Daily Archives: July 29, 2008

The bag lady is singing

I have a friend at a liberal New York magazine who is convinced that global warming is about to bring our doom so the link above is for you, Nick! I continue to side with that master of doom, Glen Reynolds, who says, “I’ll believe that we’re facing a crisis when the people preaching that act like it”. So when Al Gore gives up his private jets, when Edwards leaves his love child and mistress and returns to North Carolina (by train) to raze his 26,000 mansion and Barbara Streisand starts hanging her wash out to dry in Beverly Hills, I’ll believe. Until then …

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Off to see open houses

Not much new on today. Leona Helmsley’s place is open again to us agents but I’ve seen it once and, while it’s very nice, I don’t have any customers in her $125,000,000 price range so I think I’ll pass this time. Those statistics I posted yesterday were so depressing that my manager told me that she was not going to pass them out at today’s sales meeting for fear that everyone would run into the street and beg to be run over. Ah, it’s just a cycle. Just like automobiles or airplanes, these things go round and round, up and down. The uncertainty – how down will we go, and for how long? – is what’s whacking the market right now, but we’ve seen it before and we’ll see it again.
In the meantime, if you’re a buyer and have access to cash or a mortgage, you’re king.
More after the tour.

Update
Well that was quick (quicker than writing this update, which disappeared down the rat hole when I tried to post it). One decent house in north western Greenwich on a beautiful acre and asking $1,499,000 which I think is pretty good. I’ll have pictures and a write up of it soon. Other than that, we were treated to a Belle Haven house that sat unsold for a full year at $16,800,000. It now has a new broker and a new price, $14,250,000, but I don’t think that will do the trick either. “Belle Haven premium” notwithstanding, I suspect that, at this price, the house will still be here a year from now. Another house, on three close-to-town acres, offers either a total renovation project or is a tear-down. Asking more than $9,000,000, it too will probably continue to linger. All in all, current sellers seem to be ignoring Dr. Johnson’s warning about second marriages which he described as “the triumph of hope over experience.”

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