Are We Getting Ripped Off Down Here?

123 Riding Ridge Road, Monroe, #@$%-ing CT, asked $649K, now has deal.

123 Riding Ridge Road, Monroe, #@$%-ing CT, asked $649K, now has deal.

Ok, I get it that it’s Monroe, Connecticut, and that’s not an easy commute to most places we work, but still, $649,000?? The land appears to have sold for $155,000, which down here in Greenwich is pretty much the price of a decent summer rental, but how does the builder make money with an ask of $649,000?

The house is listed at 2,889 square feet (1,200 unfinished, walk-out basement), land is 2.88 acres and, well, take a look at the photos…is it so bad? Even a snob like me must admit the house appears livable…nice, even!

And the cost to build was what, $150 per foot? No, that’s too much, there would be zero profit at that cost, so… Ok, I’m stumped, either we’re all getting ripped off down here, what with $400-$1,000/foot building costs, or the Monrovians have figured out how to build houses at $100/ft and they’re keeping it a secret.

Here’s what it looked like as a land listing: 123 Riding Ridge building lot.

9 thoughts on “Are We Getting Ripped Off Down Here?

    • Well, there is of course that all too elusive Fairfield County Premium up-charge element to factor in, but some of the difference surely comes from differences in fit and finish qualities, doesn’t it?

    • SirNaps:
      I considered that, and that process certainly brings the construction cost way down BUT, the pictures do not lead me to believe it is the case.
      Note to readers: “NTTAWWT” means Not That There’s Anything Wrong With That.

  1. I know that I am responding to a very old post but I will respond nonetheless. First, I will say that this isn’t an entirely bad house….however ‘Greenwich’ standards for materials add a lot more cost than many think. If this is a 2889 SF house, you would add the following at a minimum before we (yes, myself included) would consider this a quality house:
    – divided (simulated) light wood windows- $50,000 (approx. $20 more per SF),
    – wood roof- $50,000 (approx. $20 more per SF)
    – molding upgrades- in and out- $50,000 ($20 more per SF)
    – 10′ ceiling down/9′ ceiling up- approx. $10 more per SF)
    – custom grade of cabinets- $100,000 more ($40 more per SF)
    – better wood species than builder grade oak for floors/stairs/railings- $35,000 ($15 more per SF)

    Already at $125 more per SF and haven’t gotten to anything mechanical…..

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