Stamford’s “Greenway Island”…No One Wants?

"Greenway Island", last asking price $12.5M, so far fails to find a buyer, could be the price!

Stamford’s “Greenway Island“, last asking price $12.8M, so far fails to find a buyer, could be the price! (Link shows two previous listings, now expired)

I have a history of getting a bit carried away with properties like this, but dagnabbit, this place is ABSOLUTELY AMAZING.

140 Wallacks Drive is a 3 1/2 acre island off the coast of Stamford, and to me, it represents the epitome of waterfront living. It seems to satisfy every possible “requirement” I could ever think of for a waterfront investment (ok, it’s Stamford, not Hawaii, but other than that…)

• Plenty of land

• Safe elevation

• Huge beach

• Deepwater dock

• Waterside pool (plus what appears to be a semi-natural “pool” that captures Long Island Sound water.

• Classic, turn-of-the-century mansion

• Substantial guest house (stash the relatives, never have to see them!)

• Nearly 360 degrees of water views

It started at the fanciful price of $18,900,000. Worse still, the listing sheet warned brokers that any looker needed to be “pre-quailified”. It has been my experience that listings with that requirement don’t sell.

Two good brokers  Correction: Three good brokers (one was a dual-listing) have tried and failed so far, so I suspect the problem here may be the owner.

10 thoughts on “Stamford’s “Greenway Island”…No One Wants?

  1. How do you know it is at a safe elevation? Other than the almost 15G/month tax bill, I love this too.

    I’d change the address if I could. I wonder if the post office would let you just use Greenway Island?

    • Toon:
      You’re right, Mr. Sharpshooter, I don’t know the exact elevation, however, my examination of the photos has convinced me the first floor of the house is about 20 feet above mean high tide. As for Stamford taxes, yes, $13,375/month is punishing. And your question about the post office reminds me of the guy who wanted to have “Greenwich” instead of Cos Cob, as his address. The Post Office fought him, but if I recall, he won the case.

      • Well 20 feet would certainly be high enough. I did some digging to find out what height is required ( I couldn’t find a handy dandy list similar to the one for Greenwich on FWIW). Eventually I was directed to a fema.gov site. The site said “please be patient – loading” for 5 minutes. I gave up. Anything.gov is impossible to use.

        I have a friend who lives in Cos cob. She just uses Greenwich as her address. Apparently it works fine as long as there isn’t a street in Greenwich proper with the same name.

  2. The taxes are a real buzz kill – even for the super wealthy. And yes, only someone uninterested in keeping up with the social scene will love it since you’ll be spending a good deal of time commuting to Darien, NC and Greenwich to hobnob. Paging foreign billionaire….

    As for tossing Cos Cob for Gwich with your home address..my, how shallow..but good riddance.

      • Nope, that’s not what I am saying. What I am saying is that this Stamford location is logistically difficult for this level of buyer to hob knob with its like crowd. Put it this way, if this house was in dolphin cove rather that wallachs it would have a buyer by now. Dolphin is ez to Old G and Gwich while Wallachs has the cove neighborhood to navigate.

      • Cos:
        Hmm, ok, I get yer point, and it’s an undeniable that neighborhood is critical in determining value. A luxury property surrounded by an extensive network of similar mansions (Greenwich’s Belle Haven, for instance) will have much higher value than a stand-alone.

  3. The kitchen is hideous and the adjacent family room is a hodge podge. I am willing to bet that the master bedroom/bathroom is lacking as well. It’s a tear down, don’t you think?

    • My sentiments exactly. Love the land, the pool, the killer view, the guest house. But the main house isn’t in visual syncopation with the rest of the island vibe. I’d rather see some gorgeous shingled place with tons of light and airy rooms – not ornate as shown in the photos. I’m no fan of parquet flooring either or even the entrance gates. It’s as if they went for a palatial theme instead of something low key and fitting.

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