The Next Bidding War?

24 Indian Field Road: rough shape yes, but at $550,000, it's a steal.

24 Indian Field Road: rough shape yes, but at $550,000, it’s a steal.

I drove by this place yesterday and peeked in the windows. It looks like a former occupant might have been a bit of a hoarder, there appeared to be cardboard boxes stacked to the ceiling. Oh, and according to the remarks, there is “water damage from a broken pipe”.

One could also gripe about the relatively busy street it’s on, and the proximity of the gas stations, but at $550,000, you can dismiss these petty objections! A price like that in Greenwich puts it near the bottom of our price range, so you take what you can get.

And what you get isn’t all that bad. The property is .3 acres in the R-7 zone, so that means it’s practically a double lot, and it backs up to a fairway of the Milbrook Golf Club. I stood in back yesterday and was amazed by how quiet it was. It dawned on me that this was potentially a good deal.

So what will the market think? I predict the price will be bid up by quite a bit, maybe all the way to $700,000+, who knows? And I think this was smart pricing, either by broker Julianne Ward, or the seller, or both.

Let’s watch this one and see how a (apparent) strategy of under-pricing plays out, shall we?

 

alternative link if the one above gets disabled: 24 Indian Field Road, Greenwich, CT

5 thoughts on “The Next Bidding War?

  1. Agreed – this property is a no-brainer at this price. It will definitely fetch $700k+. You have a very good eye for finding undervalued properties. I wish I wasn’t in the middle of a project because I’d buy this in a heartbeat.

      • The buyer is getting a good deal at anything under 725. People don’t like Indian Field because of the traffic and the lack of a sidewalk. That said, a house with a square lot like this, with decent bones, has become rare and so I could see the price pushed up to 750 or 780 if given time on the market. There ‘re just few alternatives at this price point.

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