The $1,000,000 Flip

37 Tower Road Riverside, with view over Willowmere pond and beyond, to Tod’s Point and Long Island.

Don’t you wish this would happen to you? The buyer of 37 Tower Road, Riverside paid $6,300,000 on April 12th of this year. On August 3rd, according to Greenwich Patch, it sold again, this time for $7,300,000 to a Mr. Herman Apple Pye! Apparently Pye-guy really, REALLY wanted this place and was willing to pay the new owner a $1,000,000 premium (this kind of thing drives appraisers crazy).

We’re not talking about bidding wars here. These are cases where someone approaches the new owner of a property and says, what’s it gonna take?

How rare is this in Greenwich? Fairly rare, but not that rare. It happens about once or twice per year. The town attracts wealthy people and when they lose out on something, they tend not to take no for an answer…

Other examples where a frustrated buyer approached a new owner and paid a fat premium:

558 Round Hill Road, Greenwich. Sold for $3.5M, then re-sold for $4.750M.

558 Round Hill Road, Greenwich

sold August 5, 2013 for $3,500,000

sold again January 10, 2014 for $4,750,000.

 

63 John Street, Greenwich ,on 13.61 acres and pond. Sold for $5M, then quickly re-sold for $6M.

63 John Street, Greenwich

sold February 12, 2016 for $5,000,000.

sold again April 13, 2016 for $6,000,000  (dates approximate)

 

Tune in tomorrow for my radio show, we’ll talk about this and other vital topics: Wednesday 11:00 AM – 12:00 noon.

WGCH.com or 1490 AM on your damned radio!

 

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