Whoa, Nelly!
Price Reduction of the Week
109 Byram Shore Road has been reduced from $44,900,000 to $22,900,000. Those of you who’ve been holding out . . . .
Assessment is to Market Value as Gruyere is to Parcheesi.
Our tax system is based on an appraisal process that attempts to establish the current market value for every piece of real estate. Usually, and especially for residential properties, these appraisals bear a reasonable resemblance to actual market value at the time they are made but they are soon outdated and then they’re good only for confusing buyers and sellers alike. For example, here are some recent property sales, assessed value (70% of estimated market value) first, then actual selling price: 465 Round Hill Road, $2.344 assessed, $4,500 million sold; 54 Butternut Hollow Road, $1.455/$1.745; 13 Chapel Lane, $472k/$1.035; 2 Coventry Lane, $366K/$1,400. And finally, there’s 14 Stag Lane: $1.358 assessed/$1.275 asked (someone should be filing a tax appeal right about now). This varying discrepancy between the town’s opinion of value and the market drives some buyers, particularly Wall Street financial analysts, nuts. They seek patterns, they want definite ratios and are disappointed when they can’t find them. Speaking strictly personally and not on behalf of anyone else in the real estate industry, I pay little attention to assessed values except to calculate the annual tax bill. Other than that, the location of the house, its condition and, most important, its value compared to other houses on the market in its price range right now are what, to me, determine value.
I Declare the War is Over
With apologies to Phil Ochs fans, the war’s quick ending seems to have freed up some of the heavy money in town. My firm is receiving substantial, multiple bids on some of our most expensive listings and I’m sure that is happening at other offices too. I use Round Hill’s experience not to tout the firm (which I’d be delighted to do in another forum) but only because offers aren’t publicly reported and if I’m to report on up-to-the-minute market conditions I have to use what I’ve got.
Western Greenwich
Bonnie Caie’s (Soetheby’s) listing at 20 Sherwood Place is a 1940’s brick Georgian on four acres of beautifully landscaped lawns. It has a pond, a pool, nicely proportioned rooms and even a putting green. Placed on the market right after September 11th it has lagged unnoticed since. It has had a couple of price reductions and seems like a relative bargain now, for $3.85 million. Some assembly required, but it would be money well invested.
Further Up the Road
Sandy Shaw has a listing at 338 Round Hill Road for about the same price and it, too, is pretty special. Built as the Episcopal Bishop’s house back when they ruled the east (that would be 1910) it was once part of the church’s Seabury estate now, alas, subdivided. The house has been completely renovated, has great living spaces and a huge lawn that stretches alongside Round Hill for a long, long way. At the end of the yard a path provides deeded access to a pond where, if memory serves, I used to poach very large bass late at night. I imagine the descendants of those fish are still there. Buy the place and find out; Sandy will probably throw a fishing pole in with the deal if you ask nicely.
The Nicest House I’ve Seen, Ever
Is Dancy Casell’s new listing at 200 Stanwich Road. Designed and built in 1928 by a French-German architect (when Iraq was still Mesopotamia, so we won’t hold anything against the fellow), it’s just a fabulous house in every way. The 3.4 acres include lawns, gardens, a pond and complete privacy. Three floors, 8,000 square feet, everything has been beautifully renovated without losing any of the original grace. Despite its size and unlike many modern houses this one is scaled for humans. Even the most formal, high ceilinged rooms feel warm and welcoming and the music room with its view over the lawns and gardens below is a place to settle into forever. $7.8 million. Too high? Well I don’t have that kind of loose change in my pocket, but what’s the value of perfection?
[up date, 2 years later - the house is still for sale. I still love it, but obviously, not everyone (not anyone?) else does.]
British Ex-Pats Mourn
The “House of Weltz” has removed from its Cos Cob location to parts unknown (to this writer). They apparently sold antiques at the establishment, but I thought theirs was one of the more intriguing signs along the Post Road.
109 Byram Shore Road has been reduced from $44,900,000 to $22,900,000. Those of you who’ve been holding out . . . .
Assessment is to Market Value as Gruyere is to Parcheesi.
Our tax system is based on an appraisal process that attempts to establish the current market value for every piece of real estate. Usually, and especially for residential properties, these appraisals bear a reasonable resemblance to actual market value at the time they are made but they are soon outdated and then they’re good only for confusing buyers and sellers alike. For example, here are some recent property sales, assessed value (70% of estimated market value) first, then actual selling price: 465 Round Hill Road, $2.344 assessed, $4,500 million sold; 54 Butternut Hollow Road, $1.455/$1.745; 13 Chapel Lane, $472k/$1.035; 2 Coventry Lane, $366K/$1,400. And finally, there’s 14 Stag Lane: $1.358 assessed/$1.275 asked (someone should be filing a tax appeal right about now). This varying discrepancy between the town’s opinion of value and the market drives some buyers, particularly Wall Street financial analysts, nuts. They seek patterns, they want definite ratios and are disappointed when they can’t find them. Speaking strictly personally and not on behalf of anyone else in the real estate industry, I pay little attention to assessed values except to calculate the annual tax bill. Other than that, the location of the house, its condition and, most important, its value compared to other houses on the market in its price range right now are what, to me, determine value.
I Declare the War is Over
With apologies to Phil Ochs fans, the war’s quick ending seems to have freed up some of the heavy money in town. My firm is receiving substantial, multiple bids on some of our most expensive listings and I’m sure that is happening at other offices too. I use Round Hill’s experience not to tout the firm (which I’d be delighted to do in another forum) but only because offers aren’t publicly reported and if I’m to report on up-to-the-minute market conditions I have to use what I’ve got.
Western Greenwich
Bonnie Caie’s (Soetheby’s) listing at 20 Sherwood Place is a 1940’s brick Georgian on four acres of beautifully landscaped lawns. It has a pond, a pool, nicely proportioned rooms and even a putting green. Placed on the market right after September 11th it has lagged unnoticed since. It has had a couple of price reductions and seems like a relative bargain now, for $3.85 million. Some assembly required, but it would be money well invested.
Further Up the Road
Sandy Shaw has a listing at 338 Round Hill Road for about the same price and it, too, is pretty special. Built as the Episcopal Bishop’s house back when they ruled the east (that would be 1910) it was once part of the church’s Seabury estate now, alas, subdivided. The house has been completely renovated, has great living spaces and a huge lawn that stretches alongside Round Hill for a long, long way. At the end of the yard a path provides deeded access to a pond where, if memory serves, I used to poach very large bass late at night. I imagine the descendants of those fish are still there. Buy the place and find out; Sandy will probably throw a fishing pole in with the deal if you ask nicely.
The Nicest House I’ve Seen, Ever
Is Dancy Casell’s new listing at 200 Stanwich Road. Designed and built in 1928 by a French-German architect (when Iraq was still Mesopotamia, so we won’t hold anything against the fellow), it’s just a fabulous house in every way. The 3.4 acres include lawns, gardens, a pond and complete privacy. Three floors, 8,000 square feet, everything has been beautifully renovated without losing any of the original grace. Despite its size and unlike many modern houses this one is scaled for humans. Even the most formal, high ceilinged rooms feel warm and welcoming and the music room with its view over the lawns and gardens below is a place to settle into forever. $7.8 million. Too high? Well I don’t have that kind of loose change in my pocket, but what’s the value of perfection?
[up date, 2 years later - the house is still for sale. I still love it, but obviously, not everyone (not anyone?) else does.]
British Ex-Pats Mourn
The “House of Weltz” has removed from its Cos Cob location to parts unknown (to this writer). They apparently sold antiques at the establishment, but I thought theirs was one of the more intriguing signs along the Post Road.
posted by Chris Fountain at 8:51 AM
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