501 Woodbine Road

Description

NEW YORK CITY : Time to Move/Flee? Stamford has been named the safest city in Connecticut. The Quality of Life is far superior to Manhattan, and the average price of a home is about 1/5 the cost. A newer residence In Manhattan is about $2,000 per square foot. In Stamford, it's about $388 per square foot. Two Million Dollars will get you about 1,000 square ft 2 bedroom condo in Manhattan versus about 5,100 square feet in Stamford.It is the center of The Gold Coast and is surrounded by Three of the Richest Towns in AMERICA: Greenwich, Darien and New Canaan and only 35 miles away. Total Area:7,568 sq. ft.* Main Living Space: 5,285 sq. ft., Walk-Out Finished Basement: 2,283 sq. ft. with high ceilings, Bedrooms/Baths: 5+ spacious bedrooms, 5 marble-finished bathrooms, Oversized 3-car garage (30' x 15') with epoxy-coated floors, Corner of Woodbine Road & Reservoir Lane, steps from the scenic Laurel Reservoir, Grand two-story foyer with double curved staircases, Brick front with cedar siding and a new roof (5 years old) Dedicated in-law/nanny suite with private entrance on the main level, Expansive deck and huge storage shed, Three wood-burning fireplaces/stove, Hydro-Air Heating and A/C, Summer kitchen in the lower level - perfect for entertaining or large gatherings, Whole-house generator, Integrated security system (Oil Tank encapsulated in vault=leakproof), Lightning arrestor and whole-house water filtration system, LED lighting throughout . Agent Owned $1,398,000 divided by 5285 square feet = $265 per square foot without including the finished basement that the City of Stamford of Stamford has approved as living space. According to one of the most popular real estate marketing websites, the asking price is $198 per square foot since the basement is legal living space. If we use the current average sale price of $388/sq.ft. times 5285 sq. ft. the value should be $2,050,000. An investment of $100,000 to upgrade would bring up the value substantially. The Real Estate taxes are much lower than comparable properties in Stamford since the Owner/Broker challenged the Assessment years ago and the Appeal was granted. Comparable properties may have higher assessments and the taxes may be in the $25,000 a year range. Owner/Broker has been busy and active with other properties and willing to sell at a discounted price. If new owner invests in remodeling upgrades will have a huge impact on market value and the appraised new value. If closing does not take place by December 21, house will be taken off market and upgrades be done and will be marketed again at a much higher price.