Greenwich waterfront still draws

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25 Indian Chase Drive, asking $6.995 million, is reported under contract. That’s right in line with two other waterfront sales this month, both in the $6-$7 million range. It’s a very nice house, and perhaps the new owners will keep it, but the value here is in the land. My guess is that the best waterfront lots will be the last to feel a severe downturn in Greenwich property values, simply because there’s so little of it.

Fortunately for us, the Obamas have chosen to schedule their New England vacations further north of us.