100 Club Road, A Textbook Case (Sells For $4.250M)

100 Club Road, one of many views captured by top real estate photographer Tom Young.

100 Club Road, one of many views captured by top real estate photographer Tom Young.

Ace real estate attorney Joel Kaye sums up the usual long, drawn-out process of getting a typical Greenwich property sold thusly: “Nobody wants it, nobody wants it, somebody wants it, everybody wants it.”  He’s alluding to the phenomenon whereby a property will sit on the market, unloved, for months, sometimes years, waiting for a buyer, only to find, at the very end of the process, suddenly and simultaneously, a bunch of buyers appear!

There’s no magic, of course, it’s caused by price reductions. The only mystery is what price will spark the fire? If a property priced at $10,000,000 is getting no action, will cutting it to $8,999,000 do the trick? Not if it’s actually worth $6M, it won’t. In a case like that, especially after months and months on the market, you’d need to cut the price below $6M to see a reaction, but there will be a reaction, guaranteed, and frantic buyers will, if allowed, bid it up to $6M or even above that number

100 Club Road, a listing I shared with broker George Crossman, went through six prices:

$6,995,000   9/2012

6,395,000.  11/2012

5,999,000.    3/2013

5,495,000.   5/2013

4,897,000.   10/2013

3,999,999.   1/2014

That last step, pricing it one buck below $4M, produced the long-awaited bidding contest, with four couples jumping in, pushing the final sale price to $4,250,000.

Anything unusual about this? No, it happens every day in towns like Greenwich. As long as the real estate is desirable, there will be a price at which multiple bids will happen.  Won’t happen in parts of Detroit (or Caribou, Maine, for that matter), but in Greenwich, yes.

12 thoughts on “100 Club Road, A Textbook Case (Sells For $4.250M)

  1. Who thought that was worth $7 million? Anyway, buyers in this area seem to be more skeptical lately, with all the new possible FEMA changes.

    Sellers and brokers always try to figure out a good listing price but ultimately, the market determines what it is worth.

    • Shed:
      Sigh/groan…yes, yes, in hindsight, that initial asking price of $6.995M was a mistake, but keep in mind, Club Road is one of Riverside’s most sought-after, valuable addresses, and I had gotten pretty big numbers for previous Club Road listings with less impressive waterfront than this one. As it turned out, the only serious “issue” that mattered to buyers was the rear property owner’s view-line easement across a substantial portion of the back yard. That one hurt us.

      • Anon:
        Oy! Again with the parking lot! Dude, you weren’t there, showing the place! You never heard buyer-reactions, you remain in a clueless condition on this subject (many other subjects, too, I suspect). Proximity to the Club was very rarely cited as a justification for rejection. It appears to bother YOU, but for actual buyers? No. Now let’s all move on, shall we?

  2. Seems like a beautiful property.

    Is it possible to screen the parking lot? I know some people have done that successfully in other parts of Greenwich. You bring big evergreen trees to the side of the property where the parking lot is. If so, would be a great property as long as it does not have the traffic for the club going by.

    Not sure where FEMA flood regulations fit in. If the first floor has to be raised by 10 feet or so eventually – more than half a story – would be a problem for some buyers. Same if you cannot have a garage. Honestly, if you are buying in that price range, who cares if one storm in 100 years takes the garage. Put your extra cars in the A&P parking lot for the storm, maybe take the risk with one old car on the property during the storm, if you have an old car, and spent the money to rebuild the garage if the storm takes it. Not sure I understand FEMA rules that do not allow rich people to self insure a garage structure that is relatively inexpensive to build.

    • Guest:
      All good points and observations (although largely moot, since the buyer is the rear neighbor, who, I am told, intends to tear down the existing structure, adding to their water view). But your question about FEMA is one I have, as well. Why is this government agency telling wealthy people what they can and cannot build on the water?

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