Daily Archives: July 9, 2008

Here’s a price reduction for you
45 Baldwin Farms South was brought to market in January for $9,750,000. Very nice house but an inadequate yard, in my opinion, for that price range, and stuck on a flag lot (long narrow driveway that runs forever before finally reaching the lot itself). Today it was reduced 30% to $6,995,000, or nearly $3,000,000. Not necessarily a sign that the market is collapsing, because, as I said, I never liked its original price, but that’s a heck of a whack. For you price per square foot fans, it’s a drop from $1,000 a foot to $715. I still wouldn’t call it a bargain, but its builder is obviously eager to sell.

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The end of my air travel
I thought this idea (electric shock bracelets for all airline pasengers, in case the link doesn’t work) was a joke. But at Homeland Security, there is no laughing, ever.
http://www.washingtontimes.com/weblogs/aviation-security/2008/Jul/01/want-some-torture-with-your-peanuts/

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Filed under Buying/Selling Greenwich Real Estate

Market Timing
One reader points out that, if prices are likely to continue falling for the next year or two so it’s better to sell now, than then. Another asks the entirely sensible question, so is this not the time to buy? The best answer I can give is, “who the hell knows?”. If you want to sell your existing house and buy another, you might as well do it now. If you don’t have a house to sell, waiting a year could yield some financial benefits. But people go broke trying to time their Wall Street investments and you could hurt yourself trying the same thing in real estate. What I’ve always suggested to my clients is that they look at a house as a place to raise a family and find shelter from the storm. If you want or need a new house and find one you like go ahead and buy it now. Prices have dropped and most (many, anyway) sellers are realistically flexible. If you don’t need a new house right now, you might want to wait to see what happens over the next year. One caveat: the home lending market seems to be falling apart and, a year from now, you might find it much harder to obtain a mortgage.

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