Pure Speculation

6 Meadowcroft, $13.5M, one of Gid's favorite houses of all time, now fully available!

6 Meadowcroft, $13.5M, one of Gid’s favorite houses of all time, now fully available!

555 Lake Ave, $26.5M, another Dinyar Wadia masterpiece. Should we add $1.2M to the selling price?

555 Lake Ave, $26.5M, another Dinyar Wadia masterpiece. Should we add $1.2M to that selling price?

The following conjecture involves fellow broker Bill Andruss, so I want to make it clear from the outset that nothing I say actually comes from Bill. Why? Because ol’ Bill, though he sits mere steps away from my own office, never, ever reveals anything about his business to me, or anyone else!

Want to know just how secretive ol’ Billy boy is? Let’s say, for instance, I was up in Maine, and I decided to speed-dial Bill and say, “How’s the weather down there in Greenwich, William, old chum?”, Bill would answer something like, “I’m not sure.”

Get the picture? “Tight-lipped” is this man’s trademark. Only broker Heather Platt can match him in “tight-lip-ed-ness”.

I can hear you saying to yourself, “Well, good for him, just the sort of chap I would want as a broker!”. Agreed, none better than Bill.  But there is this: I know many successful brokers who will happily blab the details of whatever deal they’re working on, and they sell just as much as Bill and Heather! Obviously, no one ever mentions clients by name, but deal details? To fellow brokers? Absolutely. Anyway, you get the idea.

Have I laid the groundwork? Good.

So I’ve recently written about the extraordinarily quick deal done on this place:

555 Lake Avenue, $26,500,000, remember? About 10 minutes on the market?  Broker Bill Andruss, as noted in a previous post, provided the buyer.

By coincidence, broker Andruss also provided the buyer for this place:

6 Meadowcroft Lane,  $13,500,000.

And, in an even more amazing coincidence, 555 Lake Avenue came on the market September 16th, the exact same day 6 Meadowcroft came back on the market!  6 Meadowcroft, you’ll recall, announced a signed deal way back on June 21st, but that deal came to an abrupt halt on… September 16th!

Is it possible, is it remotely possible, that  the buyer of 6 Meadowcroft walked away from a signed deal (and perhaps as much as a $1.2 million dollar downpayment) in order to buy 555 Lake Avenue? Only Bill Andruss knows for sure, and trust me, he ain’t talking!

The Market’s Great! No, Wait…The Market’s Terrible!

21 Winthrop Drive, $3.450M, Riverside's hottest address?

21 Winthrop Drive, $3.450M, Riverside’s hottest address?

No sooner had I pronounced the Greenwich high-end on its way to full recovery, then this happens. That link will take you to today’s story from TheStreet.com, where we learn that “pending homes sales” continue to drop*, blamed on a number of factors. And, I’ll admit, right here in Greenwich, there has been an undeniable drop in reported “accepted offers” lately, hmmmm.

On the other hand, we have this

21 Winthrop Drive came on the market Tuesday, and by late afternoon, had already gone to sealed bids! Holy %#@&!

What do you make of this? Is Riverside once again blazing its own trail, or is this just over-excited builders who haven’t yet heard the news that Hartford Democrats (and their liberal Republican enablers) are going to bust up the “racially un-balanced” Riverside School?

The Winthrop property is also listed as separate lots…

21 Winthrop, lot 1 (with house)

21 Winthrop, lot 2 (raw land, aka trees, rabbits, squirrels, raccoons)

* Except in the Northeast, where they’re reported up 4%, go figure.

Weekend Report

River Road, $995K, great little farm house, right on the river. I like.

205 Valley Road, Cos Cob, $995K, has a deal this week. Nice little farm house, right on the Mianus River. Great buy. List: Terrence Baxendale. Sell: Francoise Levinson.

So…not a bad week, especially for the high-end.  Here are the numbers:

12 executed contracts (including this land sale)

16 closings (including a land sale, a multi-family, and a commercial property)

9 accepted offers (sorry, no link until they get fully signed)

555 Lake Avenue Goes To Contract


555 Lake, $26.5M, sells in mere minutes for…asking price? Maybe a bit off for negotiation? We’ll soon see.

As noted yesterday, I suspect this happened several days ago, and the broker’s just getting around to reporting it. Yesterday, this was “accepted offer–contracts”, today? Voila’! Signed contracts!

Also, it says 4 days on the market, but it was more like 4 hours. Nice, BIG, clean deal, exactly the sort that new brokers imagine they’ll be involved in as soon as they begin (ha!).

List:  Doug Stevens

Sell:  William Andruss, Jr.

Comedy Night At The Cole

Cole Auditorium, empty now, but tomorrow night, Gid takes the stage!

Cole Auditorium, empty now, but tomorrow night, Gid takes the stage!

Tomorrow night (as in, Friday, Sept. 20th), I’m hosting the annual Comedy Night at the Cole Auditorium at Greenwich Library. This is a great event, with actual funny, talented comedians, the cream-of-the-crop from New York’s Gotham Club.

Show starts at 8:00 PM, but the Big Green Truck Pizza starts serving gourmet-quality pizza (plus beer and wine) starting at 6:00. Also, there’re some decent restaurants mere steps from Greenwich Library where you can dine, get liquored up, then wander over in time for the show. See you there!

All proceeds to benefit Greenwich Community Answers.

Here are the real comedians (as opposed to Realtor-comedians)…click on their names to see what they’re all about.

Greenwich High-End Takes Off

455 Lake Avenue, $26.5M, listed one day, sold the next... Wow.

555 Lake Avenue, $26.5M, listed one day, sold the next…

Ok, it’s happened…I’ve been holding back from saying it, but I can no longer pretend that, even at the extreme high end of Greenwich real estate, we are now, finally seeing the beginnings of a full recovery.

555 Lake Avenue, listed Wednesday for $26,500,000 now has a signed deal. That is big, my friends, very big. And when you combine it with the recently sold 3.5 acre parcel on Field Point Circle for $24,000,000 (sold direct, reportedly to a neighbor), plus some other fresh major sales, we have the makings of a healthy high-end!

Can’t say as much for the rest of the American economy, but here in Greenwich? Things are swell.

Take $50,000,000, Call Me In The Morning


499 Indian Field Road, marked down from $190M to $140M.

499 Indian Field Road, marked down from $190M to $140M.

I don’t think we’ve all properly appreciated what happened yesterday when Greenwich real estate history was made:  The price of 499 Indian Field Road had its asking price reduced from $190,000,000 to $140,000,000, a FIFTY MILLION DOLLAR reduction in one fell swoop! The greatest one-day price reduction ever! Ask any broker what it’s like getting a damned fifty thousand dollar reduction from a seller and you’ll begin to understand the magnitude of this.

So, will it work? Are we now close to a likely selling price? Not sure. I do know it was smart to also start offering the place in pieces, main house with 31.23 acres at $80M,  and the raw land of 20 acres for $55M.