Last week was a more typical week for real estate closings in Greenwich with 13 recorded on our multiple listing service. Six of the 13 sales were above $3 million, however. The top sale was for the new construction at 196 Stanwich Road with a closing price of $7,400,000 or 99 percent of its original asking price.
This is good news for the high end of our market which has come back nicely over the last three years.
Buy of the Week
My "Buy of the Week" is a 2005 colonial-style home at 85 Richmond Hill Road, just off John Street and Riversville Road in back country Greenwich. Built on four acres adjoining Greenwich Land Trust property, this home went through several Realtors' hands starting at $8,900,000 and wound up selling for 54 percent of its original asking price. It's more than 10,000 square feet of high-end construction and represents a fantastic opportunity for the incoming buyer who profited by the more than six and a half years of selling attempts. Patience is a virtue for buyers too.
Sale of the Week
My choice for "Sale of the Week" was the new 7,888 square foot shingle style home at 196 Stanwich Road. This was a property that was purchased as a tear-down three and a half years ago at a price of $3,350,000 and then sold for $4,050,000 more. That's almost double the uptick of a neighboring property at 228 Stanwich Road which was purchased as a tear-down for $1,700,000 in 2007 and sold with a newly constructed 7,500 square foot shingle style home at $3,740,000 three years later.
The market has certainly progressed since 2010 and this sale is good evidence of that. By the way, I loved the original home when I toured it at a Realtors open house. The highest and best use of the land, however, was for new construction and the shingle-style homes are very popular in Greenwich now.
Last call for 40 and 60 watt light bulbs
One of the mainstays of successful preparation for an open house or private showing is making sure there are high levels of warm lighting in each room. Even open houses and showings in bright sunlight get the high energy lift of lighting in each room. Not just any light will do, though. Staging literature generally speaks of warm incandescent lighting rather than the stark white lighting found in many fluorescent and early compact fluorescent, halogen and LED lights.
While first generation compact fluorescent and LED replacement lights had a stark white almost industrial quality to their light, both have been markedly improved. Now a variety of light spectra are available and the good news is that the cost has come down at the same time. While still relatively expensive, LED lights cost about 85 percent less than they did only five years ago. Their efficiency in light output measured in lumens per watt has also increased, and the light quality measured CRI -- color rendering index -- has improved too.
If you're stuck on incandescent light bulbs, however, there will be some bargains to be had at the major retailers, which still have many pallets of 40 and 60-watt bulbs in their warehouses. You're not banned from having incandescent bulbs in your house and you won't be prevented from buying them. The U.S. will simply no longer allow 40 watt and 60 watt bulbs to be manufactured or imported starting in January, just like the 100 watt and 75 watt bulbs were phased out in October of 2012.
There are many exceptions to the rule, and special types of bulbs like 3-way bulbs, appliance lamps, colored lamps, and rough service bulbs will remain legal to produce and bring into the country.
This Week's Success Quote
"I have not failed 10,000 times. I have not failed once. I have succeeded in proving that those 10,000 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work." Read Full Article
-- Thomas A. Edison quote on the invention of the light bulb
Ken Edwards is the principal Broker for Edwards & Associates 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.