Tough sell on the Old Greenwich waterfront

41 Binney Lane, on the market since June, 2018, when it was priced at $14.950, dropped today to $11.750. It’s a slow day, so I spent some of it thinking about what this property is worth. Lots of factors to consider. On the plus side, it’s an acre of direct waterfront (R-12 zone) on Binney Lane. Comes with a dock — hard to get one approved these days — and a pool, far closer to the water than would probably be allowed today.

So is the house, for that matter, but I’m not sure anyone will want to preserve this 1895 building, and there’s the rub. There’s a useful life to everything, and it wouldn’t surprise me if a potential buyer concluded that this house has exceeded its expiration date.

The town values the land at $7,585,300, and that seems about right, but the house itself is set (after a court settlement) at $3.435 million, for a total value of $11,020,300, which is close enough to the new asking price to merit some discussion. But what if the house is worth nothing? In that case, I’d take the land value, deduct the cost of removing the house (and moving a new building up close to the road, as has been done with the house just to the east — coastal regs) and come in around, say, $7.250.

I’ll be curious to see whether my guess is even in the ballpark. Tune in next year.