What’s Become Of The High-End Market?

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2 Pierce Road, Riverside: asked $12,000, got $11,500 1st year, $12,500 2nd yr., $13,000 thereafter. Listing agent Gideon Fountain   Renting agent: Julie Lowe.

See that rental above? It rented quickly and easily, hooray! And lots and lots of other properties in town are renting quickly and easily, in all price ranges, isn’t that wonderful?

You sense my sarcasm… I don’t mean to sound ungrateful, but this business is about selling stuff. Rentals, as I’ve explained previously, are all well and good, but sales, my friends, sales, that’s why we’re here!

To be accurate, properties are selling right now at a very nice clip, but there’s a price-ceiling that we can’t seem to crack; that ceiling starts at around $4,500,000. Below that number, plenty of sales, above, almost nothing.

And it’s not just Greenwich. Fellow brokers up the line, in towns like Stamford, Darien, New Canaan, Norwalk, they all report the same thing, little or no high-end sales (in Norwalk, that high-end starts around $1,500,000). Perplexing.

Pictured below is what I’d call a typical sale these days. Perfectly nice house, with what I thought for sure was a smart asking price, yet it took NINE MONTHS to get a deal. Anyway, plenty of these “cheapie” sales, but not enough of the big stuff…so far.

55 Wesskum Wood (on the hill overlooking Binney Park), Riverside. Asked $2.895M, Got $2.650M. List: Heather Platt Sell: Jill Miller

55 Wesskum Wood (on the hill overlooking Binney Park), Riverside. Asked $2.895M, Got $2.650M. List: Heather Platt Sell: Jill Miller

 

 

 

Havemeyer Park Building Lot

39 Northridge Road, asked $799,000, GOT $965,000.

39 Northridge Road, asked $799,000, GOT $965,000. List: Bill Andruss. Sell: Andy Healy.

“Havemeyer Park” is on the Town of Greenwich’s eastern border, one side of Havemeyer Lane is Old Greenwich, the other is Stamford. Other streets in this neighborhood are named after famous WWII military figures, so you’ve got MacArthur Drive, Halsey, Nimitz, and Marshall. In addition, there’s Northridge Road, Old Wagon, a bunch of others.

A lot of it is zoned R-7, (FAR = .36) so even the smaller lots have plenty of building potential, plus, this has been one of the last bargain spots in town. Got the picture? No? Well take a good look at the picture above, because that little shack is a typical example of what Havemeyer Park used to be all about.

World War II ended, servicemen returned home to Greenwich, and found there was no “affordable” housing, so the Town modified the zoning for this section and authorized the building of about 100 of these nice little homes. They sold for around $15,000, (possibly funded by George Bailey of the Bailey Bros. Building & Loan Company).

Anyway, where was I? Oh yes, 39 Northridge Road! Listing agent, Bill “Blabbermouth” Andruss* brought this baby on for $799,000 way back in March. Was it underpriced? Sure! Was that a mistake? Hell no! As always, underpricing worked its magic, and the end result was it closed today for $965,000, $166,000 over ask.

For that, selling broker Andy Healy’s client gets .29 acres in the R-7 zone, which means our busy little Building Department will (graciously) allow 4,547 square feet of above-ground living space, that’s a lot of house.

It hasn’t happened overnight, but over the last decade, this whole neighborhood has gained substantially, and it looks like there’s plenty more growth to come.

 

*kidding about Bill, he’s the complete opposite!

Greenwich Bargain Of The Year?

1141 King Street, Greenwich, CT, asking $2.250M, bargain of a lifetime?

1141 King Street, Greenwich, CT, asking $2.250M, bargain of a lifetime? (click on photo to expand)

19.14 acres of pastoral Greenwich meadow for a lousy $2,250,000? Sure, it’s close enough to Westchester’s adorable little airport that you could count empty seats on the commuter jets flying overhead, but still, take a look at the aerial views, this is beautiful land!

Besides the airport, you’re also mere steps away from some of the best golf courses on the east coast, and two of Greenwich’s finest private schools. This is a bargain. You said you wanted a bargain? Here it is, go buy it.

Note: It’s listed by Jean Ruggiero at Real Living, but I can’t pick it up on their damned web-site!

The Test

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19 Indian Head Road, $5.2M and an absolute bargain! Listing broker Heather Platt.

This place is the test, or maybe it’s the answer. Should you bother to renovate an older home, and will anyone buy it when you’re done?

19 Indian Head Road in Riverside came on the market eleven days ago for $5,200,000. It’s simply one of the best renovation/expansions I’ve seen and if it doesn’t get  a quick deal, I’ll be amazed and also alarmed.

Listing broker is Heather Platt, and I haven’t checked in with her lately, so it’s possible she already has a deal. I’ll find out tomorrow and update this post.

But holy [cow]! What if it hasn’t sold? What would that mean for the idea of preserving older houses? Because right now, Riverside’s got a slightly swollen inventory of beautifully renovated (or at least, preserved, in one case) antique homes, all with high ceilings, all in great locations, and there they sit, unloved.

Meanwhile, a spec house next door goes up, gets staged, and sells. Not good news for the oldies.

Just a few examples:

Every one of these Riverside beauties is spectacularly renovated (and/or preserved), yet there they sit. But show the market a shiny new spec house, with no character, no charm, no history, and bing! it’s gone in 60 seconds.

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The Next Bidding War?

24 Indian Field Road: rough shape yes, but at $550,000, it's a steal.

24 Indian Field Road: rough shape yes, but at $550,000, it’s a steal.

I drove by this place yesterday and peeked in the windows. It looks like a former occupant might have been a bit of a hoarder, there appeared to be cardboard boxes stacked to the ceiling. Oh, and according to the remarks, there is “water damage from a broken pipe”.

One could also gripe about the relatively busy street it’s on, and the proximity of the gas stations, but at $550,000, you can dismiss these petty objections! A price like that in Greenwich puts it near the bottom of our price range, so you take what you can get.

And what you get isn’t all that bad. The property is .3 acres in the R-7 zone, so that means it’s practically a double lot, and it backs up to a fairway of the Milbrook Golf Club. I stood in back yesterday and was amazed by how quiet it was. It dawned on me that this was potentially a good deal.

So what will the market think? I predict the price will be bid up by quite a bit, maybe all the way to $700,000+, who knows? And I think this was smart pricing, either by broker Julianne Ward, or the seller, or both.

Let’s watch this one and see how a (apparent) strategy of under-pricing plays out, shall we?

 

alternative link if the one above gets disabled: 24 Indian Field Road, Greenwich, CT

More red meat for the base

At long, long, last, 12 Byfield Lane finally finds a buyer at $4.475M

At long, long, last, 12 Byfield Lane finally finds a buyer at $4.475M

I hesitate to post this one because it will fire up all the doomsayers, but…oh, what the heck!

Ok, so what we have here is one of the very last of the leftovers, a perfect example of the exuberant, happy days of the late 2000’s, just before the US Government’s 25-year policy of forcing mortgage lenders to first loosen, then finally abandon altogether, any credit standards whatsoever, all in the name of “equal opportunity”, caused a horrible, cataclysmic economic catastrophe in the fall of 2008.

I actually met this particular builder, seemed like a nice enough chap, although his apparent permanent costume of Hawaiian shirts, jeans and cowboy boots gave me pause (so did the bright red Dodge Viper sports car). Yep, I said to myself, too many people getting into this mansion-building business, can’t be a good sign.

The house pictured above hit the market August 20, 2009, at a price of $11,999,999. I can just imagine the conversation among the principals…”If we keep it under twelve million, we should do ok here”. But  the writing was on the wall by then, in big, bold letters: YOU MISSED THE MARKET, IT’S OVER!

Eventually, some poor bank ended up with it, and now, six long, agonizing years later, it has sold for $4,475,000. Truth is, that’s not a bad price. Had they put it on way back then at, say, $6.995M, they probably could have picked up a couple extra million, but either way, I’m sure the bank is happy it’s over.

12 Byfield Lane, Greenwich, CT (honestly, it’s not a bad house!)

Note: the link above takes you to the second-to-last listing because I wanted you to see the photos, which are not included on the very last listing.