4 Lafayette Court, a beautiful old building known as “Greenwich Chateau”, near the top of Greenwich Avenue. Unit “AA-1” was asking $290,000.
Things sure are slow in the real estate business! A mere 83 properties have gone to contract since October 1st, with asking prices ranging from a $21,900,000 waterfront tear-down, to a slightly renovated basement condo at $290,000.
So yeah, I’m being sarcastic here, obviously this indicates a busy, vibrant market. The only skunk at the garden party is the ultra-high-end, which for Greenwich would be what? $7M+? But those sellers are the least motivated, as you know, so when they are ready, they will sell.
Are profits being made? Yes, for those who bought recently, but usually not for those who bought between 2006 and 2009 (in certain parts of the back-country, even if you bought in 2002 you may still be profit-free).
That “basement condo” I mentioned above, the owner paid $150,000 in 2013 for this 3-room lower-level condo at 4 Lafayette Court, directly across from the top of Greenwich Avenue. Location is the driving force here, everything is truly walking-distance from your (underground) front door. I don’t know what the actual accepted offer is, but since the deal got done in 25 days, it looks like the seller did well.
Likewise, that waterfront tear-down on 6.65 acres (oops, wait a sec, it’s been mysteriously reduced to 5.72 acres) in the R-20 zone. The owner paid $11M in 2012 and now has a deal (after several years) with an asking price of $21.9M. Are they getting anywhere near that? Probably not, but I still predict a profit of several million.
So how’s the market? Good.
Here’s a sample of some of those 83 (!) recent deals…
60 Oneida Drive, was asking $21,900,000, now has a (pending) deal. Was 6.65 acres, now 5.72.
19 Sherwood Farm, was asking $$4.250M
450 North Street was asking $4.995M
62 Sound View Drive was asking $3.2M
12 Lake Drive South was asking $1.895M
19 Sherwood Avenue was asking $1.099M
31 Bonwit was asking $898K
94 Indian Field Road was asking $550K
Greenwich Bored And Razed 
Okay, Indian Field Road was very quick to contract. Tough location, any idea if a builder took it?
Cos:
I suppose it could be a builder, but with the proximity of train tracks AND Route 95, I’d guess it’s an end-user. That’s a really low entry price for central Greenwich, so I understand the appeal.
And what is 62 soundview drive? Looks like a lodge or condo rather than a home. Its is a town house? thanks in advance.
Cos:
Those are condos not yet built but already selling easily, located on the steep hill that leads up to Town Hall.
Kind of wish I’d bought the 4 Lafayette Ct apartment three years ago!
Ants:
$150K, yikes what a deal! Likely the cheapest price Greenwich had seen in many, many years.
60/62 Oneida Drive. 6.65 acres vs. 5.72. Explanation: difference is Oneida Lake which was given to “conservation” in exchange for subdivision of 60 Oneida into two lots
Anonymous:
Thanks, matey! (Say, who’s the real estate expert here!)