Summer Slow Down
Whatever I said last week about new listings tapering off can be multiplied now. The open house showings (for brokers) are dwindling and, while there are some price reductions going on, little that is new is appearing. But houses continue to sell. Fifty-eight Washington Avenue finally sold for $735,000 and will make someone a wonderful home. The new owners have already stripped the rusting screens from the front porch and instantly doubled the house’s appeal; if the seller had done so originally, he probably could have sold it last fall. Sixty-six Bedford went to contract ($1.350, Evan Salmore) and so did 57 North Maple ($1.7, Sally O’Brien), 43 Deepwoods in Old Greenwich ($1.825, Sally O’Brien again), 472 North Maple ($2.725, Erin Waterman), 297 Round Hill ($4.7, Sally Maloney), 37 Rock Ridge ($5.2, Renee Gallagher and Joann Erb—they’re both my bosses so they each get mentioned), 869 Lake Avenue ($6.0, Muggs Erwin) and so on. There are still plenty of houses out there but they’ve been picked over pretty thoroughly and unless their prices come down, I’d expect that sales will start slowing as buyers await better offerings in the fall.
Save This House!
Wilson Alling has just listed a wonderful property at 350 Riversville Road. Built in 1852, the house has barely been touched in the ensuing years. The original windows, double-hung but fashioned to look like casements, are still there, as are the original moldings, cast iron summer fireplace screens and exterior ornamentation and beautiful detailing, inside and out. The house sits high on a hill on 1.75 acres, next to an 1832 Greek revival home. The latter is also on the market for $2.65 million. If the 1852 house is restored, the two homes will compliment and grace each other and perhaps make each worth even more. This house sags a bit and has a fair bit of rot, as will we all when we reach its age. It could probably swallow three-quarters of a million dollars for repairs and modernization but it’s priced at $1.195 and, restored, would easily be worth $2.2. I know of no other home currently on the market that offers so much untouched, unmuddled original beauty but I fear this one may be destined for the bulldozer—the land alone is worth the asking price. If so, our town will have lost a grand home and suffered a sad diminution. Know any restorers out there? Call them up and tell them that the perfect house has appeared.
Dumb Quote of the Week
A friend of mine in another town was considering whether to accept her broker’s advice (not mine) on pricing her house. Her brother counseled her to add a couple of hundred thousand to the price because “brokers are just interested in moving inventory”. Well yes, in a way, but isn’t that the seller’s goal too? After all, if you merely want to keep your home sparkling clean and open to strangers then don’t bother listing it at all; stick a public open house sign on your front yard on the weekend and bring in the world. But if you want to actually sell your house, then set a good price and move that thing. As for under-pricing, you should only hope that you’re just a touch below market value, because the market will always correct a low price by attracting bidders; it doesn’t work the other way.
What to Buy
A reader has written to inquire about low-priced housing as he’s feeling priced out of the market. He has my sympathy. He didn’t give his price range, but, right now, there is exactly one house on the market for less than $300,000: Gussie Tipper’s listing at 151 South Water Street for $299,000 and, judging from its picture, it could use some work. Other than that, I’d advise the low end buyer to look at condominiums because it’s the cost of land in Greenwich that drives up the prices and condominiums, naturally, spread that cost over a number of units. The Commons at 1465 E. Putnam Avenue for instance, begin in the mid-twos and climb from there. They provide a reasonable value, I think, and work well for singles or couples. Sadly, a family looking for, say, a four bedroom house below $300,000 is simply out of luck.
Whatever I said last week about new listings tapering off can be multiplied now. The open house showings (for brokers) are dwindling and, while there are some price reductions going on, little that is new is appearing. But houses continue to sell. Fifty-eight Washington Avenue finally sold for $735,000 and will make someone a wonderful home. The new owners have already stripped the rusting screens from the front porch and instantly doubled the house’s appeal; if the seller had done so originally, he probably could have sold it last fall. Sixty-six Bedford went to contract ($1.350, Evan Salmore) and so did 57 North Maple ($1.7, Sally O’Brien), 43 Deepwoods in Old Greenwich ($1.825, Sally O’Brien again), 472 North Maple ($2.725, Erin Waterman), 297 Round Hill ($4.7, Sally Maloney), 37 Rock Ridge ($5.2, Renee Gallagher and Joann Erb—they’re both my bosses so they each get mentioned), 869 Lake Avenue ($6.0, Muggs Erwin) and so on. There are still plenty of houses out there but they’ve been picked over pretty thoroughly and unless their prices come down, I’d expect that sales will start slowing as buyers await better offerings in the fall.
Save This House!
Wilson Alling has just listed a wonderful property at 350 Riversville Road. Built in 1852, the house has barely been touched in the ensuing years. The original windows, double-hung but fashioned to look like casements, are still there, as are the original moldings, cast iron summer fireplace screens and exterior ornamentation and beautiful detailing, inside and out. The house sits high on a hill on 1.75 acres, next to an 1832 Greek revival home. The latter is also on the market for $2.65 million. If the 1852 house is restored, the two homes will compliment and grace each other and perhaps make each worth even more. This house sags a bit and has a fair bit of rot, as will we all when we reach its age. It could probably swallow three-quarters of a million dollars for repairs and modernization but it’s priced at $1.195 and, restored, would easily be worth $2.2. I know of no other home currently on the market that offers so much untouched, unmuddled original beauty but I fear this one may be destined for the bulldozer—the land alone is worth the asking price. If so, our town will have lost a grand home and suffered a sad diminution. Know any restorers out there? Call them up and tell them that the perfect house has appeared.
Dumb Quote of the Week
A friend of mine in another town was considering whether to accept her broker’s advice (not mine) on pricing her house. Her brother counseled her to add a couple of hundred thousand to the price because “brokers are just interested in moving inventory”. Well yes, in a way, but isn’t that the seller’s goal too? After all, if you merely want to keep your home sparkling clean and open to strangers then don’t bother listing it at all; stick a public open house sign on your front yard on the weekend and bring in the world. But if you want to actually sell your house, then set a good price and move that thing. As for under-pricing, you should only hope that you’re just a touch below market value, because the market will always correct a low price by attracting bidders; it doesn’t work the other way.
What to Buy
A reader has written to inquire about low-priced housing as he’s feeling priced out of the market. He has my sympathy. He didn’t give his price range, but, right now, there is exactly one house on the market for less than $300,000: Gussie Tipper’s listing at 151 South Water Street for $299,000 and, judging from its picture, it could use some work. Other than that, I’d advise the low end buyer to look at condominiums because it’s the cost of land in Greenwich that drives up the prices and condominiums, naturally, spread that cost over a number of units. The Commons at 1465 E. Putnam Avenue for instance, begin in the mid-twos and climb from there. They provide a reasonable value, I think, and work well for singles or couples. Sadly, a family looking for, say, a four bedroom house below $300,000 is simply out of luck.
posted by Chris Fountain at 10:08 AM
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