It’s all well and good for us brokers to puzzle over the value of $48,000,000 properties, but most of the time, we come down from the stratosphere and work on the more common, every day starter-homes, like for instance, 107 Meadow Road, Riverside, recently put back on the market for a piddling $8,695,000.
Regular readers will recall my earlier post from 2017 where I called it “Bargain of the Century” because eight pages of deed restrictions had reduced its value from around $12,500,000 (highest and best use of this 3.22 acre waterfront property would have been a 5-lot subdivision) down to its eventual sale price of $3,700,000.
The buyers, a couple who have built new and/or renovated on at least five previous occasions, really know what they’re doing, so they have taken this classic antique and brought it beautifully into this century, in particular, creating a fabulous kitchen/family room and a luxurious master bedroom and bath (and the improvements list goes on and on and on).
Could you do more here? Sure, you could continue even further with the owners’ already massive upgrading, both inside and out, but most importantly, you could continue their successful negotiating with the Greenwich Land Trust, which is empowered to enforce those pesky deed restrictions, and thereby get them to let you add a few things here and there, like maybe a larger garage building? (or underground garage?)
The point is, the present owners have shown the way for the next owners. Despite all the legal advice to the contrary, that so many would-be buyers were discouraged by, it is clear that the Greenwich Land Trust is willing to be reasonable and flexible. Does that mean you can build a nice guest house? Probably not, but a tennis court? Very likely. Upgraded swimming pool? Sure. And, at 40 feet above mean high-tide, I don’t see what objection anyone would have to some underground garage space.
The absolute best part of this property is the wide open space, so rare and coveted in Riverside that desperate property owners now frequently acquire adjoining lots for millions of dollars, just to give themselves breathing room and protection from yet another giant mansion peering down at them. With 107 Meadow Road, you spare yourself the entire hassle of buying neighbors’ houses and tearing them down! It’s all done here, nothing to buy, nothing to add, and absolute guaranteed views that will never be taken away. That is worth the price they are asking.