One more sale to report before the book closes for the weekend

but wait, there’s more here than meets the eye

36 Lockwood Drive, Old Greenwich. $2.375 when listed on May 12th, $2.610 million when sold today. I won’t vouch for the ultimate value of this price, but I was out with a client looking at houses like this last May, and $2.6 sounds very much in the ballpark for what they were selling for this spring.

As I used to tell clients during the land rush market of 2002-2007, “this may not be what the house is worth, but it’s what it will take to buy it”. In most cases, it took as long as 12 years (4-6, in Riverside) for houses bought then to regain the price levels of the previous decade.