Someone's finally made a bit of money on this place

29 Alden Road, on our west side overlooking Greenwich Office Park, has sold for the improbable sum of $2.525 million, which should yield at least a small profit for the seller, who bought it at auction two years ago for $2.175. At one point: 2008, this property was listed for $6.495 million, but that price was almost certainly a ploy by then current, now foreclosed owner, "financial advisor" and gambling addict Russ Gerson to befuddle his creditors. The property was never worth even the $3.1 paid for it back in 2003, and probably not, in my opinion, what was paid for it today.

But the agents made money and, after all, isn't that what this is all about? 

A large price. but probably a disappointing one nonetheless

521 Field Point Road, on the Belle Haven Peninsula but outside the association's boundaries, has sold for $5.2 million. I say "disappointing" because the owners paid $6.035 for it in 2005, and originally listed the place for $6.450 way back in 2015.

As an aside, this is the second house in the past two days that has what I'd call a living room incorporated into the kitchen. Is that a new trend?

I'm sure they enjoyed their stay here over the past 19 years, but it came at a price

167 Zaccheus Mead Lane is pending: last ask, down from $10.5 million, was $6.495 million. We've written of this property before (several times, in fact, and so did Greenwich Time) praising its 4 acre lot, desirable location and the beauty of the original 1904 home, but the owners made some unfortunate decisions while expanding it to 13,000+ feet from 8,000, and it's sat for a number of years, unwanted.

It was purchased in 1999 for $6.2 million — $9.363 in current dollars — and assuming that some real money was spent adding on those 5,000 additional square feet, then this sale is going to represent a rather large loss. 

Of course, anyone who could afford to pay $6.2 for a house in 1999 can surely afford a big bite today, but still ....

New construction and depreciation thereof

meh

16 Grant Avenue, in Old Greenwich, is reported as pending, last asking price, $3.195. The sellers will pretty much break even: they paid $2.9 for it in 2014, but it's interesting, to me, to note that this plain vanilla house sold new in 2005 for $3.310 million. According to my handy-dandy inflation calculator, that would have been $4,263,985 in today's currency.

"If you wait until the dogwoods bloom to list your house, you've waited too long".

So said the late, great Betty Moger, opining on when to list a house for the spring market, and I've repeated her advice here, many times. Case in point, 68 Butternut Hollow Road, listed January 29th at $3.395, contract in less than two moths. We call it the "Spring Market", but buyers start emerging from hibernation in mid-late January, and it's a good idea to have your house waiting for them.

Good price = quick sale

63 Burning Tree Road has closed at $3.4 million. It was listed in mid-January at $3.595, and had a contract in less than two months.

Nice house, and I've always liked Burning Tree, especially the houses on the Frye Lake side, like this one.

A contract at last

43 Richmond Hill Road, which sold new in 2006 for $4.9 million, then $3.7 in 2014, has been on the market for two years and now, marked down to $3.095, reports a contract. Assuming that the final sales price will start with a 2, this won't be a bad buy; or at least I hope for the buy3r's sake that it won't be. How far down can Richmond Hill values fall?

Great read — "Bad Blood"

Real estate activity is so slow today that I read a book, instead of trying to do much blogging (I've been reading a lot of books lately, including re-reading all 23 Dewey Lambdin's Alan Lewrie naval series), but up today was WSJ reporter John Carreyrou's "Bad Blood", a recounting of the supposed blood testing machine "invented" by 19-year-old wunderkind Elizabeth Holmes and the Silicon Valley firm she founded, Theranos. I spent many years chasing financial fraudsters and developed a fine sense of cynicism about the world of finance, but even I fell for the first glowing reports about Theranos; in fact, I think I forwarded the first WSJ 2013 article to my girls, as encouragement for them to pursue their own entrepreneurial drives. I was in good company, though; Silicon Valley heavyweights were sucked in, too, and eventually Elizabeth Holmes loaded her board of directors with prominent names like Henry Kissinger and George Shultz and even, briefly, Mad Dog Mattis. 

It was all smoke and mirrors, and Carreyrou details how he unraveled and exposed the scheme, from the first whistle blowers who reached out to him (including George Schultz's grandson, who worked at Theranos), and the vicious fight Holmes waged to prevent the Journal from exposing the fraud.

It's a genuine whodunit, and if you enjoy this sort of tale, I highly recommend it. If not, you can't go wrong with Lamdin's world of squareriggers in the late 18th-early-19th century. 

15th time's the charm?

50 Lafrentz Road, a 25-acre parcel with barn, is back up again, this time asking $8.870 million. That's better than its 2010 ask of $19.5, and an improvement over most of its prices in the years since, but it's still just 25-acres and a barn.

Someone's sure to want it though, eventually.

Pending off North Street

7 Wynn Lane, asking $4.995 million, is reported as pending just 60 days after hitting the market. Nice house — hell, I sold it — and renovated, and Wynn Lane's a great street. From the (slightly) hurt feelings department, I thought I did a good job helping negotiate this property to a $4.125 price from its opening of $4.850 back in 2012, but wasn't involved on this resale. Of course, six years is a long time in which to forge new relationships, and expecting two bites of the apple is a bit greedy, so there you go.

I'm delighted the owners have found a buyer so quickly.