Blog :: 09-2013

Wall Street on a Budget Boosts Greenwich Real Estate: Mortgages

Wall Street on a Budget Boosts Greenwich Real Estate: Mortgages

Elizabeth DexheimerSep 30, 2013 9:31 am ET

Sept. 30 (Bloomberg) -- For Mari Nuzum, who spent three years searching, it's the best time to buy a home in Greenwich, Connecticut. She, and her husband Richard, bought a six-bedroom Colonial revival in the back-country neighborhood for $3.85 million. A year ago it was listed for $4.75 million.

"I had in my mind exactly what I wanted for our family," said Nuzum, who moved in July with her husband, president of investments at Mercer Global Investments Inc., and their four children to be closer to school and within commuting distance of New York City, about 40 miles (64-kilometers) to the south. "My husband said, 'Just wait, the prices will keep going down.'"

The sale of the almost 10,000-square-foot (929-square- meter) property illustrates the shifting fortunes of real estate in Greenwich, home to some of the world's top bankers and money managers. Five years after the collapse of Lehman Brothers Holdings Inc., which led to thousands of job cuts on Wall Street, smaller bonuses and a paralyzed housing market, the town is experiencing a revival in home transactions as sellers reduce prices and buyers set their sights lower, forgoing the $10 million-plus properties that helped define the boom years.

Median home prices in Greenwich, known as the hedge fund capital of the world, rose 3 percent to $1.64 million in the first eight months of 2013 and the number of sales jumped 17 percent, according to brokerage Shore & Country Properties. That followed a 3 percent price drop last year, even as home values across the U.S. gained 6.4 percent.

38 meadow wood exterior

Cheap Borrowing

Homes between $750,000 and $5 million are driving the rebound. Of 514 sales that have closed this year through August, just one cost more than $10 million, according to Shore & Country. In 2007, there were 21 transactions of more than $10 million, representing about 1 in 35 sales.

Buyers increasingly are taking advantage of cheap borrowing costs. The number of properties financed using jumbo mortgages, or those too big for government programs, rose 18 percent in the second quarter to the highest since 2007, according to Warren Group, a New England real estate tracker. The average rate on a 30-year fixed jumbo loan in Greenwich was 4.58 percent in August, according to mortgage-data firm HSH.com.

"People are just being a lot more conservative with how they spend their money," Russell Pruner, owner of Shore & Country, said of Greenwich. "They want to bank more money in the long-run so that if there is a further downturn in the financial sector, they will have money available to them instead of living bonus to bonus."

'Outrageous Fortune'

About $900 million was spent on Greenwich properties priced at more than $10 million in the four years prior to the crash, as hedge funds doubled to manage $1.9 trillion, banks posted record profits and UBS AG and Royal Bank of Scotland Group Plc established the world's two largest bank trading floors in nearby Stamford, Connecticut.

Mansions and multimillion dollar renovations attracted the attention of Vanity Fair with a 2006 article titled "Greenwich's Outrageous Fortune." The piece described Paul Tudor Jones's home overlooking Long Island Sound -- with its 25- car parking garage -- and Steven A. Cohen's 32,000-square foot mansion that includes an ice-skating rink. As the financial crisis unfolded, profiles of long-time resident Richard Fuld, former chief executive officer of Lehman, featured his indoor squash court.

Lehman Collapse

The collapse of Fuld's bank helped trigger a global credit crisis that plunged the U.S. into the worst recession since the Great Depression with home prices in the U.S. dropping 35 percent from the peak. In Greenwich, values fell 24 percent, according to data compiled by Shore & Country. While the decline was less severe than the country's, Greenwich's recovery has trailed the rest of America amid sweeping changes to the finance industry and years of mediocre hedge-fund returns.

In addition to thousands of job losses, banks have changed their pay structures, limiting cash bonuses and granting more stock and deferred compensation packages. Wall Street's bonus pool was 40 percent lower in 2012 than in 2007, according to estimates by New York State Comptroller Thomas DiNapoli, hurting the economies of commuter towns like Greenwich.

Lower bonuses, an emphasis on delayed compensation, and the possibility that banks could claw back pay in the future means some finance professionals have set their sights lower in Greenwich, according to David Haffenreffer, a real estate broker at Houlihan Lawrence, a Westchester, New York-based firm that opened a Greenwich branch this month.

Lowered Expectations

"Instead of that 6 million, 7 million or 8 million-dollar home, they're buying a 3, 4 or 5 million-dollar house," Haffenreffer said. "If you know you're going to be making the money, but can't take it out for a certain number of years or fear it may be taken away from you or you may lose your job, you're going to be more conservative."

Sellers also have had to lower expectations to entice buyers. Many homes for sale in Greenwich the past few years were overpriced as owners who could afford to stay put refused to sell at a discount, according to Mark Pruner, a broker at Berkshire Hathaway HomeServices New England Properties.

"That's a real psychological barrier, the idea of losing money on your house," said Pruner, adding that in the past few months owners who have reduced their asking price have had better luck securing offers. "Owners have to look at the prices and market to decide what the appropriate price is."

The Nuzums' new property was initially listed at $5.7 million in June 2007. After failing to sell, it was relisted at $4.75 million in April 2012.

Polo Field

"We got a really good deal for what it was supposed to be listed for," said Mari Nuzum, whose prior home in Old Greenwich, which features a wine cellar and basement apartment ideal for a live-in nanny, is still on the market. The Nuzums took out a 30-year fixed mortgage on the new property, after paying cash for their previous home.

In some cases, only a significant reduction is enough to generate interest. An 18-acre property, nestled between the Tamarack Country Club and a wildflower sanctuary, with its own practice polo field, tennis court, heated pool and enough stables for 30 horses, will be auctioned next month with a starting bid of $1 million, according to Raul Villacis, a real estate agent at Advantage Realty Group Advisors, based in Stamford, who's handling the sale. The foreclosed property was once valued at $36 million, he said.

Villacis estimates there's been a 20 percent increase in short sales, or properties in which the lender agreed to accept less than what was owed on them, in Greenwich's high-end real estate market in the past year.

Bank Auctions

For buyers like Eston Woodard, 33, bank-auctioned properties provide additional incentive to consider Greenwich.

Woodard, who currently rents a duplex in Greenwich, moved from Boston in June for his job at International Business Machines Corp., where he sells computers to financial-services companies. On the hunt for a home less than $1.2 million to live in with his girlfriend, he's looking to take advantage of any bargains so long as he can afford the maintenance and property taxes.

"For a bank-owned property, I would move very quickly," said Woodard, who plans to take out a 30-year fixed mortgage on whatever he ultimately buys. "These are multi-million dollar homes we're talking about, you have to think outside the box."

In Greenwich, where for-sale signs are "frowned upon," lower tax rates often help lure buyers from neighboring Westchester Country, according to Mark Pruner, the brother of Russell Pruner of Shore & Country. In Scarsdale, New York, in Westchester County, taxes on a $3.5 million home are more than triple what they are in Greenwich, data from each town's assessor show.

School System

Greenwich's public and private schools also attract families such as Lauren Steinberg's. She and her husband, who works for the Weather Channel, have been eyeing the town for the past two years. Living in a two-bedroom apartment on the Upper East Side of Manhattan, Steinberg, a stay-at-home mom with two young children, plans to take out a 30-year fixed mortgage to help finance her dream home, which she hopes will cost less than $2.5 million.

"I've seen a ton of price cuts, a lot of the prices of homes I've been looking at have come down," said Steinberg. "My kids need the space, they are going to need their own rooms as they get older. And I'll need a basement or a backyard to throw them out in."

Empty-nesters looking to move to a smaller home in Greenwich are also boosting inventory of larger properties, according to Mark Pruner. Compared with young families, this group made fewer purchases in the past five years, he said.

Considering Options

"It was a lot easier to hold off on downsizing than it was to have a bassinet in your living room in Manhattan," Pruner said, referring to a baby's cradle. "Older couples are starting to move on and are looking at their options."

While the luxury market trails lower-priced homes in Greenwich, demand may be starting to rise for the most expensive properties. Four homes costing more than $10 million were sold in September, according to data compiled by Mark Pruner, including the private sale of a $24 million estate in the gated community of Belle Haven. The sudden interest in luxury properties is in part because buyers are looking for an alternative investment to bonds, which they fear may decrease in value as interest rates rise, as well as concerns that Manhattan's next mayor could raise taxes for high-income earners, Pruner said.

Bonus Recovery

Wall Street is also showing signs of recovery with the Standard & Poor's 500 Financials Index climbing 22 percent this year, outpacing the 19 percent gain for the broader S&P 500 Index. While bonuses are still below their 2006 peak, they rose 8 percent last year, according to DiNapoli's report. Compensation for managers of the biggest U.S. hedge funds rose as much as 15 percent last year, according to a report by Hedge Fund Research Inc. and Glocap Search LLC.

For Mari Nuzum, an uptick in Greenwich real estate couldn't be better timed.

"We are so happy we moved when we did," she said. "Hopefully now we'll be able to sell our old house."

--Editors: Pierre Paulden, Rob Urban

Scott Elwell @ Sotheby's International Realty

I'm thrilled to announce that I have joined Sotheby's International Realty in Greenwich, Connecticut!  I look forward to taking advantage of their vast resources and presence within the real estate world.  I am excited for this new opportunity at a company with name recognition across the globe.  Working with Sotheby's will allow me to better serve my clients by providing my buyers with the best possible information the second it becomes available and by giving my listings exposure that cannot be achieved elsewhere.

I will be rolling out a completely revised and upgraded website at GreenwichCT.comover the coming weeks. My new site will provide more detailed information on Greenwich and will include some fantastic new tools for researching homes and locations. September will also mark the beginning of more regular monthly emails on the real estate market, so stay tuned.

I wanted to take this time to thank all of my fantastic clients. I am extremely fortunate to have clients covering all age and price brackets.  Some I have known my entire life, while others come referred to me by friends. I am honored to have helped you with your sale/search/rental and am always available should you need any more assistance.

If you or anyone you know is interested in Greenwich real estate, I am happy to talk. As always, I appreciate your referrals.

Sincerely,

Scott

Scott Elwell Real Estate Agent - MBA- GreenwichCT.com Sothebys International Realty One Pickwick Plaza, Greenwich, CT 06830 Mobile: 203.940.0444 : Email: scott@elwell.com

Greenwich CT Real Estate | August Transactions

August 2 and August 8:

  • 59 Bedford Rd. -- Anthony Mazzola to Holly Singsen, $2,610,000 warranty deed.
  • 15 Bishop Dr. North -- Victoria Belluscio to Yin Chiu Lai and Yee Man Mickey Mok, $1,130,000 warranty deed.
  • 11 Byram Dock St. -- 11  Byram Dock, LLC to Jeffrey and Andrea Stewart, $2,595,000 warranty deed.
  • 21 Cary Rd. -- The Estate of Gretchen Stefanowicz to Van Dam, LLC, $425,000 warranty deed.
  • 20 Church St. Unit B63 -- Christopher and John Monsif to Charline Dale, $515,000 warranty deed.
  • 39 Edgewater Dr. -- Robert DiPaola, conservator of the Estate of Eugene DiPaola to Robert and Tara Fischetti, $876,000 warranty deed.
  • 57 Gregory Rd. (undivided 50% interest) -- Laurie and Bruce Smith as co-trustees of the Lois Smith Revocable Trust to 57 Gregory Rd., LLC, $452,500 warranty deed.
  • 57 Gregory Rd. (undivided 50% interest) -- Laurie Smith as trustee of the Duryea Smith Revocable Trust to 57 Gregory Rd., LLC, $452,500 warranty deed.
  • 39 Halock Dr. -- Jeffrey Hahn to Catherine Bato, $1,259,500 warranty deed.
  • 2 Horseshoe Rd. -- Lisa Corvese, trustee of the Lisa Corvese 2007 Declaration of Trust to Gualberto Antonio Hernandez, $1,275,000 warranty deed.
  • 328 Lake Ave. -- Frederick and Colette Alderson to Mark LeLievre, $3,000,000 warranty deed.
  • 28 Leeward Ln. -- Thomas Shull and Fayez and Mira Muhtadie, $3,495,000 warranty deed.
  • 20 Limerick Place -- Susan Lewis to Brian and Kristin Anton, $1,630,000 warranty deed.
  • 6 Loading Rock Rd. -- John and Stephanie Packard to Charles and Maureen Bittman, $2,400,000 warranty deed.
  • 7 Loughlin Ave. -- Alvin and Nina Estevez to David Kahng, $1,200,000 warranty deed.
  • 12 Meadowcroft Ln. -- 12 Meadowcroft Ln., LLC to ZaZu, LLC, $9,850,000 warranty deed.
  • 191 North St. -- The Estate of Val E. Fioreta, Melinda Fiorita, executor, to Denis Mathews and Charlie Wong, $1,600,000 warranty deed.
  • 11 Owenoke Way -- Amy Blake to James and Kelly Ann Easen, $3,350,000 warranty deed.
  • 68 Park Ave. South -- Henry and Megan Ormond and Frank and Michelle Luksic, $2,765,000 warranty deed.
  • 15 Pell Place -- Bradley Small to Derek and Melissa DeVries, $1,780,000 warranty deed.
  • 351 Pemberwick Rd. -- Mark Ranta and Suzanne Dommerich to Trishia Cimbak, $339,000 warranty deed.
  • 1 Putnam Hill Apt. 3E -- Daniel and Elaine Kwilliher-Morton and Nicholas and Dolores Papajohn, $445,000 warranty deed.
  • 2 Putnam Hill Unit 1J -- Mildred Ettlinger to Douglas Fainelli, trustee, $300,000 warranty deed.
  • 500 River Rd. Unit 1 -- Virginia Liddel to Ann and William Dynan, $743,500 warranty deed.
  • 558 Round Hill Rd. -- Shorthorn Corporation to Peter and Cheryl Tague, $3,500,000 warranty deed.
  • 558 Round Hill Rd. Lot 31-H 0.900 acres -- The Estate of A.L. Ueltschi to Shorthorn Corporation, $50,000 warranty deed.
  • 22 Shadybrook Ln. -- Andre and Sonja Bloom to Jopi Huang, $1,675,000 warranty deed.
  • 1 Sparrow Ln. -- Simon and Monica Williams to Frank and Holly Harty, $3,995,000 warranty deed.
  • 22 Stanwich Ln. -- Peter and Grace Abbott to Kin Kong Chan and Hoi Yin Lai, $1,550,000 warranty deed.
  • 24 Terrace Ave. -- Roy Piskadlo and Ellen Tolstad to Francisco Tobias, $2,390,000 warranty deed.
  • 22 Welwyn Rd. -- Margaret and Thomas McQuillan to 22 Welwyn Rd., LLC, $2,375,000 warranty deed.
  • 515 West Lyon Farm Rd. -- Gene and Jan Rostov, trustees of the Dorothy B. Restov Qualified Personal Trust, to Peter and Constance Lowenstein, $1,600,000 warranty deed.
  • 33 West Putnam Ave. Unit 1B -- The Estate of Theodore Wolff to Nancy Sheehan DeLopez, $615,000 warranty deed.
  • 777 West Putnam Ave. -- Gateway Park Associates, LLC to 777 West Putnam Ave., LLC, $38,583,000 warranty deed.

Screen Shot 2012-01-13 at 4.46.39 PMAugust 9 and August 15:

  • 58 Bowman Dr. -- Kay Tiong and Helen Oen to Andrew and Jennifer Gatherer, $950,000.
  • 26 Buxton Landing -- Robert Gee to Harriet and Christopher Parker Jr., $1,045,000.
  • 36 Byram Shore Rd. -- Judith Catalano to Mary Anne and Philip Catalano Jr., $750,000.
  • 12 Chieftans Rd. -- Daryl and Lauren Sims to Alan Finkelstein and Stephanie Feldman, $2,650,000.
  • 106 East Elm St. -- John Antonaccio to John Antonaccio as trustee, $646,422.23.
  • 106 East Elm St. -- Carol Antonaccio to John Antonaccio as trustee, $646,422.23.
  • 10 Edgewood Dr. Unit 1A -- Kristine Dockerly to Gustavo and Maria Ferraro, $2,400,000.
  • 465 Field Point Rd. -- Ann Sweeney to 465 Field Point Realty, LLC, $2,500,000.
  • 54 Havemeyer Ln. -- Christopher and Jennifer Pignataro to Isaac Barrocas and Beth Richman, $1,210,000.
  • 48 Hawthorne St. North -- James Andrew Lee and Gretchen Crist Lee as trustees of the Lee Family Trust to Steven Napier and Tasmini Mocke, $800,000.
  • 50 Hidden Brook Rd. -- Joshua and Andrea Woodruff to Craig and Karin Picket, $2,435,000.
  • 55 Londonderry Ave. -- Alan Scott Bradin as executor to 55 Lockwood Ave., LLC, $1,275,000.
  • 11 Londonderry Dr. -- Thomas and Dara Miles to Yale Levin, $1,300,000.
  • 98 Lower Cross Rd. -- Sarah McKenna to Jonathan Geller, $2,050,000.
  • 20 Maplewood Dr. -- Linda Coletti and Patricia Ln. to Global Real Estate USA, Inc., $855,000.
  • 36 Meyer Place -- Mollie Vernon and Catherine Otto to Ali Rahimtula and Nicole Anderson, $800,000.
  • 21 Mountain Wood Dr. -- Sandra Berris to Jonas Grossman and Cari Hamlet, $2,800,000.
  • 74 Old Orchard Rd. -- Samuel and Gabriela Villegas to Lawrence Tanenbaum, $2,200,000.
  • 11 Partridge Hollow Rd. -- Karen Keegan to Carl and Merritt Schlanger, $1,600,000.
  • 69 Riverdale Ave. #504 -- Riverstone TC, LLC to Joan Stone, $749,000.
  • 584 Riversville Rd. -- The Estate of Raymond W. Zrike and The Testament Trust Under the Last Will and Testament of Jean Z. Zrike to Ryan Bassett, $1,375,000.
  • 23 Shore Acre Dr. -- Susan Ellis to Carlos Galindo del Rio and Maria Aspillaga, $1,562,500.
  • 16 Split Timber Place -- Laurelle Bittman-Macreeu and Charles Bittman to Melissa Perrucci, $1,325,000.
  • 313 Stanwich Rd. -- Laura and John McCloy II to James and Ann Lansing, $3,255,000.
  • 320 Valley Rd. -- RMS Valley, LLC to Larry and Cecilia Bailey, $1,725,000.
  • 29 Arnold St. -- Christopher Tice and Alyssa DeSimons to Marc and Lori Albert, $1,025,000.
  • 28 Brynwood Ln. -- Ulster Savings Bank to Mechelle and David Moran, $2,050,000.
  • 40 Coach Lamp Ln. -- Sharon English and James Belluscio as individuals and as trustees to Mark Lu and Sharon Lynn, $955,000.
  • 66 Glenwood Dr. -- C. Bradford Barber and BNY Melissa N.A. as executors and as trustees to 66 Glenwood Dr., LLC, $5,100,000.
  • 2 Griffith Rd. -- Kristen and Frank Ingarra Jr. to Joshua and Michelle Vogelhut, $1,225,000.
  • 25 Havemeyer Ln. -- One West Bank FSB to Marina Girshin, $481,180.
  • 7 Hendrie Dr. -- Roland and Janet Klingner to James and Ann Leahy, $2,200,000.
  • 11 Lafayette Court #5C and Garage #91 -- Byron A. Allen III to Mary and David Iles, $510,000.
  • 4 Linwood Ave. -- Suzanne McCue to Sandra McCue, $805,000.
  • 49 Lockwood Ln. -- Joseph and Angela Socci to Guillermo Gomez, $1,291,000.
  • 15 Old Kings Highway -- 15 Old Kings Highway, LLC to Gregory Riche and Vanessa LeCorps, $816,000.
  • 239 Palmer Hill Rd. -- William and Ann Dynan to Hani Jamjoom and Rusha Alyafi, $1,175,000.
  • 75 Sheephill Rd. -- Michael and Eileen Kiraly to Hermann Lai, $825,000.
  • 91 Valleywood Rd. -- Fredric and Nicole Cranberg Crosby to Karen Karuse, $1,700,000.
  • 25 West Elm St. Unit 16 -- Marilyn DiGiorlamo to Robert Robins, $589,000.
  • 111 West Lyon Farm Dr. -- Mariette Walker Ladd and Delano W. Ladd Jr. as trustees of the Mariette Walker Ladd Revocable Trust and the Delano W. Ladd Jr. Revocable Trust to James and Gabriale Tai, $700,000.
  • 10 Whiffletree Way Silo Hill Condominiums Unit 12 -- Robert and Elise Elliott to Nancy Strohmeier, $735,000.

August 16 and August 22:

  • 29 Arnold St. -- Christopher Tice and Alyssa DeSimons to Marc and Lori Albert, $1,025,000.
  • 28 Brynwood Ln. -- Ulster Savings Bank to Mechelle and David Moran, $2,050,000.
  • 40 Coach Lamp Ln. -- Sharon English and James Belluscio as individuals and as trustees to Mark Lu and Sharon Lynn, $955,000.
  • 66 Glenwood Dr. -- C. Bradford Barber and BNY Melissa N.A. as executors and as trustees to 66 Glenwood Dr., LLC, $5,100,000.
  • 2 Griffith Rd. -- Kristen and Frank Ingarra Jr. to Joshua and Michelle Vogelhut, $1,225,000.
  • 25 Havemeyer Ln. -- One West Bank FSB to Marina Girshin, $481,180.
  • 7 Hendrie Dr. -- Roland and Janet Klingner to James and Ann Leahy, $2,200,000.
  • 11 Lafayette Court #5C and Garage #91 -- Byron A. Allen III to Mary and David Iles, $510,000.
  • 4 Linwood Ave. -- Suzanne McCue to Sandra McCue, $805,000.
  • 49 Lockwood Ln. -- Joseph and Angela Socci to Guillermo Gomez, $1,291,000.
  • 15 Old Kings Highway -- 15 Old Kings Highway, LLC to Gregory Riche and Vanessa LeCorps, $816,000.
  • 239 Palmer Hill Rd. -- William and Ann Dynan to Hani Jamjoom and Rusha Alyafi, $1,175,000.
  • 75 Sheephill Rd. -- Michael and Eileen Kiraly to Hermann Lai, $825,000.
  • 91 Valleywood Rd. -- Fredric and Nicole Cranberg Crosby to Karen Karuse, $1,700,000.
  • 25 West Elm St. Unit 16 -- Marilyn DiGiorlamo to Robert Robins, $589,000.
  • 111 West Lyon Farm Dr. -- Mariette Walker Ladd and Delano W. Ladd Jr. as trustees of the Mariette Walker Ladd Revocable Trust and the Delano W. Ladd Jr. Revocable Trust to James and Gabriale Tai, $700,000.
  • 10 Whiffletree Way Silo Hill Condominiums Unit 12 -- Robert and Elise Elliott to Nancy Strohmeier, $735,000.

August 23 and August 29:

  • 5 1/2 Benders Ln. -- Deborah Higgins to Lee Handelman and Kathleen Reardon, $805,000.
  • 33 Boulder Brook Rd. -- Eric and Tracey Johnston to Robert and Sarah Russo, $5,050,000.
  • 10 Boyd Ln. -- Josef and Ilanna Schwalbe to Nina Restieri, $2,112,500.
  • 5 Butler St. -- Mary Ellen and Anthony Bucci Jr. to 5 Butler St., LLC, $842,100.
  • Lot 73 Chestnut St. -- Charlene and Jesse Shultis Jr. to Thomas and Barbara Murphy, $12,000.
  • 8 Dempsey Ln. -- Jennifer Lipschultz to Iain Leigh, $7,375,000.
  • 93 East Elm St. -- The Estate of Wilhelmina Hooymans Mulcahy Kleppinger to Two Elms, LLC, $1,950,000.
  • 40 Ettl Ln. #19 -- Lorenne Marden to Kumi Takano, $780,000.
  • 13 Field Rd. -- Edward Kalpa to 13 Field Rd., LLC, $700,000.
  • 7 Park Ave. -- Helene Rovito to Marilyn Tanner, $1,500,000.
  • 183 Putnam Park -- Joan Binkerd to Piera Laurino, $415,000.
  • 2 Revere Rd. -- Gail Friesen to Xi Chen and Wenli Guo, $1,250,000.
  • 17 Rex St. -- Andrew and Jennifer Gatherer to Adam and Kathleen Hanley, $640,000.
  • 9 Shore Acre Dr. -- Adrian Duffy and Aoife Miller to Adam and Kelly Vos, $3,051,880.
  • 82 Silo Circle -- Marcelle Fuller to Jesse Tron, $607,500.
  • 169 Stanwich Rd. -- Sally and Gordon MacKenzie Jr. to Howard and Janel Alexander, $1,675,000.
  • 24 Sunset Rd. -- Nina Restieri to Peter and Janet McGuigan, $3,137,500.
  • 33 West Putnam Ave. #2B -- The Estate of Salli Reid Gorrick to Philip McKnight, $617,500.