Greenwich Mansions Selling Again

460 North Street, asking $20M, now has pending deal (historians will note that this was Gideon Fountain’s first “big deal”, way back in June, 1997, when it sold for a paltry $4.7M). This time around, it’s Helene Barre, list, Fran Ehrlich sell.

116 Oneida Drive, waterfront off Bruce Park (kinda/sorta) asked $25M, now has pending deal. List: David Ogilvy. Sell: Brian Milton.

If you’re a poor schlub selling Greenwich real estate in, say, the $3M’s, you would have to sell around 7 houses just to reach what brokers Brian Milton and David Ogilvy, Helene Barre and Fran Ehrlich achieved in a single sale! That’s 7 contracts, 7 building inspections, 7 endless discussions about window treatments, in short… 7 months of real estate hell!

But along comes the above named 4 special brokers, and they knock it out in one transaction. Did they tell you in real estate school that things were going to be fair? No, they did not.

Anyway, no matter how ye slice it, padre, these two deals are very big news. Clearly, the State of CT’s diligent efforts to scare away the wealthy are, for the moment, failing. I’m not saying Hartford idiots won’t spit on their collective hands and really buckle down to work doubling taxes and regulations in the coming year, but so far, well, things are muddling along ok.

Note, I did not say things are booming. Truth is, sales volume’s down this year, and there continue to be odd little pockets of slow/or no activity. Certainly no one in the way-back country, well north of the Merritt Parkway, is satisfied with either the number of sales or the sales prices achieved.

And here’s a weird factoid: In 2014, formerly bullet-proof Old Greenwich had a great year in the $6M+ range. A total of 7 properties sold between $6,100,000 and $13,050,000. So what happened the following year? Nothing. Not one Old Greenwich sale reached $6M. 2016? Same thing, not one sale.

2017 went all the way to July before Old Greenwich finally got back above $6M, when two waterfront tear-downs closed in the $6M’s. So what happened? What was so special about 2014 that then turned bad for the next two and one half years? I am interested in your theory.

 

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Now THIS Is More Like It…

200 Guards Road, Conyers Farm: as good as it gets. last ask $17.5M. List: BK Bates

200 Guards Road, Fabulous house on 31 acres in Conyers Farm: as good as it gets. Last ask $17.5M.
List: BK Bates and Michelle Tesei

Was it only last Tuesday that the Connecticut Post was telling us about the latest Hartford plan to drive out the last remaining profitable business in Connecticut? I believe so, but perhaps because this particular tax plan is actually opposed by the Governor (is that possible?) maybe we can limp along for another year, by golly.

Anyway, today’s big news is that a deal has been struck for a spectacular Conyers Farm property which was asking $17,500,000. A previous broker started it at $27,895,000, carried it through two price reductions over the next year and nine months, but ultimately was shown the door.

I’ve heard it a hundred times, from brokers like Julianne Ward and others, it’s better to just say no to a listing that you know is grossly overpriced. Instead of taking the listing at a crazy price, what you do is this: Make an impressive presentation to the sellers, and include in that presentation a skillful defense of your recommended price.

You will (likely) then be rejected by the sellers, who will instead give the listing to the broker with the crazy price, BUT, a year or two down the road, the sellers, realizing you were right all along, will call you up and appoint you as the second listing broker. That’s where you want to be, that’s how this game is played.

On the other hand, it can be hard to resist one of these big “trophy listings”. After all, your firm gets lots and lots of advertising value from it, you get the prestige boost, which can lead to other big listings, and hey, there’s always the possibility you’ll persuade the sellers to g-r-a-a-d-u-a-l-l-y lower the price, who knows?

I have no idea how things went down with this particular listing, it’s entirely possible that first asking price was the owner’s idea to begin with. In any case, this is a very significant and useful sale. It shows continuing life in the high-end, and in particular, the backcountry high-end.

List: BK Bates & Michelle Tesei

For The Week: 30 Accepted Offers

8 Taylor Drive. Cos Cob, $1.495M. Broker open house on Thursday, deal by Monday. Gideon Fountain. listing broker.

8 Taylor Drive. Cos Cob, $1.495M. Broker open house on Thursday, deal by Monday. Gideon Fountain. listing broker.

30 accepted offers, which includes:

8 executed contracts  (never reported as “accepted offer”)

1 multi-family dwelling

141 Cat Rock Road, Cos Cob, $1.295M. Had a deal. lost a deal, had a deal, signed a deal!

141 Cat Rock Road, Cos Cob, $1.295M. Had a deal. lost a deal, had a deal, signed a deal! List: BK Bates. Sell: Beverly Toepke.

UPDATE: For The Week 30 Accepted Offers, Final Count

North Maple gets a deal!

422 North Maple Ave, $4.995M, gets a deal! Listing broker Shelly Tretter Lynch, Sotheby’s Realty.

Made it to 30, again! This removes all doubt; Houston, we have a lift-off.

30 accepted offers (price range $370,000-8,500,000) which includes

1 land listing

1 multi-family

1 executed contract (skipped “a/o” status)

This Week: 34 Accepted Offers

I’m not happy about some of the closing prices I’m seeing but, dag nabbit, this volume is GREAT.

34 accepted offers in one week. I haven’t seen that number in about, what, 5 years, maybe more.  Zowie.

1 “executed contract” is among those accepted offers (it skipped the “a/o” status)

Oh, and..

1 multi-family.

Featured below, broker Jean Dana’s spec-house listing on Winthrop Drive. It had a deal last month, the deal fell apart, now it has quickly picked up another deal. If you haven’t driven around Winthrop lately, you’ll be surprised; it’s getting to be all mansions.

Winthrop Drive, $4.495M, had a deal, deal fell through, got another deal! (Note: Image used with permission of listing broker!)

63 Winthrop Drive (off Riverside’s Lockwood Road) $4.395M, has deal. (Note: Image used with permission of listing broker!)