This house at 12 St. Claire Avenue in Old Greenwich sold in a bidding war this past April for $3 million and change. I was, and remain astonished, because I don't think a builder could afford to pay so much for land and expect any kind of profit and a private homeowner will, I'd estimate, end up with a house costing somewhere around $5 million dollars. Will this street support that kind of value? The buyer obviously thinks so. In any event, another one is about to hit the dust.
Update: After inquiry, I learned that this 0.55 acres was held as two seperate lots, dating back to when Old Greenwich had much less restrictive zoning regulations. So, under the "grandfather rules" of zoning, the purchaser will be able to erect two houses where one now stands, even though he couldn't do that today, were it one lot.
I still question the wisdom of paying $1,500,000 each for two 11,900 sq. ft. building lots on this street. One upside: the sight of two huge houses on two tiny lots should more than distract us from the loss of a nice old farmhouse.
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3 comments:
Holy cow - $3M?? How much land on the lot?
.26 acres.
Zillow isn't very good for estimated prices but I do like it for general info on a piece of property.
http://www.zillow.com/HomeDetails.htm?zprop=57315738
Actually, it's 0.55 acres. Zillow missed the fact that there were two lots involved. That will screw up their own statistics and it sure doesn't help buyers who want to rely on it.
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