Waterfront redux

A commentator below asks why certain Old Greenwich waterfront properties are lingering, if these properties are so hot. I answered him in the comment section but here it is again:

It's true that there are five waterfront houses currently for sale in Old Greenwich, but I blame price for their availability more than anything else. Old Greenwich saw some very quick sales of better waterfront - better priced or better location or better condition - in the past two years. 19 Meadow Place, for instance, basically land, came on in April this year for $7.950 and sold immediately for $8.500. 35 Cove Road asked $8.2 and got $8.2 in 22 days. 200 Shore Road, new construction with an incredible view, asked $8,000,000 and went to contract almost immediately for what I'd guess was asking or close-to-asking price.

Etc. The houses that are lingering are doing so, I think, because the sellers paid too much attention to the prices other waterfront fetched and not enough attention to the particular drawbacks of their own land. Nothing that can't be remedied by a price cut. 164 Sore Road, for instance, came on at $8.4 but the sellers quickly realized they were too high, cut the price $500,000 and had it sold for $7.4 within 28 days of first listing it. That's a smart buyer - why prolong the agony? Besides, they pocketed a very nice sum.

And if you're looking for impressive sales of waterfront and are willing to look a bit past Old Greenwich into Riverside, Lowther Point sold this spring for $22,000,000. That one did take a few years to find its buyer, but the original price was er, "aggressive" and put many buyers off.

So I still like the stuff.