Greenwich Mansions Selling Again

460 North Street, asking $20M, now has pending deal (historians will note that this was Gideon Fountain’s first “big deal”, way back in June, 1997, when it sold for a paltry $4.7M). This time around, it’s Helene Barre, list, Fran Ehrlich sell.

116 Oneida Drive, waterfront off Bruce Park (kinda/sorta) asked $25M, now has pending deal. List: David Ogilvy. Sell: Brian Milton.

If you’re a poor schlub selling Greenwich real estate in, say, the $3M’s, you would have to sell around 7 houses just to reach what brokers Brian Milton and David Ogilvy, Helene Barre and Fran Ehrlich achieved in a single sale! That’s 7 contracts, 7 building inspections, 7 endless discussions about window treatments, in short… 7 months of real estate hell!

But along comes the above named 4 special brokers, and they knock it out in one transaction. Did they tell you in real estate school that things were going to be fair? No, they did not.

Anyway, no matter how ye slice it, padre, these two deals are very big news. Clearly, the State of CT’s diligent efforts to scare away the wealthy are, for the moment, failing. I’m not saying Hartford idiots won’t spit on their collective hands and really buckle down to work doubling taxes and regulations in the coming year, but so far, well, things are muddling along ok.

Note, I did not say things are booming. Truth is, sales volume’s down this year, and there continue to be odd little pockets of slow/or no activity. Certainly no one in the way-back country, well north of the Merritt Parkway, is satisfied with either the number of sales or the sales prices achieved.

And here’s a weird factoid: In 2014, formerly bullet-proof Old Greenwich had a great year in the $6M+ range. A total of 7 properties sold between $6,100,000 and $13,050,000. So what happened the following year? Nothing. Not one Old Greenwich sale reached $6M. 2016? Same thing, not one sale.

2017 went all the way to July before Old Greenwich finally got back above $6M, when two waterfront tear-downs closed in the $6M’s. So what happened? What was so special about 2014 that then turned bad for the next two and one half years? I am interested in your theory.

 

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12 thoughts on “Greenwich Mansions Selling Again

  1. The state budget fiasco has the super rich rightfully concerned. Thats about all I have…plus the hedge fund industry just isn’t growing from what I understand, and where it is growing is FL. You need hedge fund money for $5MM+ houses..so its seems…with exceptions for CEOs and entertainers.

  2. OG waterfront is alive and well. What do you know about the new construction on Shoreham Club? 20,000+ sf direct waterfront which will surely make it one of the largest homes on the water in all of Greenwich.

    • Anon:
      The fact that two waterfront tear-downs have just sold in the $6Ms is indeed a good indicator. As for the Shoreham Club Road situation, my understanding is that a buyer bought the tear-down at the end of the street, then bought the one next door, total cost $12M+? And now this buyer is constructing a HUGE new house. So yeah, things are humming along in OG. But I still find it odd that there was a prolonged shortage of sales above $6M.

  3. Old Greenwich is not a prestigious address for those in the $6m+ club. It’s a prestigious address for those in the $2m club.

    • Anon:
      ‘Tis a good question! 74 Upper Cross, asking $9,750,000, announced a “contingent contract” back on July 11th. Under normal circumstances, it should have by now gone to “pending”, at least. Not sure what’s up.

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