Dot Com Hangover?
A number of houses that sold at the height of the market a few years ago are for sale again. While the low to middle range doesn’t seem to have suffered recently, the very high end has, and it will be interesting to watch what happens to some of these. It’s rare to lose money investing in Greenwich real estate, but some of these homes were bought, in my opinion, at above-market prices and might not bring what they fetched in 2000. On the other hand, unlike the companies whose stock was sold to finance these purchases, the homes are still there, proving shelter and comfort. So we’ll see.
Fixer Uppers In the Dingletown Area
100 Sawmill Lane borders a very nice pond and affords a great view of same. I’d call it “move in condition”, which it is, but the neighborhood would certainly support a major renovation. $1.675. Similarly, and just on the other side of that same pond, 20 Dingletown was until recently on the market for about $1.495. It seems to have disappeared from the listings but I liked it and thought that it, too, offered real potential. If it comes back on, buy it.
Finally, there is Katherine Post’s listing at 25 Perkins Road, 2.54 acres, asking price $1.995. This one needs far more work than 100 Sawmill, but it has a beautiful back yard (once someone Bobcats the arbor vitae blocking the view) and good structure. Again, the neighborhood will financially support just about anything one wants to do here.
12 Carrington Drive
WGCH radio personality and noted agent Gideon Fountain (no relation that I’ll admit to) has a new listing off of Stanwich. 4+ acres of beautiful lawns, 5,800 square feet of totally renovated space, 5 bedrooms. No pool, but Gideon will mow the lawn for free, forever.
And on the Lower End
102 Riverside Lane just came on the market for $630,000, a good price, I think. I’ve watched this neighborhood gradually go upscale with ever larger, more expensive homes replacing the original veterans’ housing. 76 Riverside Lane sold last fall (new construction) for about $1.5, and the same builder is erecting another home next door. 102 was nicely updated and renovated just a year ago but it’s probably destined for replacement. Nice starter home or investment as is—the neighborhood is going up.
Exclusive Listings
A number of Realtors regularly advertise “exclusive listings”, from which the uninitiated may infer that only those agents can show a particular house. This ain’t necessarily the case. Usually, these listings are about as exclusive as Wal-Mart’s Sam’s Club. Unlike New York City, almost every home advertised by local agencies is listed on the Greenwich Multiple Listing Service (MLS) which means that any licensed agent can show the house. This system works very well for sellers, because one never knows from where a buyer will materialize. Everybody in this business knows someone: an aunt, a former business associate or an arresting officer who knows someone else who is buying a home. A referral is made, a house is shown, a sale is accomplished. It works.
Realtors do occasionally try to obtain an exclusive listing for a limited period of time during which they will attempt to sell your home to one of their existing clients and keep the entire sales commission in house. This is a good deal for them, but I have never understood the advantage to the seller. Place your home on the MLS and 850 agents will scurry about trying to come up with a buyer. Why delay that active matching process? My advice: if the broker will knock a point off the commission (typically 5% these days), you might consider letting him try to sell it in house for a month. Otherwise, take advantage of the MLS. You’ll notice that brokers do so when they’re selling their own homes, and that should tell you something.
Name that House?
Another Realtor suggests adding a name to your house before selling it, claiming that the cachet it adds will bring in more money. Maybe. It is true that her listing for “The Rabbit Hutch” just went for $1.2 million (on that most excellent street, Cary Road!), but I doubt that Muck Stall Acres, Pigeon Coop and Heartbreak Hill will go as quickly. On the other hand, the agent in question is known for her sagacity so maybe you should give it a try. “La Maison du la Carteplanche” perhaps?
A number of houses that sold at the height of the market a few years ago are for sale again. While the low to middle range doesn’t seem to have suffered recently, the very high end has, and it will be interesting to watch what happens to some of these. It’s rare to lose money investing in Greenwich real estate, but some of these homes were bought, in my opinion, at above-market prices and might not bring what they fetched in 2000. On the other hand, unlike the companies whose stock was sold to finance these purchases, the homes are still there, proving shelter and comfort. So we’ll see.
Fixer Uppers In the Dingletown Area
100 Sawmill Lane borders a very nice pond and affords a great view of same. I’d call it “move in condition”, which it is, but the neighborhood would certainly support a major renovation. $1.675. Similarly, and just on the other side of that same pond, 20 Dingletown was until recently on the market for about $1.495. It seems to have disappeared from the listings but I liked it and thought that it, too, offered real potential. If it comes back on, buy it.
Finally, there is Katherine Post’s listing at 25 Perkins Road, 2.54 acres, asking price $1.995. This one needs far more work than 100 Sawmill, but it has a beautiful back yard (once someone Bobcats the arbor vitae blocking the view) and good structure. Again, the neighborhood will financially support just about anything one wants to do here.
12 Carrington Drive
WGCH radio personality and noted agent Gideon Fountain (no relation that I’ll admit to) has a new listing off of Stanwich. 4+ acres of beautiful lawns, 5,800 square feet of totally renovated space, 5 bedrooms. No pool, but Gideon will mow the lawn for free, forever.
And on the Lower End
102 Riverside Lane just came on the market for $630,000, a good price, I think. I’ve watched this neighborhood gradually go upscale with ever larger, more expensive homes replacing the original veterans’ housing. 76 Riverside Lane sold last fall (new construction) for about $1.5, and the same builder is erecting another home next door. 102 was nicely updated and renovated just a year ago but it’s probably destined for replacement. Nice starter home or investment as is—the neighborhood is going up.
Exclusive Listings
A number of Realtors regularly advertise “exclusive listings”, from which the uninitiated may infer that only those agents can show a particular house. This ain’t necessarily the case. Usually, these listings are about as exclusive as Wal-Mart’s Sam’s Club. Unlike New York City, almost every home advertised by local agencies is listed on the Greenwich Multiple Listing Service (MLS) which means that any licensed agent can show the house. This system works very well for sellers, because one never knows from where a buyer will materialize. Everybody in this business knows someone: an aunt, a former business associate or an arresting officer who knows someone else who is buying a home. A referral is made, a house is shown, a sale is accomplished. It works.
Realtors do occasionally try to obtain an exclusive listing for a limited period of time during which they will attempt to sell your home to one of their existing clients and keep the entire sales commission in house. This is a good deal for them, but I have never understood the advantage to the seller. Place your home on the MLS and 850 agents will scurry about trying to come up with a buyer. Why delay that active matching process? My advice: if the broker will knock a point off the commission (typically 5% these days), you might consider letting him try to sell it in house for a month. Otherwise, take advantage of the MLS. You’ll notice that brokers do so when they’re selling their own homes, and that should tell you something.
Name that House?
Another Realtor suggests adding a name to your house before selling it, claiming that the cachet it adds will bring in more money. Maybe. It is true that her listing for “The Rabbit Hutch” just went for $1.2 million (on that most excellent street, Cary Road!), but I doubt that Muck Stall Acres, Pigeon Coop and Heartbreak Hill will go as quickly. On the other hand, the agent in question is known for her sagacity so maybe you should give it a try. “La Maison du la Carteplanche” perhaps?
posted by Chris Fountain at 8:57 AM
0 Comments:
Post a Comment
<< Home