Brand New And Still Available

11 Cove Road, $11.750M, came on today, builder/agent Mark O'Brien's latest. O'Brien has done very well in the spec house biz (and even the vodka biz...) Listing: Greenwich land Company.

11 Cove Road, $11.750M, came on today, builder/agent Mark O’Brien’s latest. O’Brien has done very well in the spec house biz (and even the vodka biz…) Listing: Greenwich land Company.

Reader “Riverside Dog Walker” wonders how many brand new houses are already sitting on the Riverside/Old Greenwich market, not finding buyers.

The answer is fourteen, but of those, only five could be accurately described as “sitting” on the market, which I define as at least six months. The other nine have either just hit the market, or came on fairly recently.

Still, that’s a lot of un-sold inventory, and, as we have recently learned, there are plenty more coming soon to a street near you!

Click link below to see the current inventory:

All the new houses for sale, Riverside and Old Greenwich

6 thoughts on “Brand New And Still Available

  1. Curious if you have a view as to how far the market has come back relative to peak of 2006? 75%… 85%? Recognize any answer you care to offer will, by necessity, be a generalization…

      • That’s an interesting way of answering the question. It implies that there are areas of town that have not. I wonder what effect you are ascribing to a shift in value from out of town to in town houses. If in-town was relatively less valued in 2007, it would have had less far to come back relative to the more valuable 2+ acre mid and back country homes.

      • Stafford, old sport:
        The challenge of figuring out how much the overall Greenwich market is up or down since a particular date is all those variables that one must account for. In-town became hyper-fashionable AFTER the 2009 slump/crash, and we saw $4-6M+ condos sell easily. 7 years later, in-town continues its success, yet some of those now “used” condos are selling for millions less! So what changed? The market, or just the tired condition of the property? Back-country provides another set of questions. I’ll post an interesting example later today.

      • Interesting. Thank you. Would you care to hazard an opinion at what level the least performing area(s) of town is against peak in 2007?

      • JB:
        So far, it continues to be “backcountry” (roughly defined as north of the Merritt). Prices dropped, so demand increased, but recovery to 2007 prices hasn’t happened back there yet.

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