Oh Em Gee, was I not just talking about the preservation of older houses in Riverside?
No sooner does my post hit the streets (figuratively) than along comes this listing of 107 Meadow Road! With 3.2 acres at the end of hyper-valuable Meadow Road, spectacular high views over Greenwich Cove, and priced at $6,995,000, my first reaction was it’s underpriced by about $5,000,000.
But then I noticed the “Declaration of Conservation Easement”…
A great lady, Donna Brace Ogilvie, owned this place, or maybe had “life use”? not positive. Anyway, she or someone before her, perhaps old Donald C. Brace himself, put this amazing restrictive easement on the house and property.
How amazing is it? Get a load of this excerpt from the covenant:
“Only the existing residential dwelling, for single family use and occupancy, with all improvements related thereto, shall be maintained upon the Property…”
Click the link below to read the entire 8-page Easement, but the long & short of it is, you cannot change anything on the exterior of the existing house, and you cannot add any additional buildings.
Listing broker Monie Sullivan definitely had her hands full coming up with an asking price, but I think she’s nailed it. There’s no question the easement restrictions shaved millions off the value, but at $6.995M, I think more than one buyer will step up.
Here’s the actual easement language:
Alternative listing link, in the event the one above gets de-activated: