As I was just saying, land, or residence? These days, you just can't guess, so homeowners, don’t try to.

A former owner of 64 Hillside Road purchased it for $1.325 million in 2021, renovated it, and sold it for $2.5 million this past July 17th. Here’s how it was described then:

Beautifully renovated and thoughtfully reimagined, this light-filled 3-bedroom, 2.1-bath residence offers effortless one-floor living on a private and serene 0.72-acre property in central Greenwich.

Blending modern updates with timeless appeal, the home is perfectly positioned just moments from top schools, town, and transportation. Sun-drenched interiors feature an open and inviting layout, highlighted by a spacious family room with tranquil garden views and seamless access to an expansive stone patio ideal for indoor-outdoor living and entertaining.

The elegant living room, anchored by a fireplace, creates a warm and sophisticated atmosphere, while the formal dining room and updated eat-in kitchen provide the perfect setting for both intimate gatherings and larger-scale entertaining. FAR total for the property is 4234 so plenty of FAR left for expansion.

Today there’s a new listing for the property, announcing that the existing house will be razed and a new, $7.495 million, 6,975 sq.ft house built as its replacement.

The lesson here for owners of older homes thinking of selling is, don’t waste your money performing expensive renovations – the difference between the $1.325 the former owner paid and the $2.5 he received was entirely due to the skyrocketing cost of land, so whatever he spent on those renovations was money that could have remained in his pocket.