Thursday, September 15, 2016

Connecticut’s Great Island on the Market for Record $175 Million

WSJ reports:
A Connecticut island going on the market for the first time in over a century is shooting for the moon: If it sells for anywhere near its asking price of $175 million, it could set a new record for most expensive residential property in the country, real estate veterans said.

The 63-acre estate on Long Island Sound, located about 50 miles outside New York City in the affluent suburb of Darien, is one of the priciest residential properties on the market, according to listing agent David Ogilvy of David Ogilvy & Associates Realtors. The record is currently held by the 2014 sale of a $147 million home in New York’s Hamptons, according to real estate appraiser Jonathan Miller.
Known as Great Island, the property is accessed via man-made land bridges. Built in the early 1900s, the main house has six bedrooms plus wings for staff and guests. The stone structure has views of the Sound from nearly every room, though the new owner will likely want to renovate the house, Mr. Ogilvy said. There are several additional homes on the property, one of which was built around 1850 but has been restored and expanded. With a private beach and a dock, the grounds also contain a boat house and small waterfront cottages.

The Drudge Report headline:

BOOM: CT Property Record $175 Million!
This is not what a recession looks like.


1 comment:

  1. Yes, this will probably be a "not what recession looks like" data point, but not yet.

    Should have waited until it sells. Price isn't what the seller asks for, it's what a buyer actually pays.