What passes for "basic shelter" in Greenwich

Compared to so many other areas of the country, a million dollars buys so very, very little in Greenwich that our profession has a huge repertoire of stories of the wives of executives moving from, say, the midwest, breaking into tears when they see the reality that awaits them.

Case in point, 360 Cognewaugh Road, Cos Cob, dropped today to $1.195 million, down from its original 2015 price of $1.4445. It’s encouraging to see prices return to pre-crash levels (this one sold for $1.215 in 2006) but even if it sells for, say, the town’s appraised value of $900,000, that’s still a daunting price for what’s a perfectly decent piece of shelter, period.

Sited on a one-acre lot in the two-acre zone, Greenwich FAR regulations cripple its expansion potential, and our tax authorities have recognized that fact by appraising the land itself at just $571,000, while pricing the existing house at $330,000. My best guess as to highest and best use for this property is to use it as-is: a perfectly decent house that has seen families arrive, grow, and move on since 1960. It’d be foolish —again, in my opinion — to see this as a new-build opportunity. Put a hundred thousand or so into updates, sure, but much more than that and you and your money will soon be parted.