Bidding Wars: Who Doesn’t Love ‘Em?

14 Druid Lane, Riverside, 1950’s colonial nicely updated 2006. Asked $2.195M, went to bidding war…            List: Cynthia De Riemer

You (exceedingly patient) long-time readers know that I approve of bidding wars for a number of reasons, first and foremost of which is that they indicate extreme market enthusiasm. Another positive feature is that they create a “spin-off” effect: all the participants who didn’t get the house are now really, really primed to get the next one! They’ve now learned their lesson, that if you really want a house, don’t be hesitant, be bold. Raise your price, drop your contingencies.

Of course, they’re also ticked off and may well blame their broker for losing the house, so the trick for the broker is to hold on to them through the (bidding war) process and then, sell them something else.

So far this year there have been far too few bidding wars (that I’m aware of), but here are two properties that went “several hundred thousand” over their asking price. When they close, I’ll post an update.

17 Welwyn Road, Riverside, very impressive Ken Bacco-built 2006 (w/2017 updating) shingle-style. Asked $4.1M, went to bidding war…   List: Krissy Blake    Sell: Jane Basham

 

P.S. These happen to be Riverside examples, but I’m happy to say, mid-country Greenwich is also selling well lately.

 

 

 

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Public Open House: oh boy!

122 Cedar Cliff Road, Riverside, CT 06878

Yep, I’m running one at my $4.5M tear-down* (nestled among $20M+ estates) today, 2:00-4:00 PM. And remember, it’s “Daylight Savings Time” (bah!), so don’t forget to– er – Spring back and Fall forward! yeah, that’s it…

*for the likely buyer, that is.  Me? I could live in this house no problem.

Is This What Your Ski House Should Look Like? Tune In Today!

Is this your idea of a charming, warm, and inviting ski house? Maybe it is!

From Connecticut Cottages & Gardens Magazine, this profile of an un-named Greenwich couple’s new, ultra-modern Vermont ski house is the one of the lead features.

Listen to the radio show this morning at 11:00 and you’ll hear us make fun of it, or, at the very least, disagree with the concept of building a Manhattan-style Soho loft apartment in the middle of the woods.

Go to: WGCH.com

Darkness Will Remain

Central Greenwich, mere feet from my office, a grand old tree bites the dust (and takes a chunk of downtown’s power with it)

Not to, er, depress anyone, but I took a little drive around the (totally dark) Riverside section of Greenwich this evening, not a single utility truck in sight. What’s our power company calling itself these days? Evercore? Eversore? anyway, they have plenty to do tonight and clearly Riverside is not at the top of the list.

Tune In To Today’s Show At 11:00 AM!

The dapper, some would say “debonair” developer Tom Rich, President of FD Rich.

Today we have, in-studio, the President of Stamford’s FD Rich Company, Tom Rich, for the full hour. Tom, the handsome, vivacious (if that’s the word I want) man-about-town has been conceiving and building some of Stamford’s and surrounding area’s most impressive buildings for decades. He’s credited with turning around the company after a (yet another) government-caused economic catastrophe nearly sank FD Rich back in the 1990’s.

My suspicion is that ol’ Tom is a Democrat and a liberal, so the challenge will be to get him to say mean things about Guv Malloy and nice things about Prez Trump. In any case, I assure you it will be an amusing interview, don’t miss it (or at least dig up the %#@&-ing podcast and listen later).

Here’s Tom, dishing the dirt with the future President of the United States, many years ago.

Finally! The Market Heats Up

6 Ford Lane, Old Greenwich, waterfront house w/extra lot, asked $7.5M, one week later, DEAL.
list: Steve Archino
sell: Dena Zarra

Long before the Greenwich MLS publishes reports of deals under contract, there is “scuttlebutt” among us brokers. Are you busy? Are you showing lots of stuff? What happened last weekend, how many people did you take out?

Until very recently, the usual answer was zip, zero, nada, but now, suddenly, I am getting reliable reports of genuine…dare I say it?…busy-ness among my compañeros (at various firms). And it’s not because of this warm weather, the deals I’m hearing about clearly started in the last two weeks.

Here are two very fresh examples: 6 Ford Lane, Old Greenwich waterfront, $7,500,000. 1986 house with some updating, land size .71 acres, which includes an adjacent vacant parcel of .29 acres. Part of the house is in the flood-zone (oh no!), but the first-floor’s at 20 feet, so gimmie a break… if that worries you, you need to undergo years of analysis. Anyway, perpetual market-worrier Archino puts this baby on Feb. 13th and had a done deal in SEVEN DAYS. Hot enough for ya?

Second example:

8 Mayo Avenue, Greenwich, $2,695,000. In the heart of Belle Haven, but….not in Association. Nevertheless, instant deal with multiple bids.
list: Kristy De La Sierra
sell: Blake Delany

8 Mayo Avenue* , Belle Haven section of Greenwich, but not in Belle Haven Association (oh no!),  $2,695,000. Great old 1944 brick colonial, some updating, .57 acres, got a deal in about a week, three bidders!

By the way, that’s .57 acres in the R-1 zone, meaning a paltry FAR of just 3,352 square feet, but wait! FAR was further restricted by the adjacent right-of-way to a rear property. Total FAR, therefore, is a mere 2,780 sq.ft. Did the bidders give a hoot? They did not!

Market heating up. If you’ve been watching some place, waiting for the price to drop again, make your move now.

  • For several years, financier Louis Bacon lived across the street from this one. I’ve always liked that combo, “bacon on mayo”, but no one else found it amusing (interestingly, Bacon moved to Rye, and sold his Mayo house to Mr. Lettice, I swear!)

Why Are Companies Fleeing CT? Tune in to tomorrow’s show to hear the sad truth.

John Boyd Media Pic

John Boyd, Jr. of the Boyd Company, location consultants, i.e. “the executioners”, from the standpoint of CT politicians. But don’t blame Boyd!

Companies have been fleeing high-tax/high-regulation Connecticut for years. They won’t stay here, they won’t move here, they certainly won’t start here. Nope, there’s no escaping the fact that our once-great state now sends a very clear message to the business world: STAY AWAY.

What can be done? On tomorrow’s radio show, I will interview John Boyd, Jr., Principal of The Boyd Company, which consults major companies on site selection. As you can imagine, by the time a CT company contacts Boyd, they have already decided they’re going to move, so Boyd helps them pick a state with the most favorable tax and legislative climate.

I’ll be asking John if there is any hope for our dopey state, and what realistically could we get (those idiots up in) Hartford to do to fix things.

Tune in tomorrow morning Wednesday, Feb. 21st, 11:00 AM -12:00 PM. The interview with Boyd starts around 11:30, before that, Jonathan Wilcox and I will discuss the Greenwich real estate market and why, oh why, should it take an average of 320 days to sell your damned house?

Gid’s radio show, every Wednesday morning, 11:00-12:00. On your radio, it’s 1490 on the AM dial. On your computer/mobile device, go to http://www.WGCH.com