Sunday, November 23, 2014

Whaddaya Think I'm New?

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 

Get real

Saturday, November 22, 2014

From One End of Town to Another - Sold Properties Today

Showing the premium of Old Greenwich versus Banksville Border - not exact comps but not far off either....

9 Lejeune COurt
9 Lejeune Court - Old Greenwich - $1,030,000
Screen shot 2014-11-22 at 7.56.02 AM
31 The Avenue
31 The Avenue - $750,000
Screen shot 2014-11-22 at 7.55.28 AM

Wednesday, November 19, 2014

Unusual Waterfront Luxury Properties - One in Contract - The Other Waiting in the Wings

209 Long Neck Point Rd Darien
209 Long Neck Point - Darien - $12,500,000

Screen shot 2014-11-19 at 6.10.24 AM

One has to wonder, if 140 Wallacks Drive in Stamford would have a deal today, if it had begun it's pricing journey similarly to 209 Long Neck @ $12M+. It's long, continuing journey began over 1000 days ago when it was introduced at $18M. It is not listed on the Greenwich MLS - not smart...
There are considerations to pricing that go beyond the square footage and acreage - and these two properties tell that story. Pricing any waterfront property relies on where that shoreline is.  Wallacks Drive is twice the square footage, nearly twice the acreage - so one would think that these differences would compensate for Stamford vs Darien.

Market trends rule - and may be one part of the reason that Long Neck has a deal and Wallack's Drive does not.

Today's buyer wants:
  • Relevant decor
  • Move in ready
  • Smaller Scale
  • Convenient Location
170 Wallacks Dr
149 Wallacks Drive - Stamford - Caritas - Now $8,995,000
Screen shot 2014-11-19 at 6.17.51 AM

Friday, November 14, 2014

Sell Your House Quickly for Dummies

I wouldn't be surprised if we see that this got into a little bidding war...there is so little inventory in SOPO Riverside in this price range - it may have gotten a deal more even more quickly had it not been for the rumble of Metro North. The point is How to Sell Your House Quickly. The formula has been told many times, but keep it simple.
  1. No Clutter
  2. No Color
  3. Photos on a Sunny Day
  4. Feature Architechural Detail
  5. Feature What Buyers Want Today - Not What Made you Happy for Years
    34 Oval Front
    34 Oval Ave - Riverside - $1,495,000
    To See the Full Listing Click Here
    https://webhosts.ihouseelite.com/Web/AR480203/ListingSearch/details/?mls_id=CT-GWMLS&mls_no=91310&display_page=1&lpp=20&index=1&total_listings=1&from=results
34 Oval Yard
Flat and Fenced
34 Oval Bath
Clean No Clutter
34 Oval Bedroom
Simple - Focus on Hardwood Floor
34 Oval Kitchen
White Kitchens With Wood Touches Rule
34 Oval Dining
Updated Furniture in Dining Rooms (even if they forgot to remove the light fixture that was perhaps too small?)
34 Oval Entrance
A Nice Welcome Through the Front Door

Thursday, November 13, 2014

Call it what it is - A Neglected Foreclosure in a Nice Location

Rather the listing goes - it has to be a joke:

THIS 5 BR/6 BTH HOME BOASTS A FLEX FLR PLAN ALLOWING FOR MANY DIFF CONFIGS OF SPACE TO ADAPT TO YOUR SPEC LIFESTYLE. KIT W/LARGE EATIN AREA IS ADJ TO FAM RM WHICH LEADS TO DECK & INDOOR POOL. HUGE MASTER BDRM W/LIBRARY/STUDY. LOTS OF CLOSET SPACE. FULL FIN BSMNT W/LL FAM RM W/FP, SLIDERS LEADING TO POOL. LOTS OF FLEX SPACE TO USE AS EXER RM, PLAYRM, SPARE BDRM, GAME RM, STORAGE. POOL RM INCLUDES HOT TUB & FULL 
BATH.''LENDER REQUIRES ALL OFFER SUBMISSIONS TO BE PLACED AT www.hubzu.com''

The sellers bought it for $970,000 in 1998 and the current listing went form $1, 690,000 to $2,050,000 and took out a lot of "cabbage" over the years, under water - a couple of liens

Ok now the photos - it's funny, but sad at the same time, that an agent would boast of anything, when the place is clearly a dump. Rather the listing should speak to the location. One thing for sure, the neighbors will be happy that someone is taking the bait.
6 Dunwoodie Place
Not so bad for an ugly house at a distance
6 Duwnoodie Place Pantry
Really? What is the purpose of having the cabinets 
doors open - to show that nothing is living in there? 
Or to check whether the pipes were also stripped
6 Dunwoodie Pool
Gross - Not a Good Visual
6 Dunwoodie Place Sliders
Yes we have an Open Floor Plan - Repleat with Cloudy Sliders
6 Dunwoodie Place Kithen
A Stripped Kitchen - No Vent - no Stove - 
See that the under sink cabinet is open again? 
They must have left the pipes in tack
6 Dunwoodie Place Fence
Just Beautiful - "Deliverance" comes to mind
6 Dunwoodie Place baseboards
They even took the baseboards and switchplate covers - 
no dignity - shame they didn't strip the gross wall to wall 
- it is a b - - - - to take out. All those painful tack strips!
6 Dunwoodie Place Air COnditioning
It's a Lean -To, It's a garbage pit, it's an eye sore
6 Dunwoodie Garage
Did they try to take the blacktop also? 
Great photographic focus on the T111 Siding on part 
of the house and the cheap mildewy garage doors
6 Dunwoodie Den
Bulldozer Inspired

Tuesday, November 11, 2014

Meadows: 2 Woods, 1 Croft - Pending, New and In Contract - Prices are Everywhere

This should be interesting - 41 Meadow Wood listed this week for $12M may find it tough to get a buyer since 45 Meadow Wood is now in pending status with a list of $6,750,000. I just wrote  about the latter because it is so beautiful and the price reduction versus the value was noteworthy
So Here is 41 - 4.7 acres and 8 car garage - specific style as we say - translated: Limited audience


When the sellers bought it for $6M in 2006 it was a 4600SF+ charming colonial with stone walls,wisteria and then turned into what you see today - double the square footage and they would like to see a double in their investment...time will tell - I say, not a chance especially given that 45 Meadow Wood is in contract with a list of $6,750,000
41 Meadow Wood Dr
41 Meadow Wood Dr - Good Luck With This One
Screen shot 2014-11-10 at 3.02.43 PM
And here is 45 - and it does have a pool although the listing does not state this:
45 Meadow Wood Aerial
45 Meadow Wood Dr - in Pending Status - List $6,750,000
Then in contract yesterday....
11 Meadowcorft Lane
11 Meadowcroft Lane - In Contract $6,950,000 - Now offered with 3.26 Acres
Screen shot 2014-11-11 at 6.38.51 AM
This property has been on the market since 2012 - offered with 5.91 at the high of $14,500,000. It was then offered as it is packaged today with 3.26 acres for $8,800,000 with no price reductions - it expired. Brought back to market as the first package of 5.91 acres for $12,900,000 - same realtor (I need just a small percentage of this kind of love) It was finally given to another realtor where it has been on market since January - starting at $7,800,000 and then reduced to $6,950,000 just under where the town has set it appraised value. So much time wasted and clearly could have been avoided...
The motto - if it looks too good to be true, it probably is...if you're the seller or the buyer.

Monday, November 10, 2014

2 Acres on Heronvue In Contract

10 Heronvue Rd - In Contract - $899K - Most likely will be razed...
Listing indicates that it shares it's water source (wondering if it's with all the other lots on the private road)
10 Heronvue