Pending on Tomac

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25 Tomac Avenue, Old Greenwich, is pending. New construction, its latest asking price has been $4.250 million, down from its original July 2018 ask of $5.2. I’m sure the builder is making out just fine here, even with that million-dollar shave.

I’ve never been a huge fan of Tomac Avenue because it serves as a rush-hour route for traffic heading to Cummings Point in Stamford, but that hasn’t seemed to have grossly affected prices on the street, so obviously others are less sensitive to noise. And this house backs onto the Innis Arden course, which adds a feeling of green space.

Yet another price cut on this house

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642 lake Avenue, chopped $300,000 today and is now at $2.695. It began listed life in 2015 at $4.995. I’ve commented on this house before, back in December 2018 (“Ain’t Happening”, and again in February 2019 (“An Object in Motion Stays in Motion”). Readers back them thought that $2.5 should move it, and perhaps they’re right; I notice that this time around the listing agent has dropped the original exterior shot showing the home’s contemporary design (I’ve used the photo from a past listing) and maybe that will help. I’ve always thought that its ultiate sales price will fall somehere between the land value of, say, $1.5 and a portion of the value of the $1.2 house standing on it. It’s getting closer to that magic number.

Not a $5 million kitchen, though maybe now, with the yellow removed and the price cut in half, it cAN WORK

Not a $5 million kitchen, though maybe now, with the yellow removed and the price cut in half, it cAN WORK

They'll probably get it, too

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1938 construction, but that’s not the point

1938 construction, but that’s not the point

140 Field Point Circle, 3 acres, direct waterfront, new on the market today at $22.5 million. If there’s any part of town that’s held its value it’s Field Point Circle waterfront. I’m sure this will prove no exception. As an aside, smart move changing the address from 3 Pear Point Lane to the newly-invented “Field Point Circle Lane”. The people who can afford this place will probably have heard of Field Point Circle, or their out-of-town realtors have; Pear Point Lane, not so much.

Here’s the point

Here’s the point

A tale of two markets, one house

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30 Bote Road, asking $1.325 million, is pending after starting on the market in 2017 at $1.695. This house used to sell quickly. For instance, these owners bought it for $1,450,830 in December 2004 from sellers who’d paid $1.340 just six months before, and they, in turn, bought it from owners who’d paid $1.165 for it in July 2002 and those sellers bought it for $1.0125 that March.

The music stopped a while ago, leaving a lot of unhappy players without a chair.

And a price cut on Old Mill

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As the spring market begins we can expect a lot of these. 70 Old Mill, down to $4.895. It started in April 2018 at $5.425 and expired unsold last July priced at $4.995, so I’m not sure a hundred-thousand price cut will make a difference, but the owners’ refusal to face reality is understandable; they bought the place new for $6.4 in 2006.

It’s a backlot in the deep woods of the middle of nowhere, too, which can make for a tough sell.

The architect must have tired herself out designing the front

The architect must have tired herself out designing the front

Breadcrumb trail markers optional

Breadcrumb trail markers optional

This ought to do it

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31 N. Porchuck cut its price today from $4.795 to $2.1 million. Purchased new in 2007 for $7.850. re-sold in ‘09 for $6.250, it’s been on the market this time since 2017, when it started at $10.

I haven’t toured the house in quite a while, but assuming the roof’s still intact and water hasn’t invaded, seems cheap.

UPDATE: Reader SP dug a bit deeper into this price drop and points out that it’s a supposed auction price. These things are almost always fakes and phoneys (well, “unsuccessful” might be a nicer way of putting it) so I wouldn’t get too excited about the figure. It’s possible that it’s legitimate but using history as our guide, look for this to fizzle. If the price holds, though, it’ll provide a nice comp for other unwanted mega mansions in obscure locations.

Price cut

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116 Cutler

116 Cutler

116 Cutler Road, now down to $2.995 million. It’s been on-and-off the market since 2016, when it began at $3.995. Decent house, but Cutler is a long way from Greenwich proper, and has a hard time drawing Greenwich residents so far north, especially at high prices. In fact, the only recent sale on the street above $2 was 25 Cutler back in 2015, at $3.2. Judging from 25’s architecture, it’s a pretty good bet that the buyers immigrated, legally or not, across the Westchester border. It’s also a pretty good bet that they will come to regret paying that price when it comes time to sell.

On the plus side, 116 Cutler’s current tax bill is $32,000, based on an overly-entusiastic appraised value of $3.901 million. Westechesterites looking for tax relief can anticipate a substantial reduction here, come next year’s reevaluation.

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25 Cutler Road

25 Cutler Road