I recently had a conversation with someone who asked me to throw a number at a foreclosed property in Cos Cob. He said, "Offer $150K" - it's bank owned - they'll take it because banks get penalized for having these properties on the books"...I realize that banks don't want to be in the real estate business, but if the bank is private, they certainly can wait it out...and nobody is giving anything away, with the rare exception if it's between family members. Even that doesn't happen that often any longer. Hell, you're lucky if you get a listing from a family member! There are no gimmes
Of course, I didn't pick up the phone for this ridiculous conversation, but I was curious - what was the low of the low in the past year in Greenwich...
Cross property search for sold properties on the Greenwich MLS in the last 365 days from $0 - $300K in all areas of Greenwich - yielded 12 sales - all condos and coops.
Between $300K and $500K - there were a total of 54 in the last 365 days - mostly condos and coops with a few single family sprinkled in Byram, Pemberwick the foreclosed Ferris cottage in OG and the Cary Rd property in Riverside.
Land Sales for the last 365 days in all areas of Greenwich, form $0 - $500K totaled 7 - none of which were in the vicinity of $150K...Here's the list
- 23 Nicholas Ave - Glenville - $185K - .14 Acres in R7
- 30 Glenville St = $255K - .16 acres in R7 -
- 22 Hollow Wood Lane - $362K - .14 acres in R6
- 28 Caroline Place - $375K - .17 acres in R7
- 502 E Putnam Ave - $400K - .34 acres in R6
- 46 Havemeyer Lane - $387,500 - .19 acres in R7
- 0 Valley Rd Cos Cob - $467,500 - .53 acres in R12 - this last one comes closest as a comp for the subject property - although it's a far cry - same zoning and the lot configuration and size were better and larger for the ability to build a larger home
So discounting the fact that the subject property is .23 acres and only has FAR for 3500SF, that this gentleman thought deserved a $150K offer - it still should get something between $395,000 and $450,000