Archives for the month of: September, 2014

Nantucket shingle style exterior – inside – there are clean lines – sometimes too clean for some tastes I’m sure…

The most important is that it is on a fabulous street –  one of my favorites – where many would love to be as well…

VERY PRIVATE LAKE SETTING

SPRAWLS
BEAUTIFUL FLOORS

GREAT SEATING AREAS

OPENS TO KITCHEN

LOWER LEVEL – MORE SEATING – MORE TV

MASTER WITH SLEEP ALCOVE  – MORE TV
MASTER BATH

POOL ROOM – PUTTING – PINBALL

PUPPY RELEGATED TO THE MUDROOM – AAWWW! THAT FACE

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Although entirely different price ranges, these 2 properties have the similar market stories….and there are many others just like them…

After meeting with owners recently who also bought in 2004, disheartened and not willing to bend to the current market (quelle surprise!), this story is a direct corollary – with one exception. The owners of the 2 properties in contract realized that the market is the market – regardless of what they paid and how much they spent on their home during the time that they lived there. And not only aren’t they getting out whole, they are selling below what they paid 10 years ago. Tough pill to swallow for many.


Both sellers bought at the height of the market 2004/2005
Both have over 300 days on market
Both are currently listed below the seller’s purchase price 
Both started their listings at a slightly higher price than their purchase price

1 MIDWOOD RD

81 SAWMILL LANE

Built new in 1986,  81 Sawmill’s first owner bought it for $1,150,000 in 1989. …then sold it 5 years later 1994 for $1,340,000 +16%. 5 years after that, in 1999, it sold for $1,850,000 +38%. Then the seismic jump to $2,995,000 +61% in 2005.  
BUBBLES ARE FUN WHILE THEY FLOAT
…NOT SO MUCH WHEN THEY POP

In other businesses that I have managed, my clients always appreciated having their expectations managed, therefore, I was always a proponent of giving information up front to save them time and limit disappointment.
With real estate, I see very successful listing agents who list properties with ambiguity or fantasy over plain old truth…not all realtors – some say it like it is….needs TLC etc…
Take this one:
Listing Agent Language: “Once part of the Dunellen Hall Estate – offered for the first time in 30 years”
Buyer Agent Language: Before the Queen of Mean aka Leona Helmsley owned the property historically known as Dunellen Hall, the equestrian parcel was part of the estate. Unique property translates to: unique buyer – exit strategy will be equally challenging.

NORTH OF THE MERRITT BETWEEN ROUND HILL AND LAKE
SHARED GOLDEN POND
Listing Agent Language: 8+ Pastoral Acres with Riparian Rights 

Buyer Agent Language: Paying taxes on 8+ acres with 1/3 of it in the drink, that is also accessed by 6 of your neighbors

BUILT IN 1735 – RENOVATED IN 1998
Listing Agent Language: Colonial Home with gourmet kitchen. 4 Bedrooms

Buyer Agent Language: Really Old House – last renovated in 1998 – claims to have a gourmet kitchen, but the listing agent has chosen not to photograph it. 4 Bedrooms within 1654 SF

MORE MOSS THAN SHINGLE
Listing Agent Language: Equestrian Barn

Buyer Agent Language: Horse Barn the desperately needs a new roof

A more direct way to communicate this listing is to say it like it is. 8+ acres of country living.  Unique horse property on Topping Lake with original barn, stable and country home.
For the nostalgic, restoration may be your path – and for the less sentimental buyer, FAR is XYZ – listing broker doesn’t mention what this may be, althouhg he has it listed for both residential and land….there are setbacks and obviously wetlands to consider, so too much homework that he should have done already….in my opinion.

There were obviously at least two parties fighting over a tiny house (2213 SF), on a tiny lot (.228), RA7 zoning (densely populated) with absolutely no air conditioning (the listing excluded the window unit) and an awkward addition. And depending on how you interpret it, it’s located on a cul-de-sac, which is a dead end street with a turn around.
9 DURKIN PLACE  – LISTED FOR $1,149,500 – FETCHED $1,170,300

9 DURKIN IS THE PROPERTY RIGHT SMACK IN THE MIDDLE
The market  is what it is – it’s slim pickins’ in this price so  it’s not a shocker….

A FEAST!

and no matter how small 9 DURKIN appears, it is a bit roomier than a couple of others that these buyers must have compared, and with one more closet, I meant to say bedroom 🙂
There are (35) 12,000+SF properties currently listed on the Greenwich MLS. In the last 365 days there were (15) 12,000+SF  properties that have closed. Among those that have closed since September 2013:

THE MOST EXPENSIVE: THE COPPER BEECH ESTATE – $120M – 13,519SF – 50+ ACRES

THE LEAST EXPENSIVE: 18 PORCHUCK RD – $3,650,000 – $12,330SF – 8.75 ACRES

THE LARGEST: 11 LANHORNE LANE –  $17M – 26,415SF – 8.79 ACRES

THE SMALLEST: 107 LONG NECK RD – DARIEN – $14,900,000 – 12,000SF – 3 ACRES

FEWEST DAYS ON MARKET: 555 LAKE AVE – $25M – 18,954 – 8+ACRES – 4DOM

MOST DAYS ON MARKET: 11 LANGHORNE LANE – 629DOM

 The most recent new 12,000 SF and over listing:

1 MEADOWCROFT LANE – ASKING $16,250,000
Not sure how the listing price is now 42.9% higher than when the sellers bought it in 2010…the market has not improved relative to the increased price. It is now furnished, so perhaps this will be a bargaining chip for an interested party? The space sometimes appears to have a retail sensibility:
THE MEN’S STORE

THE WOMEN’S STORE

 

THE TOY STORE

THE WINE STORE
 
THE GYM

12 Cross last sold for $600K in 2007 – Pemberwick – reports a contract today

469 Taconic – all the way out there at the border of Stamford – started at $1,895,000 in July last year…has a newish kitchen, but otherwise a farmhouse… 1.95 acres in 1 acre zoning. Seller bought it in 1998 for $765,000

132 CEDAR CLIFF RD – RIVERSIDE



132 Cedar Hill Rd – is a restored carriage house with water views in Riverside, built in 1870 – nearly 6000SF on .73 acres. 183 days on market, it started at $5,200,000 in 2011 to it’s current list price of $3,750,000.

Wow – a little common sense goes a long way! This listing is added to my Walls of Shame…

DON’T USE A SO SO PHOTO AS THE HERO SHOT

Toys in the fore ground, clutter on the mantel, little frames on all walls…mediocre is the first impression…

MAKE THE BED!
Suggest to the seller that covering the box spring and having a tidy bed, sends a subliminal message that the place is peaceful and clean. The blinds, floor and decor are great – but the first thing that you notice is the bed. Chair in the foreground does not enhance the photograph.
ENTRANCE SHOULD BE INVITING TO VISITORS
The key is to de-personalize the property – the buyer may not have children – pick up their stuff and make it disappear during the showing…at the very least – listing agents should photograph accordingly

GET THE TOYS OUT OF THE PHOTO –
Sellers need the broadest audience possible – this space could be an elegant dining room for the next owner – plastic toys also do not elevate the perceived property value

 

DON’T EMPHASIZE NARROW HALLWAYS

Men in particular find them confining…

PATHETIC FRONT SHOT – WHICH SHOULD BE THE HERO SHOT
Stand away from the building a bit more, unless the door itself is a work of art, and then use it as a second feature to the overall front appearance. A potted plant to the left, a nice doormat and a straight eye, would have done wonders here…
 

The following property transfers were recorded in the office of the town assessor between Aug. 28 and Sept. 3:

36 Arcadia Road — Marmah, Incorporated to UB-Greenwich II-OGCC, LLC, $11,346,413

15 Baldwin Farms South — Joan Asrican to Mukesh and Radhika Sehgal, $2,320,000

2 Carriage Road — Ruth Chapman to Patrick O’Shaughnessy, $1,900,000

90 Connecticut Avenue Unit 90 South — Bradford and Alison Nordholm to James and Terry Dreyfus, $2,637,500

6 Dialstone Lane — William and Lisa Farriss to Elk Homes Partners II, LP, $1,575,000

14 Dialstone Lane — Nina Reichborn to Herman Luk, $1,923,000

122 East Putnam Avenue — JP-Cos Cob, LLC to UB-Greenwich II-OGCC, LLC, $30,020,029

1465 East Putnam Avenue #633 — Laurene Hempstead to Joshua Migliardi, $375,000

40 Ettl Lane Unit 14 — Felix Javier Hernandez-Mayoral to Joan and Patricia Asriran, $824,000

14 Francine Drive — Thomas and Laura Feda to Michael Terry and Heather Kendzierski, $3,000.000

224 Glenville Road — Theresa Rogers and Paul Philip Matthews to Joseph Allegro, $1,550,000

128 Hamilton Avenue — Robert and Marian McGee to Peter Pellerzi, $485,000

Highland Farm Road Lot 33C-2 — The Gloria Barnes van Norden 2012 Gift Trust to B. Gloria Van Norden, $1,600,000

57 Mimosa Drive — Brett and Eve Goldberg to Philip and Melissa Chickering, $2,850,000

185 Old Mill Road — Edward and Elizabeth Weihman to Theodore Bell, $1,275,000
Ouch! Sellers bought it in 2004 for $1.6 – days on market 819 with a starting price of $2,375,000  – Sellers who expect to make a premium after buying at the height of the market are either misguided or over zealous.

56 Orchard Place Unit West — Mary Verdin to Jerry Carnegie III, $1,392,500

100 Orchard Street — James Combias to Brian and Jenny Leamy, $1,625,000

10 Palmer Terrace — Jeffrey and Lucille Schur to Andrew Foster and Julie Ahn, $2,150,000

351 Pemberwick Road Unit 701 — Heidi Novak to Jesper Bo Mogensen, $655,000

13 Perryridge Road — Webster Bank, as trustee, to Sutton Partners, LLC, $1,000.000

1 Shore Acre Drive — Sara and James Patrick Holdcroft to Christian Erich and Monique Bluhm, $4,375,000

49 Sinawoy Road — Thierry Derrein to Theodore and Loretta Franklin, $1,044,500

176-188 Sound Beach Avenue — JP Soundbeach Avenue, LLC to UB Greenwich II-OGCC, LLC, $6,033,558

20 Stonehedge Drive South — Maria and Vincent DeVito to Ionut and Laura Popa, $963,500

300 Taconic Road — Robert Silver to Terence Craw, $1,675,000*

160 Valley Road — August Lenhart to Christopher Mangold, $958,000

*I find it curious that 300 Taconic is in pending status on the MLS with a list price of $1,925,000 but The Greenwich Post indicates a sale of $1,675,000

 

  • UNIT SALES DOWN
  • SALES VOLUME UP
  • WHICH TRANSLATES TO PRICES UP – 34%!
  • CURRENT INVENTORY UP 11% OVER LAST YEAR
  • AVERAGE DAYS ON MARKET – SLIGHTLY DOWN
  • LIST TO SALE PRICE SLIGHTLY DOWN

Full Document

145 BARN  HILL RD – STAMFORD?GREENWICH?
Greenwich zip code, but Stamford taxes and schools….3.37 acres – beyond having the ability to say that they live in Greenwich – the listing adds the human element of “the neighborhood is comprised of close knit neighbors who are there when you need them and invisible when you don’t”
Surely we hope that the neighbors welcome their new inhabitants, and when know when to vanish.