Market shifts in Greenwich real estate (Updated)
/
here’s what it looks like today
I saw a new rental listing just now for 12 Druid Lane in Riverside, asking $25,000 per month. I couldn’t locate an online link to it, but what interests me is the window it opens to the recent swings in real estate values.
The original house that stood here (owned by the parents of a childhood friend of mine, just as a irrelevant nugget of information) was a 1945 Cape;
it was listed in 2006 for $1.695 million and was immediately bought by a builder for $1,737,042.
The resulting new build was put up for sale in March, 2007 for $3.695 million, but that was just as the market was cooling and then plummeting into the crash; it finally sold in December 2008 for $2.835.
It was resold to the current owners in 2012 for just $2.9 million.
I couldn’t find any recent sales on Druid, but there have been several one street over on Bramble and, judging from those, I’d guess (top of the head) this would sell for some number in the high $3s, possibly more.
None of which really says anything of earthshaking significance, but I thought it might be of interest.
here’s what it replaced in 2007
And here’s the price history:
UPDATE: A reader reminds me that 35 Druid Lane is still pending, but entered a bidding war immediately back in March and is going for far more than its asking price of $2.550. It’s reported to be an absolute dump inside, so it matches its exterior. Here’s what I said about it back in March:
Riverside: 7 days, sealed bids, what else is new?
35 Druid Lane, $2.550 million and going for more. The owners paid $1.850 for it in ‘22 in another bidding war that had begun at $1.650), tidied it up and painted (although they appear to have retained for their rustic appeal the patched roof and crumbling driveway) and are ready to move on. 41.7% appreciation at the asking price, and sure to be more when the dust settles.
(Update: heard from an agent whose clients’ offer of $2.7+ “wasn’t even close” — sheesh. $2.850? Higher? Send in your guesses: winner gets to seal the drive, if not the deal.
Back when it sold in 2022 I predicted it was destined for the dumpster. That didn’t happen then, but I’m even more confident that it will now. That’s going to be one expensive house someone’s planning to put up.