May 21, 2004
History, Amended
I recently wrote that Joe Barbari’s 718 North Street listing had been built in the 20’s by the head of the American Water Company. That information was corrected in a phone call from Mrs. Owen Hunwick, a delightful long time Greenwich resident who grew up next door. The house in question, according to Mrs. Hunwick, was built by the Chapman family who, although not affiliated with the water company, leased its land across the street for what was supposed to be ninety-nine years. The Chapmans lost their money during the Depression and moved away. The water company took back the leased land and sold it to the Babcocks and they, in turn, eventually sold the property to our town. Mrs. Hunwick is filled with great stories about growing up in the Back Country, including riding her horse along Merritt Parkway when it was still under construction and unpaved. Even after it was built, she says, traffic was so light that cars and horses crossed it at will. She has given me a picture of the old mill that the Babcocks built. I explored that mill shortly after Greenwich acquired the land and, for the record, it was not I who burned it down. I don’t know who runs the oral history project at the Library but someone there should make an appointment to chat up Mrs. Hunwick; she’s a treasure.
Market Conditions
There’s a general sense among many of us that the market is swinging away from sellers and towards buyers. That happens every year, of course, but the shift has been accelerated, perhaps, by the nearly one point rise in mortgage rates. A one point rise reduces buying power by ten percent—buyers can pay banks or they can pay sellers but as one payment goes up … . There are still a few bidding wars flaring up but those are far outnumbered by price reductions: fifty-six in the past ten days, including a couple of million dollar loppings and one six million dollar whack. Despite all this trimming, we still have ten properties priced at $19,000,000 and above available for purchase. Dig out your wallet, man!
In The Lesser Ranges
Houses continue to sell, even in what I consider to be the high end of the market. Five houses, each priced at $5.5 million and above, went to contract last week and I hear rumors of an accepted offer on a nearly $10.0 million dollar home that was on the market for just a few days. Of note for in-town residents is the accepted offer, in just thirteen days, on 107 Patterson Avenue, asking $3.3 million. This was Maureen Crumbine’s listing and it was a peach. A 1902 colonial, renovated in 1999 and sitting on 0.72 of an acre, with a carriage/garage/barn/kid’s hangout in back. I wasn’t at all surprised that it went so quickly, but its sale testifies to the rapid appreciation of house prices in this area of town over the past few years.
52 Burying Hill Road
This property, listed by Paul Larson, has been on the market for two months but I only saw it last week at a broker open house (which is why it’s always a good idea to hold several open houses: often, agents can’t get to every house in a single morning). I liked it very much. It is a contemporary, which could easily be changed with a coat of shingles and some new windows, but priced at just about its land value. And it is some land. Almost four acres with lawns, woods and a stream leading to a pond and waterfall. The house is very livable as is and in move-in condition but if its style doesn’t suit you, change it; the land makes it all worthwhile.
Two Gems
Two very nice houses were listed for sale last week in what passes for the lower end of our market. Kathy Adams has 59 Valleywood Road at $1,075,000 and Pat Cameron’s listed 9 Indian Pass at $1,175,000. These are both good streets; Indian Pass is a dead end, Valleywood is hugely popular with young families and loaded with kids. The Indian Pass house has been beautifully updated while Valleywood’s renovations are a little older (with a great kitchen and dining area). But both houses are terrific in their own way, and a buyer wouldn’t go wrong with either. If these houses are still available by the time this column sees publishing daylight, we’ll know that the summer buyer’s market has truly arrived.
I recently wrote that Joe Barbari’s 718 North Street listing had been built in the 20’s by the head of the American Water Company. That information was corrected in a phone call from Mrs. Owen Hunwick, a delightful long time Greenwich resident who grew up next door. The house in question, according to Mrs. Hunwick, was built by the Chapman family who, although not affiliated with the water company, leased its land across the street for what was supposed to be ninety-nine years. The Chapmans lost their money during the Depression and moved away. The water company took back the leased land and sold it to the Babcocks and they, in turn, eventually sold the property to our town. Mrs. Hunwick is filled with great stories about growing up in the Back Country, including riding her horse along Merritt Parkway when it was still under construction and unpaved. Even after it was built, she says, traffic was so light that cars and horses crossed it at will. She has given me a picture of the old mill that the Babcocks built. I explored that mill shortly after Greenwich acquired the land and, for the record, it was not I who burned it down. I don’t know who runs the oral history project at the Library but someone there should make an appointment to chat up Mrs. Hunwick; she’s a treasure.
Market Conditions
There’s a general sense among many of us that the market is swinging away from sellers and towards buyers. That happens every year, of course, but the shift has been accelerated, perhaps, by the nearly one point rise in mortgage rates. A one point rise reduces buying power by ten percent—buyers can pay banks or they can pay sellers but as one payment goes up … . There are still a few bidding wars flaring up but those are far outnumbered by price reductions: fifty-six in the past ten days, including a couple of million dollar loppings and one six million dollar whack. Despite all this trimming, we still have ten properties priced at $19,000,000 and above available for purchase. Dig out your wallet, man!
In The Lesser Ranges
Houses continue to sell, even in what I consider to be the high end of the market. Five houses, each priced at $5.5 million and above, went to contract last week and I hear rumors of an accepted offer on a nearly $10.0 million dollar home that was on the market for just a few days. Of note for in-town residents is the accepted offer, in just thirteen days, on 107 Patterson Avenue, asking $3.3 million. This was Maureen Crumbine’s listing and it was a peach. A 1902 colonial, renovated in 1999 and sitting on 0.72 of an acre, with a carriage/garage/barn/kid’s hangout in back. I wasn’t at all surprised that it went so quickly, but its sale testifies to the rapid appreciation of house prices in this area of town over the past few years.
52 Burying Hill Road
This property, listed by Paul Larson, has been on the market for two months but I only saw it last week at a broker open house (which is why it’s always a good idea to hold several open houses: often, agents can’t get to every house in a single morning). I liked it very much. It is a contemporary, which could easily be changed with a coat of shingles and some new windows, but priced at just about its land value. And it is some land. Almost four acres with lawns, woods and a stream leading to a pond and waterfall. The house is very livable as is and in move-in condition but if its style doesn’t suit you, change it; the land makes it all worthwhile.
Two Gems
Two very nice houses were listed for sale last week in what passes for the lower end of our market. Kathy Adams has 59 Valleywood Road at $1,075,000 and Pat Cameron’s listed 9 Indian Pass at $1,175,000. These are both good streets; Indian Pass is a dead end, Valleywood is hugely popular with young families and loaded with kids. The Indian Pass house has been beautifully updated while Valleywood’s renovations are a little older (with a great kitchen and dining area). But both houses are terrific in their own way, and a buyer wouldn’t go wrong with either. If these houses are still available by the time this column sees publishing daylight, we’ll know that the summer buyer’s market has truly arrived.
posted by Chris Fountain at 10:06 AM
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