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.
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)