Price Cuts

11 Winding Lane announces still another price reduction and is now asking $7.2 million after 1,653 days on the market and an original asking price of $9.975. To me, and obviously to everyone who has seen this house except for its owner/seller, this is a pure land deal: 3 acres in a very convenient location in the RA-2 zone. So what’s an oversized lot worth here? $3.5 million, I’d estimate. Look for this one to be available in another 4 1/2 years. It might just set a record for futility in the Greenwich market.

28 Loading Rock

On a brighter note, 28 Loading Rock in Riverside’s NOPO region has dropped from $2.895 to $2.095 and looks much better with a slimmer price. This house was built in 2006 and overlooks the Mianus River with the association beach and boat launching area just a couple of hundred yards away. It sits up high, across the street from the river so I wouldn’t call it “waterfront” even though the listing broker does but it has great views. Nice house, now, and I’d look at it if I were shopping in the almost-two range.


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27 Responses to Price Cuts

  1. Dan

    For $1.9, I’d love it – even though its bigger than what I’m looking for. What’s with the living room setup facing away from the fireplace?? Weird.

  2. Cos Cobber

    28 loading rock was apparently designed from the inside out….thats an ‘interesting’ exterior….

    needs more landscaping too, particularly in the front of the house shot.

  3. jeremy jones

    11 Winding Lane land is worth more than $3.5mm. 3 acres right near down, low-mid country. Can build a 10k foot house there. Old Church Road (forgot number, about two blocks north of Post Road, same thing, worse location, worse lot) sold for $5mm a year ago. This land is definitely worth $5mm-ish. Add a 10k house for $400 a foot and you’ve got a $9mm new construction on 3 acres next to town. Definitely would sell. Don’t need to landscape b/c this property is already beautifully landscaped. Agree that it’s dramatically overpriced still.

  4. Anon

    jeremy jones: 11 Winding is a bargain at $7.2 million. Those 3 acres are worth at least $9 million. Add to that the beautiful house for another $4 million. I don’t know why the seller is giving it away.

  5. Broker

    jeremy: are you crazy? $5mm for 3 acres? This is not 2006 anymore.

  6. Broker

    Go ahead and buy it for $5mm jeremy. Make sure to have Chris as your agent.

  7. Anonymous

    Chris, have you forgotten 425 North Maple Ave? oversized 2.6 acres lot and backs into a land trust sold end of January for $1.75 million.

    Why do you think 11 Winding deserves $3.5 million? Is it the house?

  8. jeremy jones

    You people are all delusional. Before you chastise my judgement, why don’t you go take about five minutes and look at recent (i.e. – last 12-18 month) sales of land in mid-country. There are about 10 examples of 3-5 acre sales in mid-country (buildable land, not marsh/cliff/unbuildable) going for $3.5 – 5.5mm. 122 Old Church Road, a 3 acre teardown with a TERRIBLE entrance, just went for $5.25mm last year. So, again, before you start casting silly aspersions, try looking at what sells. Again, I’m not saying I’d buy it, but someone will.

  9. Anonymous

    Chris is right this is easily worth $3.5MM. Prime prime location, already landscaped, oversized 3 acres allows 12,500 sq ft house for people who want or need it. Decent 2 lot acres in Prime mid country still selling above $2MM. Telling there are no interior shots, shame because it looks OK from the exterior.

  10. Anonymous

    425 North Maple is just no comparison. Drive by and see the lot is severely challenged. Was still probably a good deal at $1.75 MM.

  11. Anonymous

    Just to be clear, 425 North Maple is no comparison in land BUT $3.5 million is too high for 3 acres. Also remember that 425 North Maple has the North Street school (like old church) and this alone bring a huge premium. Winding does not have North Street school.

    Also, no one needs 12,000 sqft house these days. Everyone is downsizing to fit with the reduction in bonus. Now 8,000 sqft is more than enough.

    Another good example is 2 Wooddale 5.25 acres selling for $3.5 million in August 2010. That one also is a level land, quiet, and can have a Lake Ave address.

  12. Anonymous

    … and by the way, Wooddale is a cul-de-sac unlike Winding which is a pass-thru and dangerously winding. So Wooddale is much quieter. Also 2 Wooddale can have TWO oversized lots (each around 2.6 acres in 2 acre zone).

    Also, 122 Old Church is in R20 zone. So you are getting 3.16 acres in 0.5 acre zone. That is more than SIX times the normal size lot there which means that you can have multiple lots (subdivision) there. 11 Winding CANNOT be subdivided and it is only a lousy 1.4 times the normal size lot.

    • 2 Wooddale was indeed two 2-acre lots that had been subdivided, although the buyer is combining them – sold for $4 million. So I think $3.5 for three acres on Winding is appropriate, although you’re right about the street being a cut-through to Zaccheus Mead.

  13. Broker

    So if 35 Winding is going for $1.5 with its 2.2 acres, why would the 2.9 acres of 11 Winding get $5 million?

    True that you have lots of ledges to remove from 35 Winding, but it wouldn’t cost $3 million to landscape and remove ledges.

    • 35 Winding is a steep cliff falling off into wetlands. 11 Winding is a flat, three-acre meadow ith great street presence. If I were looking to buy land on Winding on which to build a house I’d pay a premium for No. 11 because no ampunt of blastig will turn No. 35 into something different than it is. But that’s just my taste, yours may differ – perhaps you like the look of those ancient Swiss villages built on stilts, for instance – so go with what your heart and wallet dictate.

  14. Broker

    jeremy: I highly recommend that you go buy 191 North. It is a level 2 acres in 1 acre zone. They are only asking $2.5 so you can get it for around $2 and you have North street school.

    That is a bargain!

  15. Broker

    Chris, if you take a closer look at the land of 35 Winding, you will notice that no more than 0.5 acre is a steep cliff (behind the house). In front of the house you have the majority of the land and it can be cleared from the ledges it has. You will not spend $2 million to clear rocks.

    You then put the new house away from the cliff.

  16. horse jock

    122 Old Church is not sub dividable.

    • Because the previous owner screwed the pooch when he sold off that front lot. Before Bernie Yudain died, I suggested to a potential buyer of Old Church that we approach him about a land swap that would increase Bernie’s FAR on Martin Dale and give Old Church access to that same street. Never happened.

  17. Anonymous

    No Chris, 2 Wooddale is 5.25 acres and sold for $3.5 million. The listing agent was your friend Joe Barbieri in August 2010 to the builder Greg Silver. Silver then flipped it immediately to a hedge fund guy and got $3.9 million from him. He found a fool! The hedge fund guy was in love with the land and he was interested in it before Silver bought it.

    That hedge fund guy decided not to subdivide and build his mansion there. It is currently under construction. You can walk the land and see how he cleared all trees and has a beautiful level lot.

  18. Broker

    Talking about Winding, 61 Winding is asking $2.975. But it also has a lot of ledges/rocks to remove. Unlike the house on #11, the house on #61 is not salvageable.

  19. Anonymous

    The “ultimate purchaser” distorted true market value by overpaying. Like when you hear about the buyer of 10 Winding who overpaid last year, or 14 Meadow,…

    When I am looking to get a good estimate of value, I always remove those distorted data otherwise you are guaranteed to get a biased estimate. That is how statistics works.