Buy, renovate and rent

April, 2016, $412,500

61 Mead Avenue, in Byram, sold last April for $412,500.

The new owner did  quick reno - but it looks nice - and has put it on the rental rolls today at $5,150. That seems like a stretch for Byram, although I really don't follow rents down there, and presumably this buyer does, so God bless. It does point out a phenomenon that Cos Cobber has observed here, often, is occurring in more conventional parts of Greenwich: a ton of the least expensive houses are being sold to would-be landlords. That's not a bad thing, although it does make things harder for first-time buyers, but it's interesting. Yesterday I posted on Blackstone's venture into the rental market on a huge ($10 billion) scale; this is Blackstone, writ small.

Here's the new rental listing, and here's its picture:

December