Beneath my attractive façade of glib self-confidence and amusing “beach club lightheadedness” * there lies, as you know, a serious and thoughtful fellow. No surprise then when comments from intelligent readers manage to sway my opinion. Such swaying has just occurred regarding my theory that Greenwich’s backcountry has been permanently depressed by the 2008 “crash”.
Readers have reminded me of certain backcountry success stories, particularly involving new construction, that belie the myth that well-heeled buyers have given up on this part of town.
Case in point: The three new-construction sales at 747, 749, and 751 Lake Avenue (sorry, links were de-activated, see below).
In the order mentioned, they fetched $7.5M, $8.175M, and $7.850M.
This successful spec project began in October, 2012 with the purchase of a tear-down on 7.35 acres for $6,000,000, at 751 Lake Avenue, about a half mile south of the Merritt (around 5 miles north of Greenwich Avenue).
Builders Alex Kaali-Nagy and The Fieber Group, both great builders, teamed up for this project and got ’em built and sold in less than two years! Kaali-Nagy, I have long observed, has tended to sit on over-priced spec projects w-a-a-a-y too long, so it would appear the addition of Fieber added some needed discipline. In any case, these are exceedingly nice houses, tastefully done, modern design, everything you could ever want, and here is the key point: These houses were so nice, they would have sold easily in any part of town.
The lesson? New, high-quality housing defies the “backcountry prejudice”. Builders, be not afraid!
If the damned Greenwich MLS link doesn’t work, try the one below, and check out the pictures of this amazing interior:
749 Lake Avenue (sold for $8,175,000, Oct. 31, 2014)
* Playwright Philip Barry’s invention.