My, but that sounds confident, does’t it? 18.75….such a precise sounding number, very impressive.
So, where did I get it? From these two sales:
73 Club Road, 12/2010
73 Club Road, 11/2013
It’s exceedingly rare to get a true “apples-to-apples” comparison in the field of real estate. Typically we deal with houses, and houses can be changed in small, but significant ways each time you get a new owner. Something as trivial as pretty wallpaper, clean windows, and better looking furniture can add hundreds of thousands to the price of a Greenwich home, and that higher sales price is then falsely attributed to a “market rise”.
Yet here, at 73 Club Road, Riverside, we have a rare opportunity to compare two sales of the same property, three years apart, where nothing was changed. It’s the same 2.62 acre waterfront parcel (in the 1-acre zone), the same 1950’s tear-down house, same view, same neighbors.
The result? $8,000,000 back in 2010, $9,500,000 yesterday. Ipso fatso*, Greenwich prices “must” be up 18.75%! Case closed.
* Otherwise intelligent people sometimes screw up words and phrases. “Ipso facto”, is amusingly corrupted as above, “statue” of limitations, is another. And let’s not overlook “supposably”.