Bloom off the rose?


2 Buxton Road is off the rental roll and “new” to the market at $2.595 million, down a bit from its previous attempt at $2.795, and now below its 2014 purchase price of $2,732,500. I know the house pretty well: it’s a modular built by a dear friend of mine who delivers a sound product (especially so with his ultra-expensive, custom homes, but this one is totally solid) and I was delighted by his good fortune in selling this spec project for $1.7 million in 2003. Buxton is in I-95 territory, and this lot, fronting on busy Riverside Avenue, was “challenged”, but it sold quickly nonetheless.

I was gobsmacked when that buyer collected a cool $1.1 million over his purchase price eleven years later, but hey, that’s the real estate game: ride the wave, and know when to bail out.

The latest rental for this house was $10,000, and the Greenwich rental market seems to be our most robust sector these days, so I’d guess that number can be replicated. You investors with cap rates can figure out what you want to pay for this