Buy of the week: 17 Cameron Drive Photo: Contributed Photo
Showings will taper off but serious buyers remain



The real estate market continues to see sales as the winter season approaches. With an early snow this fall (it’s not winter for another 15 days), showings will taper off while the buyer pool gets ready for the holidays. The serious buyers will be out, however.

Last week our local Greenwich MLS reported 11 real estate closings totaling over $21 million. The mix of sales included eight single-family homes, two condos and one multi-family home in Pemberwick.

My “buy of the week” selection is a quintessential stone English Manor chateau on four backcountry acres. It sold for 22.5 percent less than the $4 million the seller paid 19 years ago.

My “sale of the week” selection is another Old Greenwich waterfront property that started life out as a Colonial in 1957 and went through expansions to take advantage of the 0.6 acre site. Waterfront properties continue to sell well, this one going to contract in only 20 days.


Sale of the week

202 Shore Road


Closings reported Nov. 25-Dec. 1

Address

Sold for

Days

on

Mkt.

% of Orig. Asking Price

% of Tax Apprsd. Value

17 Cameron Drive

3,100,000

45

90%

62%

4 Comly Avenue

810,000

169

89%

129%

7 Heather Lane

1,270,000

51

94%

125%

W. Lyon Farm Dr., #608

800,000

130

86%

115%

107 Meadow Road

6,135,000

253

71%

120%

3 Nicholas Avenue

880,000

159

88%

126%

18 Pemberwick Rd.

675,000

115

96%

129%

11 River Road, #107

665,000

204

97%

121%

300 Riversville Rd.

1,585,000

874

96%

63%

29 Sheephill Road

640,000

231

77%

76%

202 Shore Road

5,100,000

20

98%

115%

Total

21,660,000

Average

1,969,091

205

89%

107%

Median

880,000

159

90%

120%


The Colonial at 202 Shore Road was not looking for buyers very long before snagging an offer within 2 percent of its $5.2 million asking price. This five- bedroom, three-and-a-half bath home has great water views of the lighthouse and Long Island across the Sound and, without doing a grand update in the kitchen, was move-in ready for the new owner.

With a two car garage, no pool (yet), aluminum siding, and an asphalt shingle roof, the buyer pool in the $5 million market surged ahead anyway. Why? Location.

Being on the water and part of the Lucas Point Association with its own private beach, boat storage and dock does cost the owner an upfront transfer fee at closing. There’s also a $37,725 property tax bil,l too, but this is a desirable home for an active watersport-minded family.

With 0.6 acres there’s a possibility of a pool, maybe even an infinity pool. Plus, update the kitchen, turn the living room woodstove into a gorgeous fireplace, reroof with slate or clay tiles, add copper gutters and leaders and, voilà, you’re in a new price tier.

Buy of the week

17 Cameron Drive

The backcountry market has some truly gorgeous homes and 17 Cameron Drive is a perfect example. Hand-cut 12 inch thick stone construction with ivy and copper finishes with a storybook looking façade will bring a smile to just about anyone’s face. The 6,717-square-foot five-bedroom, five-and-a-half bath home is a masterpiece in English Manor design.


The grand staircase greets you as you enter the foyer with wrought iron railings in a large double height space with a coffered ceiling. The outdoor manicured gardens are a delight as is the pool with cut stone pool house that echoes the design of the main house.

Everything has been updated in this 1994 home. With a 70 percent assessment that’s more than $414,000 over the purchase price, it shouldn’t be surprising that this is my “buy of the week” selection. It didn’t last long, taking only 45 days, at an aggressive asking price of $3,450,000 with a tax-appraisal value of over $5 million.



Tis the season for showings

Many sellers take their listings off the market after Thanksgiving, hoping to renew them with a “fresh” listing in January or February. That’s understandable given the much smaller buyer pool attending open houses and scheduling showings through the winter. Many buyers don’t want to go out in the cold, or are busy shopping or otherwise preparing for holiday guests, meals and gatherings.

Or is that not a good thing to do? Some agents believe that the “lookers” may have dropped out, but the serious buyers are still in the market and ready to pull the trigger. Buying before the end of the year may have positive tax consequences for them if they can deduct moving expenses and if they’ve sold their homes they need to move somewhere soon.

Also, if your competition has dropped out that makes your listing better able to compete with those that remain active. If interest rates start to climb, as they have, the buyers will be back.

If you’re actively selling be sure to decorate conservatively and neutrally. White lights in the trees and tasteful wreaths are fine and make a home more inviting. Santa and his reindeer on the roof? I don’t think so. Remember that not everyone celebrates the same holidays anyway.


This Week

s Success Quote

“A person who doubts himself is like a man who would enlist in the ranks of his enemies and bear arms against himself. He makes his failure certain by himself being the first person to be convinced of it.” — Ambrose Bierce, American short story writer, 1842-1914


Ken Edwards is the principal Broker for Edwards & Associates Real Estate
and has lived in town since 1974. All opinions expressed in this column are entirely his own and not those of this publisher. Comments, questions and suggestions may be sent to
K_W_Edwards@Yahoo.com
or call or text him at (203) 918-4444. Questions of general interest will be addressed in this column while others will receive individual responses.



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