INTERESTING SALES in Greenwich Real Estate
29 Daffodil Lane – $1,395,000 (SOLD)
Daffodil was listed on June 20th and had a fully executed contract on the 28th. There is a ton of demand out there just waiting for the right opportunity and this was that opportunity. The house could use some refreshing, but is in solid condition. What you are getting is the 2 full acres off Cognewaugh. Technically in North Mianus next to the Stamford boarder, this house has all lifestyle of living in back country Greenwich. The new owners will be footsteps from one of my favorite parks – Mianus.
409 Round Hill Road – $1,300,000 (SOLD)
If you want to come up with stories of how the Greenwich real estate market has dropped in the past couple years feel free to use this house/trade as an example. Priced originally at $2.495M in 2009 this Round Hill property wasn’t exactly far off the market. In 2007 that would have been a fine number (my opinion) for one of the best addresses (street-wise) in the state. Now add in a drop in prices and extremely critical buyers and this is what happens. The house sits on a non-conforming (NOT the end of the world) 1.48 acres in 4 acre zoning, meaning that you can only build up to approximately 4,000 sqft on the lot. This house, while not officially stated in the listing, has been estimated at being around 3,200 sqft. Having this limitation on construction severely diminishes the property’s value in today’s market. Over the past two years we have seen the asking price of 409 drop steadily until now the sellers gave it away for $1.3m. My opinion is that this was a fantastic buy. I have a hard time believing that we’ll ever see a true 5 bedroom on central Round Hill road, never-less a piece of property – (even if only 1.48 acres), trade for this low again.
28 Sound Beach Avenue – $855,000 (SOLD)
Buying southern (south of the post road/I-95) Old Greenwich real estate for under $1M is a hard thing to do, even in today’s market. There are some houses out there, but you have to be ready to jump if you find them or ready to bid and wait. This is a good example of what’s available for under $1m. Originally listed 9.14.10 for $995k 28 Sound Beach Avenue has always been in the sweet spot for pricing. I can guarantee you that they had a ton of showings. While this house is in the Dundee Elementary School zoning it is in lower Old Greenwich. You can easily walk to town (OG) and Binney Park from here. The main concern with this house was the busy traffic off Sound Beach Avenue, but for those of you moving out of the city that normally isn’t the biggest of concerns. With 4 bedrooms, central air, walking distance from one of my favorite towns (Old Greenwich) in the country and a decent renovation I think this was a great buy.
17 Wynnwood Road – $6,500,000 (SOLD)
The MLS says Wynnwood has been on the market for 582 days, but that’s actually low. It was really originally listed about 830 days ago on 2/20/09 for $9.95m, taken off the market for a couple months and re-listed for $10.6m. There is a lot more to the story as serious work was done in that period completing the construction of the 2009 house. Anyhow, you’re looking at the fall of a $10.6m after a couple agents.Off Clapboard Ridge Road / Lake Avenue the house offers a well position 2+ acres in central Greenwich. Though the current listing doesn’t state a size, previous listings have stated that the house is 12,800 sqft. Regardless, you have all the boxes filled (location, size, pool, quality of construction, etc..) and will have a hard time getting that for $6,500,000 elsewhere.
318 West Lyon Farm – $747,000 (SOLD)
Taking a month to sell, here’s another quick trade. This unit in West Lyon Farm sits right on a pond. It has probably the best floor plan (“H”) and while it doesn’t have the most space, there is a ton of potential to make this into a great West Lyon home. We have seen 24 sales in Lyon Farm in the past 24 months ranging from $610,000 (#407 with 1,900 sqft on 7.7.11) to $1.4M (#517 with 3,519 sqft on 7.27.10) showing a fairly consistent drop. This development might be the best area for analytical review of Greenwich Real Estate right now as it has enough units to create a critical mass (sort of) with enough trades, yet it has been around for 30+ years and not much has changed. You are seeing a lot of empty-nesters move in here that don’t want the pain of taking care of full estates, while not wanting to leave their ties to Greenwich. Feel free to contact me if you want more date on East and West Lyon Farm as I have everything.
190 Clapboard Ridge Road – $2,850,000 (SOLD)
This one took a bit too. First listed in October 2009 as house, the “land” listing came on March 2010. As usual the MLS doesn’t tell the full story as it says its only been listed for 428 days, but that’s just for the “land” listing. This has really the market for about 2 years. I’m not sure what the new owners are going to do with this house, but they have a fantastic piece of property. The house itself is actually pretty nice, though could use some re-configuring, especially if the buyers have kids. It’s really a 3 bedroom with guest suite. I’m not sure where the “4,678 sqft” comes from as the house feels much smaller. Regardless, you get a fantastic piece of property for under $3m and if you can use the house all the better. Overlooking a great pond (I used to skate on it as a kid), the house provides all the feel of living well north of the Merritt, while being seconds from town.
49 Dingletown Road – $1,614,425 (SOLD)
If anyone out there is looking for a contemporary home PLEASE give me a ring (firstname.lastname@example.org, 203.940.0444). There are so many opportunities in Greenwich right now and not a ton of competition from the buyer’s side. 49 Dingletown has been on my radar for awhile now as both a contemporary house or land trade. This 2 acre lot sits in central Greenwich with North Street schools and actually has a great floor-plan for adding a floor (or two) and building up a house that could be completed in nearly any design (colonial, contemporary, French Victorian, you name it.
Scott P. Elwell - MBAFounder/Real Estate Agent - GreenwichCT.comAl Filippone Associates @ William Raveis45 Field Point Road, Greenwich, CT 06830Mobile: email@example.com