I’m No Realtor™ but….

Oops. Same house. Someone forgot to delete the old more pricey listing.

oldsaybrook
Yours for either $14 or $11 million. You choose. 

This is the former Kathrine Hepburn home on Fenwick, Old Saybrook. It’s been for sale for an eternity, even longer than an eternity, at one point asking was $28million. If you believe Zilow, it asked $30m for a crazy bit. Now, yours for a song, $11m.

10mohegan

This isn’t the only house on Fenwick peninsula sitting idle for a very long time, a very very long time. Walk up the street and you get these two….

Years ago Numbers 102A&B Sequassen were for sale as one unit at $13m. Two beautiful homes, both built in 2005 to look old, one main house, one guest house. On the water. Every amenity inside and out.

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fenwick
Red=Hepburn home. Blue = Sequassen duo.

Alas, no one bit. Perhaps it’s the economy stupid, or more specifically the Connecticut economy stupid, the state is screwed thanks to a governor who has destroyed it one tax at a time. I guess anyone who wants to spend $13m is going to do so in Florida or any other state where there’s a chance the state will survive.

The Sequassen homes have now been split. You can buy one or the other, kinda. The Guest House, 3 bedrooms for $3.5m.

The Main House at $7.4million.  But uh oh, there’s one small hitch. You can’t buy the guest house until the main house has been sold. PLEASE NOTE: This property may not be sold prior to sale of 102A Sequassen Avenue

So, in other words, both will sit for another five years. Unsold. It’ll be interesting to follow.

Very very cold again today but the sun is shining, for what that’s worth. The damn birds are chirping so at least they are happy. Me? I want some warmth, not keeping the fireplace flames alive, huddled around it with tea. Bring me some temps over 45!!

Nothing else major to report. Macon won. Obama given the Profiles in Courage Award by the Kennedy Honors society. Ha ha. Ha ha. Ha. Can’t make this stuff up. Next we know Obama will win a Nobel Prize for Peace. Oh wait!

Onward peeps. Enjoy the Monday, bundled up, except you Peter in Florida.

 

 

19 thoughts on “I’m No Realtor™ but….

  1. I agree with your assessment that big ticket homes on the CT coast are going to sit a long time. The hedge fund guys are leaving and these types of homes would have been a weekend pad. Same for houses in Madison. Rowayton seems okay, those waterfront homes are still selling but Rowayton is more of a year-round town where someone could make a beach home their only home.

    The houses at the point were hammered after Sandy and that HAS to take a toll on the decision to buy smack dab on the ocean without any buffer. It would worry me.

    As for Obama, his smugness and courage sees no bounds.

    1. Good point about Rowayton. Isn’t it actually part of Norwalk? I’ve never moosed around Rowayton but have friends who, when we all left the city for the burbs, went to Rowayton.

      The photos I’ve seen of Obama’s “award” ceremony, his nose was up in the air. This is tit for tat. Caroline Kennedy supports Obama. She becomes ambassador to Japan. Now it’s her turn to say thanks I guess. So much for integrity in choosing who gets the award.

  2. Tax issues largely impact the lower echelons of the wealthy, not those who can afford a $10m second/third/fourth home. Those people are already spending their 183 days per year in Florida, receive the vast bulk of their income from passive sources, and have engaged in sophisticated estate-planning mechanisms that avoid any screwups. On the lower end of the second home market in CT, tax and economy issues are having a huge impact. My parents live in a predominantly seasonal beach town in Eastern CT where it was hard for many years to find even a small cottage inland for under $1m. Today, there are direct waterfront houses for under $1m that aren’t moving.

    1. Excellent points.
      As someone who is a real estate junkie, I “watch” houses that I like and not one has sold in the last 3-5 years. Even the ones that are more modest. At some point either the seller gives it away or simply keeps it.
      What I don’t see stopping is the sale of raw oceanfront land. In RI where we are it rarely comes up because it’s been held in one family for generations, but when it does, whoosh whoosh. Huge houses go up so it’s not that money is fleeing the NE completely. They want it their way. And hey, why not!?

  3. Oceanfront real estate here in Miami goes through fits and spurts. Huge condo complexes sat vacant right after the crash. Now there’s a building boom which says the developers are encouraged that more New Yorkers and CT residents will come down to stay but I don’t see it. Like you said above, land is what’s valuable especially with the FEMA regs. It’s safer to build new now with the right height and strongest hurricane resistant materials.

    I wouldn’t buy the Sequassen guest house even if the main house sold. Shared driveway. No beach view. It’s only value I see is as overflow for family of owners of main house.

  4. Really like the Sequassen Ave. duo (the ONLY way it works), but there is something about the site and its relationship to its neighbors that is off-putting. If it was directly on the water (where the white house is) it would have sold long ago.

    1. I agree that is a con to the Sequassen property. I’ll add that on the left, there’s a public (yikes) road to the lighthouse that I assume gets lots of visitors, thus cars turning around, hoi polloi traipsing. I think, but I can’t swear to it, the house to the left is or sale also, or was recently. It needed lots of work so it might have been a land sale. I’ll see if I can find it.

      Here it is, 100 Sequassen Avenue at $3.9. Next door neighbor, closer to the lighthouse.

      A view that shows both houses;

  5. Kate Hepburn is rolling over in her grave at how bougie the developers made her home. From all I read, Kate was very down home, loathed pretense, and would detest that her house is so fancy pants. I saw the daughter of the developer on NYC TV recently, on a show like Open House, giving a tour.

    1. Agree with your assessment of Kate’s opinion of this new version. I wonder if any photo exist of when she lived in it. Doubtful because she treasured her privacy.

  6. Now seeing #100 for sale, if I were owners of 102, I’d buy that lot, tear the house down, move 102B to where #100 is, close off the driveway to #100, and call it a compound. No matter what, the guest house where it is now is in a marginal location.

    1. From the photos I see, the driveway to 100 also serves the house that’s ON the beach, down below 100. See it? They obviously have a right of way, or were perhaps there before 100 as built. If you look carefully at the photos, you can see several vehicles parked in a notch that might be the only parking the houses back there has. That makes it a pain for #100 with people coming in and backing up, cars that aren’t coming to you. I’m surprised no one has volunteered to buy 100 and donate the land. Keep it undeveloped.

      1. Well, that’s what the new owners of 102 should do. Now the question is whether living next to a lighthouse is a good thing?

        What’s that body of water behind K Hepburn’s house?

        1. It looks like a pond but in following the trail, that flow comes in at the CT River, flows along in a stream then under and into the pond. I can only imagine it would flood in peak rain or hurricane times.
          Forgive the squirrely lines I drew. Art major I was not.

  7. Oh you must see The Aviator! Leanardo da Caprio plays Howard Hughes and Cate Blanchet plays a marvelous Kathryn Hepburn!

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