Are the odds stacked against this?

17 Nawthorne Road in Old Greenwich looking for $8.450 million after failing to sell for $7.495 in 2021.

I’m not sure how this pricing works because, although the property’s 1-acre comprises two lots, they are stacked front-to-back, and any front lot will have its view blocked by a new house built between it and the water (AE Zone will require a 13’ minimum elevation for a house in the rear), and its value will be considerably diminished; not worthless, naturally, but not waterfront value, either. Or perhaps there aren’t two buildable lots here at all: the survey below shows a 6,970 sq.ft. parcel that’s reserved as “open space”. You might want to consult your own surveyor before bidding on what you think are two buildable lots.

The property immediately next door, No. 25 Nawthorne, is also two lots, also stacked. It sold as land — 0.7 acre — for $3.6 million in 2014, and the single house that was built on it just sold last June for $10.550. Had 25’s builder paid $8.5 for the land, I’m sure he’d have been disappointed by the price he received for the completed house.

Below: The Star is over No. 25, No. 17 is to its north