How’s The Market?

9 Manor Road, Old Greenwich closes today at $2,772,500, new street record. Note: non-MLS sale, only one photo available.
List: Allen Vetrosky
Sell: Lindsay Sheehy

2018 is a mere three days old, but there are already signs of a promising market. When you see new street price records being set, that is surely a positive sign, no?

Exactly. I was thrilled, therefore, to see 51 Glen Avon, asking price $15,900,000, get signed up in December. The previous record for Glen Avon/Club Road area was $9,500,000 and this new record price is reportedly in the $15Ms (closes in a few weeks).

51 Glen Avon, Riverside. Asked $15,900,000.

2018 RECORD BREAKERS:

9 Manor Road, Old Greenwich (top picture) just closed at $2,772,500. Previous street record was $1,385,000 !

12 Nimitz Place, Old Greenwich just went to contract. Ask is $2,195,000. Previous record for Nimitz? $1,775,000.

12 Nimitz Place, Old Greenwich. Asked $2.195M (builder paid $812K for tear-down)

Despite all of Connecticut’s problems, people still insist on living here. Say Hallelujah!

Is The Best Deal In Greenwich Really In Stamford?

I Shore Road, Stamford, CT. Unit 13 of the Ardenwood condominiums, gets a deal after about 2 days on the market. Asking $549,500.
List: Ted Thaxter

When brokers buy for themselves, their real estate knowledge would, one hopes, lead them to buy wisely. Such is the case with a 16-unit Stamford condo project called “Ardenwood” where you will find quite a few Greenwich brokers as your neighbors.

What’s the draw? First and foremost, they are mere inches from the border of Old Greenwich, hence perfectly positioned for slipping in and out of Greenwich as needed. I’m told Stamford brokers do not find this location convenient, but obviously, it’s all about where you need to get to every morning.

It’s not just location, however, these units are also of “manageable” size (1,425 – 2,417 sq.ft.), perfect for down-sizers, bargain-hunters, empty-nesters, freshly divorced-ers, you name it. The whole project overlooks the Innis Arden Golf Club, that’s good. They can be somewhat difficult to rent, that’s bad. The association has rules that limit to how many can be rented at one time, so these aren’t suitable for investors.

But they are attractive, well-laid out, well-maintained, and less than half the cost of anything remotely similar in Greenwich.

This is the view from unit 16, the Innis Arden Golf Club in the background.

Sales prices over the last five years:

unit 3    $745,000.

unit 12   $630,000.

unit 7    $566,350

unit 10   $540,000.

unit 9     $549,500.

unit 15   $545,000.

unit 16   $635,000.

(Prices and sizes vary depending on whether the one-car garage has been converted to living space and also quality of view)