however, we get lucky and a nice bunch of sales of a similar class of real estate happen within a short time. Suddenly, the job gets easier.

Just such a bunch of sales has occurred in the last 18 months. I am referring to the sale of waterfront lots in Riverside and Old Greenwich, all in the range of $5,000,000.

Here are those four sales as listed on the Greenwich MLS. I would also include on this list, the direct (non MLS) sale last year of 40 & 44 Rocky Point Road, two waterfront lots of about 1/2 acre each, that sold for a total of $10,400,000, to a next door neighbor.

All six of these waterfront properties had buildings but in each case the value was clearly in the land.

So what’s the lesson? For now, we can conclude that a decent waterfront lot in Riverside or Old Greenwich will run you “around” $5M. For that you get perhaps an acre on a tidal harbor, or a half acre+ of really direct waterfront.

48 Shore Road, Old Greenwich, sold in June for $5M.  You like this house?  Too bad, it's been removed!

48 Shore Road, .77 acres of waterfront in Old Greenwich, sold in June for $5M. You like this house? Too bad, it’s been removed!