45 Upland DriveWhy I don't bother with Greenwich Time's real estate reporting
In today's edition of our local paper Susan Nova writes about "a magnificent mansion" that's for sale on Upland Drive (no link, because the paper hasn't put Nova's column on line today). While the "reporter" accurately recites the house's many charms, and there are many, I'm sure,I'd think that readers would be interested to know the (non) sales history of this spec home. If I'm right, and you're one of those readers, here goes:
The house was finished and went on the market in January, 2007, for $9.250 million. The first broker couldn't sell it so the builder listed it with another, who dropped the price to $8.650 million, and there it sits. I admire the second broker's marketing skill in persuading Nova to highlight this house but I suspect, and I'm sure I'm wrong, that price, not lack of publicity, is what's keeping this property around.
Just as an aside, when I went on line to search for this house I just punched in some price parameters: $8 - $ 12 million. There are 41 houses for sale in that price range. Barring an extraordinary turnaround on Wall Street today, I'd bet that the majority of those will still be available next Monday.
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4 comments:
Yes - Chris - I certainly agree!
There sure is a-lot of 'Anger' out there - and 'Obama' said if you need him - just give him a call - yes - the 'High and Mighty One' just call!
I'm a neighbor of that monstrosity. It is built on such a tortured lot that several sets of stairs are required to get to the garage and/or backyard from the driveway.
It was rented for a year--lots of fancy black vehicles always parked in front--but it's a see-through once again.
The same builder has another spec house on the market around the corner on Hobart Lane, recently marked down by about $1 million.
If I'm not mistaken, he bought each teardown for $1.5 - $1.6 million.
Chris, will the guy lose his shirt on these? The Calhoun Association is worried that they'll be vacant for a long, long time.
Chris, do you ever write about "neighbor envy" in Greenwich? I think it is worth addressng in this blog. I always seem to read about how people are angry or envious over their neigbor's projects in Greenwich, instead of happy and appreciative of the added value to one's neigborhood and own homes being done at the cost of others.
In the Calhoun Drive Association, on Upland Drive alone, there have been four new construction projects in the past two years. Each of these has improved the value of the neighboring houses. Not to mention removed old leaky oil tanks that were buried on their respective properties and improved drainage that had impacted neigbors using with modern code compliance. Removed toxic asbestos from the houses prior to demolition.
It seems that the "envious neighbor" would cut their nose to spite their face and prefer houses with asbestos and poluted soil next door them that lower their market value of their homes. It also brings in new buyers who have deeper pockets to help pay for new private association costs.
As a neighbor in the Calhoun Drive Association, I had the chance to tour 45 Upland Drive some time back. One of the things I found beneficial was the underground parking. My wife and I for years have been trying to do a remodel project on our home but just do not have enough FAR and we have a sloping site. The developer at 45 Upland solved that problem by putting the parking underground, yielding more living space on the first floor. At first we thought it was a terrible idea, I have condition which makes stairs a daunting task and my wife was going for a knee replacement at the time. But to our surprise, there is a four stop elevator in the house. My wife and I found this very helpful and are using this concept for our home remodel which has rescued us from having to sell and move into an empty nester home. We subsequently contacted the builder and he informed us that "progam" is a consistent motif that he uses on all of his houses. Certainly makes sense for towns like Greenwich.
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