Archives for the month of: October, 2013
The sellers bought this property in 1999 for $4,399,998 (not kidding)…quick sale – 78 days.

8000+ SF – 6 bedrooms – 7+ bathrooms – over 2 acres…

After just 109 days – tiny 18 Spezzano has an offer….

Of the 168 Single Family properties that have sold since the beginning of 2013 – 125 of them have sold within 200 days….

2 bedrooms – 2 baths – .11 Acres – 840 SF but FAR to grow. Zoning R7

We need more of these – please!

This was a charmer….
4 Bedroom – 3 1/2 Bath
Beautifully Finished lower Level that opens out to the river view
Bonus: Office/Studio above Garage
189 Valley Rd Cos Cob
View from the Back

Warm and Functional Family Kitchen

Charming and Pristine

The only drawback is that Valley can be quite busy, but the house itself sits back and has a lovely entry. It is solidly built, and it is in perfect move-in condition….

65 Rockwood Lane – Greenwich, CT

65 Rockwood Lane – in Golden Greenwich – was purchased by owners in 1995. It was on the market in 1999 fr $1,675,000 – then cancelled. Renovated in 2000, it was back on the market in October 2012 for $2,595,000 – after 346 days – $2,085,000. It is only 3 bedrooms, but has FAR to grow – which most likely will be it’s fate.

5 Keofferam – Old Greenwich
5 Keofferam surprisingly sold very close to asking price considering days on market were 445. A beautiful home, at the top of the street, so clear of flood zone and absolutely on move-in condition…which is exactly what the market is telling sellers to do, if they want their price.
23 Nicholas Ave
And then on the other side of town, 23 Nicholas Ave sold within 23 days – lesson: If it’s not in move-in condition – price it right. The buyer will no doubt invest a few dollars and will make a profit if it flips..
Asked $495,000 and got $490,000 after a few days.
46 HAVEMYER PLACE – land sale asking $449,000
13 HENDRIE RIVERSIDE  – what a surprise – asking $1,350,000

Among those properties sold, 534 North sold today for $2,100,000 (list price was $2,395,000) after 462 days on market. It had been on the market for as high as $3,235,000 last year.  It is a beautiful Federal Colonial built in the late 1819 – not everyone’s house, but therein lies the beauty – in my opinion and obviously to the new owners.
It is nearly 5000 SF and the last renovation was in 2005…
5 bedrooms and 3 1/2 baths

Other Properties Sold:
275 Riverside Ave – Asking $3,375,000 – fetched $3,375,000 after 358 days
10 Edward Place – OG – Asking $799,000 – Sold for $760,000 after 38 days
303 Milbank Ave – Asking $2,100,000 Sold for $2,000,000 – after 8 days
269 Milbank Ave – Asking $2,000,000 – Sold Full Price – 6 Days
11.5 Acre Horse Property at 45 John St. asking $14,500,000
45 Woodside Dr – asking $2,900,000

sold properties for friday october 18

Holding out sometimes works for sellers – other times, not so much….and the buyer often doesn’t know what’s going on with the other side.

20 Oak Dr

Oak Drive – on market since 2011 – starting at $2,340,000 – closing after 441 days, for $1,950,000 – not so bad…. .71 acres. 2800+ SF. It’s a ranch, but it’s in Riverside.

145 Porchuck
On the other hand, the sellers for 145 Porchuck bought the property in 2006 for $3,100,000. It was listed with a different firm for $3,295,000. The listing broker at the time wrote that it was located “off Round Hill Rd” – it actually sits on the corner of Riversville (which is also a great street – in my opinion – but doesn’t command the usual rhetoric of being surrounded by estates) Round Hill is a half a mile away – REALLY? 
It is a great home, with good space, nearly 4000 SF and a pretty 2 acre lot. It closed yesterday for $1,740,000. It had been brought back to market in 2011 for $2,500,000. The sellers must not be pleased, but I am sure that the buyers are thrilled.

19 Meadow Place
After a long day of going from disjointed, to overpriced, to just OK properties,  there were a couple of standouts in Old Greenwich at the end of the day….one of them was 186 Shore Rd and the other was 19 Meadow………………..

Dining Al Fresco

Straight Through Windows – Amazing

Sleek Functional Kitchen 

Straight Through View to the Water
Warmth of Wood Meets Industrial Touches

This home is thoughtful – with a family, casual and elegant feel – once you are through the front door – it’s captivating….the outside shell, behaves as a disguise for what greets you at the front door…

  • 5 Bedrooms
  • 4 full and 2 half baths
  • .73 acres – owners purchased land for over $8 – built new
  • 3 Fireplaces
  • Generator
  • Geo-thermal
  • Dock
  • Mooring
  • Beach
  • Views
  • Meets and beats FEMA standards
  • Fabulous!
  • Meets FEMA code

404 Round Hill Rd – $5,495,000

When approaching this home, the first thought is that it sits low – however it is an advantage. There is no noise from Round Hill Rd. I can attest that there is lots of noise on Round Hill depending on how the house is sited.

The interior of this home was a treat – and it is solidly built. Not a cookie cutter house….and the land is great….



The owners bought it in 2010 for $5M. The placed it on the market this June for $5,750,000. It was recently reduced to $5,495,000.

Built in 1938, it’s situated on over 6 acres, just under 5000 SF, 4 bedrooms and 5 full/2 half baths…there is the possibility to re-convert the recreational room to a 5th bedroom…

If you’re not the romantic type, and would like to expand, FAR will allow for a 16,700 SF structure.

I am going to hope that it stays pretty much the way it is…

5 Things Homeowners should know, but don’t…

from – I love this article…and wanted to share..
by John Maxfield, The Motley Fool Oct 13th 2013 2:47PM
Updated Oct 13th 2013 2:48PM

A house is the biggest asset that the majority of Americans will ever own. But while most of us delude ourselves into thinking that we actually know something about real estate, the truth is that few of us have any idea what we’re talking about.
It’s for this reason that I solicited the advice of several highly respected real estate professionals to help our readers navigate the process of both buying and selling their homes. What follows, in turn, are five things that most homebuyers should know, but don’t.

1. When you buy a home, you’re making two purchases
Of all the advice that I came across, this was probably the most insightful: “When you buy a home, you actually are making two purchases,” Dave Ness of Denver’s
Thrive Real Estate Group told me. “You are buying the home, and you are buying the money to buy the home.”

It’s tempting for homeowners to think of a mortgage as an incidental expense. But the reality is that the loan itself may be the most significant piece of the transaction.
“For every 1% rise in interest rates, home prices must fall by 10% in order for you to maintain the same monthly mortgage payment,” Ness says. “And at the end of the day, that’s what matters, the monthly payment. So take advantage of low rates; they add much more buying power to your purchase than low prices.”
2. Homes are like people — they all have problems
This was a point multiple real estate professionals that I spoke with made. “All houses have issues,” Hilary Bourassa of Portland’s 
Oregon First Real Estate told me. “Some just have more than others.”
The shock generally comes when prospective buyers get their inspection reports back. “Inspectors are professional pessimists, which is why we love them,” Bourassa said. “But many issues only require simple and/or inexpensive fixes.”
Along the same lines, Ness analogized the experience to “when someone knocks over the DJ table at a wedding and the music stops.” All of a sudden, the bliss from going under contract goes away.
“Most inspection reports will be 40 to 50 pages long, and most inspectors will take close-up, HD photos of problems,” Ness went on to note. “So while the actual listing shows gorgeous pictures of granite countertops, the inspection report will show awful pictures of a cracked driveway. By the end of the report you’ll be thinking, ‘This house is a total and complete lemon.'”
3. Your real estate agent is a partner, not a salesman
My industry sources were obviously biased on this point, but there’s a lot of truth to what they said.
“Your Realtor should be focused on helping you find a great property, not selling you something,” Bourassa advises. Before settling on one, she urges homebuyers to “interview at least a few in order to find the fight match.”
The flipside of the coin is that you, too, are a partner in the relationship. And that means knowing and respecting the boundaries.
“Sometimes clients forget (particularly first-time buyers) that Realtors have other clients and lives outside of work,” Ness says. The key is to make sure that both parties have a clear understanding of communication expectations.
“What is their normal response time? How much lead time do they need to arrange showings? What medium of communication is best — text, call, email, or something else?” These are the types of questions that Ness encourages homebuyers and real estate agents to settle at the outset.
4. HGTV does not resemble reality
My wife and I love to watch cooking shows. We’ve watched so many, in fact, that we’ve deceived ourselves into believing that we could actually compete on them. Of course, given the opportunity, we would most certainly — and I do mean “most certainly” — crash and burn in the most humiliating fashion.
And the same can be said about the proliferation of “realty” television shows on real estate — think HouseHuntersFlip That HouseHolmes on HomesProperty Virgins, and Property Brothers, among others.
“The reality is, hundreds of hours or footage is shot and edited down to a 16-minute show (when you take out the Lowe’s commercials),” Ness pointed out. “Yes, they’re real buyers, but you don’t see the half of it. So don’t think you’re going to waltz into your market and find the perfect house right away, beat out all the other offers, and then walk into the sunset with your significant other. Finding a home can be tough, and take time.”
Ness’ advice? “Gear up for the homebuying process. It’s worth it, but it ain’t Hollywood!”
5. Always think about resale
This final piece is something that all people buying assets should always keep in mind: At some point you’re going to resell it and will want to maximize what you eventually get.
“When you’re buying your home, you’re probably not thinking of the day that you will have to sell it,” Bourassa said, “but you will be thanking yourself one day if you remember three little things … location, location, location!”
The bottom line
Most if not all of us will buy at least one house in our lives. With that in mind, you should save yourself the trouble of making the same mistakes that most of your peers will. Take these five pieces of information into consideration. You’ll be doing yourself a favor if you do.

It happens all the time… and this one is a perfect example. Every property has a value, and even properties with less “desirable” locations will eventually sell. If the owners/partners don’t get their price,  they often go to the rental market. Hopefully, a tenant will cover most of the carrying costs…..but days, often years on market – until….ding, ding, ding – PRICE DROP. 

45  Meadow Wood, as it stands, debuted in 2007 for $17,900,000. It is in Belle Haven, but very close to 95 – never attractive and always a loooong shot at getting full price…

6 years later, a couple of agents, and 3 million less – now offered at $14,900,000 – Finally, at Coldwell Banker with Tamar Lurie, it’s at the right price!


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Other examples:

  • 329 Riversville Rd – Looking up at the Merritt – in contract – List $2,695,000 – cannot wait to see the final number – 500 – + days on market
  • 28 Brynwood Lane – Overlooking the Merritt – first asking $3,850,000 (and I’m sure that had the builder been able to stick it out, he would have dreamed of getting at least $5M – since the homes at the beginning and middle of the street are worth approximately $4.5M – $6.5) 28 finally sold half finished for just over $2M – It sat on the market for 300 days. 
  • 309 Taconic Rd – on the border of Stamford (always a discount) – on the market since 2005 – it started at $26M – up and down – 3 or 4 realtors finally expired once again at $9.7 and rented for $30K/Month after asking $35K

I could go on, and on….

Builders/LLC’s would be well advised to hire a realtor before construction or re-packing begins, to determine location versus – rather than expecting them to market an overpriced property.