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October 2007


REAL ESTATE

Deeds & Don'ts

(Page 3 of 7)

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Robert A.M. Stern was hired as the architect for the 6,300-square-foot shingle-style manse. The result: a handsome and meticulously crafted home that looks like it's been in place for a century (in fact, it was completed in 1999). Its most striking feature is its turret, which creates sweeping, wraparound porches on two levels and pretty, rounded rooms inside, including a gorgeous sitting room for the master suite. In all, the home offers five bedrooms, four bathrooms (plus three half-bathrooms) on 2.4 acres. Rachel Walsh of William Pitt Sotheby's International Realty in New Canaan has the listing (203-966-2633).

...Meanwhile, In Greenwich
Around Labor Day the unthinkable happened. Economists projected that the median price of American homes would fall this year for the first time since federal housing agencies began keeping statistics in 1950. An ominous sign, one that housing-market optimists won't be able to ignore: There is a slump in home values and it appears to be nationwide.

"The rich are different," opined F. Scott Fitzgerald (who was known to summer in Westport) and the Greenwich housing market proves him right. Contrary to national trends, the volume of sales rose by six percent in Greenwich this year and its average home price increased as well, from $2 million to $2.05 million. According to brokers, it's the tippy-top of the market that's fueling all this good news. This summer, the Belle Haven home on four waterfront acres that once belonged to the pianist and entertainer Victor Borge sold for $25.75 million. Attorney John Avellino paid $18 million for the estate sold by hedge-fund tycoon John Griswold. The much-maligned hedge fund manager Joseph Jacobs also rang up a sale—of $9 million for his Conyers Farm home.

Last year Jacobs' plans to build a 39,000-square-foot abode roiled Conyers Farm neighbors.

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