Big price, quick sale

70 Bacchus Mead Lane

70 Bacchus Mead Lane

70 Zaccheus Mead Lane hit the market seven days ago at $5.495 million and already has a pending deal (once you get above $5 million, mortgage contingencies are usually not needed).

I've been showing houses in the $5s, and comp-for-comp, this one looks like one of the better deals in that price range. And it's good news for those of us with high-end customers, because any activity in the high end gives at least some assurance that they won't be buying into a completely dead market.

"No one's gonna steal MY house!" Or, apparently, buy it

7 Ford Lane

7 Ford Lane

7 Ford Lane, Old Greenwich, is back on the MLS after its original listing expired. The owners have kept their price of $6.749 million untouched, and haven't budged a penny since they first put it up for sale March 28, 2016.

Great house, great street, but it seems that potential buyers don't like its price. This seems like more like an exercise designed to bring strangers into the house at odd hours than a real effort to sell the place.

No surprise here

123 Riverside Avenue, asking $1.395 million, is reported as pending. The house hit the market 31 days ago, but I'd guess it had an accepted offer much earlier than today's date; final contracts take time, especially if there's a mortgage contingency to be satisfied.

Built in 1899, it could certainly use some (okay, a lot of) updating, but a very nice home. It's basically selling for land value, though I hope the buyers intend to save it.

So where were they hiding before this house was built?

Today's real estate fluff piece in the paper highlights 33 Mead Avenue (coincidentally, the same short street that's discussed in the last post). It's a beautiful old home, well deserving of its historical landmark plaque, but, according to GT's reporter, and its tax card, it was built in 1835.

So this struck me as pretty ignorant:  

There’s a story that soldiers fighting for the cause of independence were quartered in the home, up in the same attic.
All those details make for a compelling story.

Compelling if true, but unlikely.

Seems a tad high to me, but I guess we'll find out

Let's focus on 22 Mead Avenue

Let's focus on 22 Mead Avenue

22 Mead Avenue, Cos Cob, is new today at $1.888 million. While it did sell for $1.750 million in 2006, that may have been an ill-advised purchase: the bank foreclosed and sold it to the present owners for $1.256 in 2016.

It's now been updated and the work looks well done, though I wish the agent had focused her iPhone camera a bit so we could actually see (hey, what do you want for an-under-two listing, a professional photographer?) Mead's never sold for this much: 26 Mead did sell for $1.4 million in 2015, and this one, at 4,000 + square feet is larger (though a one-car garage and a partial basement may make some buyers feel cramped), but of the 17 sales on the street since 2003, you have 26 at that $1.4, then 3 at a million and the other 13 all under a million. 

I'm not sure the street will support $1.888, but as I said above, we'll see - eventually.