This seems like aggressive pricing to me, but who knows?
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11 Ledge Road, a one-acre building lot, is new today @$4.4 million.
The sellers paid $6.350 less than a month ago for the two-acre property here and have split off this acre. I’d think a 2-acre lot in Old Greenwich would command a premium because there just aren’t many lots that size down there, but a one-acre lot is more common. If market value is in part determined by scarcity, this lot shouldn’t be worth $1.225 million more than it was on June 20, when it was part of the larger parcel.
Still, it’s not inconceivable. The property lies in the R-12 zone, where the floor area ratio is 0.315, so you could build up to 13,721 sq.ft. Tempting as that might be to one of our new New York Masters of the Universe, I think one would be ill-advised to build so large. A 7,500 sq. ft. house, say, at $400 per foot would cost $3 million; toss in land at $4.4, and extras like site prep and you could be all in for $8 million or so. Will the neighborhood support that much? I wouldn’t think so, but if we’re really reapproaching the crazy years of 2007, it might; check back in five years.
