Weekend Report

Lyon Farm, unit 312, asks $1.375M, sells $1.325M.  Lyon Farm is selling well again.

Lyon Farm, unit 312, asks $1.375M, sells $1.325M. Lyon Farm is selling well again. List: Joanne Edwards & Lee Prince. Sell:  Lilian Fong

Last week, we had…

11 closings, which includes these two multi-families

13 executed contracts, including this land listing (tear-down, actually)

12 accepted offers (no link for these)

8 thoughts on “Weekend Report

  1. Two thoughts…

    1) On the Strickland Road Condo, it must have an interesting FEMA policy….and that AC unit sitting on the ground must have gotten rather close to flooding during Sandy and Irene. I presume the kitchen is on the second floor and that’s a walk out basement we see towards the water?
    2) Interesting to see a unit at the “Greyrock” condo development on Valley in Upper Cos Cob/North Mianus has gone to contract. Its been a slow run there. How many units does the developer still own, 1/2?

    • Cos:
      Those Strickland Road condos are well above the water, so I can’t imagine there’s ever going to be a flooding issue there. As for the Greyrock condos, on Valley Road, half a mile past the Palmer Hill Road bridge, they had the unfortunate luck to come on the market in 2008, just before the market took a dive. Most of them have rented, some for as much as $10,000/month, so I’d guess the owners are doing ok. The link I included back there shows the entire rental history of the project.

      • That rental history is stunning….but I think they only sold 5 or 6 of those units, necessitating the need to rent the balance. 2008 is going on 6 years ago…and much of the $1.7 to $2.2 market, where this property competed, has done well for most over the past year.

  2. Re: Greyrock: What’s wrong with these? They seem nice enough and close to the train and town. Move in condition and decent finishes. It appears the builder had no idea how to price them and was a little greedy. Perhaps $1.7 is the true market value. Thoughts?

    • Seb:
      You’ve summed it up very nicely (except that part about “close to train and town”), they are very nice condos, and they were overpriced. Nearly everyone overprices, so my advice to sellers is, go ahead, pick whatever number you want to try, but also pick a target number of showings, after which you will begin to lower your price. Easy-peasy.

    • My thoughts as I posted on FWIW:

      I) overpriced considering there has been a fair amount of new constr in Cos Cob and NOPO at 1.7 to 2.1 since 2008 – much of it with more sq footage and a yard – this site does not offer meaningful yards
      II) sloping site and its a little dark, particularly in the evenings as the site faces east rather than south or west
      III) high density site in a lower density neighborhood. high density people want to be closer to sidewalks and more walkable communities. I think they would have done better with this site if within 1/3rd mile of US 1.
      IV) no support for the 2+ price point within a 1/2 mile of the site (but some support for 1.65 to 1.9)

      Buyers should do okay here as long as they get at the right price. The flip side, there aren’t many options now – not as many as there had been from 2008 to early 2013.

  3. I suppose what I meant by “close to town and train” was that it was close in comparison to the homes built on wetlands buried in the maze of cat rock and cognewaugh. I lived up there about 10 yrs ago and cursed every time I had to go anywhere that didn’t require the Merritt (which I cursed for other reasons). Cheers!

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