94 Field Point Circle Greenwich CT – A Teardown for $20M

Belle Haven with Gorgeous Water Views

94 Field Point Circle Greenwich CT – The broker open house was scheduled at an unusual time, 4 to 6PM. The location, an exclusive gated enclave on the Belle Haven peninsula set high above the Greenwich Harbor with expansive vistas of Long Island Sound, is not accessible for a neighborhood drive through. In fact, even if a home is listed on our MLS (Multiple Listing Service) there’s often no brokers’ preview to be had. You’ve either got the chops to bring a qualified (and vetted) buyer or go home. This was, therefore, an opportunity not to be squandered.

Why Do You Want This Address?

The last 5 sales since 2011 were all direct proving it’s who you know not what you know if you want membership in this exclusive club. What makes this area so appealing for those who have earned it? Besides the minimum 2 acre zoning affording privacy even from your already reclusive neighbors, the convenience to Manhattan is undeniable. It’ll take your driver only 49 minutes to zip you down to Wall Street because, undoubtedly, you work for your money, leave before dawn thus avoiding traffic and always win the I-got-to-office-before-anyone-else bragging rights. Finally, there’s no getting away from that view!

Focus is Not on the House Itself

There was more than one surprise at the property. First, no access to the house. The focus is entirely on the land and its potential. Next, the focus deserves to be entirely on the land and it’s potential. The view is drop dead gorgeous and this particular Spring afternoon afforded the perfect backdrop. This is a nearly 180˚ unobstructed view of Long Island Sound. But, is it worth the asking price?

Market Activity on Field Point Circle

Is this a realistic asking price? There are significant deed restrictions to deal with here besides the usual building and possible coastal reviews. The most recent sales, especially around that number, involve either more land (40 Field Point Circle sold for $24M in September, 2013 for 3.52 acres) or a larger home (136 Field Point Circle sold for $20M in May, 2012 with 2,400 or so square feet more). That said, the only sale with a comparable view, 84 Field Point Circle, sold for $39.5M in June, 2011 with 4.26 acres and a formidable house. Is it worth it? As Mark Twain said, “Buy land. They’re not making it anymore.” Then what price for that view?

Representing a Seller’s Interest

Tamar Lurie, the listing agent @ Coldwell Banker, is a venerable member of our association with a long list of spectacular sold properties amongst her accomplishments. When I first began my real estate career nearly 18 years ago, she was already an icon in our industry and I was honored to glean what I could from her. An elegant woman with formidable presence, I was happy to assist where I could; showings, holding a public open house, etc. That said, she IS representing her seller’s interest.

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