Daily Archives: September 10, 2008

44 Riverside Avenue
This is a very nice house but you can reach out the back window and pat the roofs of trucks wizzing past on I-95. It last sold for $890 in 2005 (after initially asking $1.249) so the new sellers aren’t asking for the moon here ($1.075) but, unless the highway has shifted north since they bought it, the problem remains.

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Going for broke?
The same builder who brought new price records to East Elm Street for condominiums has listed a single family home at 110 E. Elm at $8.5 million. I’m dubious but if I had his business acumen I wouldn’t be working at my advanced old age, so I wish him well and good luck.

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10 Andrews Road
A reader inquired about the status of this listing and despite my vow to engage in nothing but happy talk for the next few days, I looked it up. Ooops! It came on asking $6.495 last year and sold this year for $4.850. Even at that, I think the builder was lucky, given the lack of yard and the odd layout of the place. But as I’ve said before, a lot of these drastic price reductions are not a reflection of a bad market but instead, a voice of reason answering ridiculously optimistic sellers’ dreams.

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Beauty is in the eye of the beholder

Someone just posted the following comment regarding the house on Sheephill Road:

Terrible location/neighborhood? Are you kidding? Convenient an close to everything, and quite a few houses around the corner on Riverside Lane were listed and/or have sold in this very same price range.

In five years, the whole street and neighborhood will look just like this house. Why beat up the owner for being first and smartest for having the vision to tear down an obsolete house?

I don’t disagree, nor do I think that the Havemeyer Lane house I mentioned is a terrible buy. But the historical fact is that houses north of the Post Road in Riverside and Old Greenwich have never sold for what their neighbors to the south have. “Pioneers get arrows” one builder told me when he refused to buy property on the then-undeveloped Dialstone Lane. He saved his money but lost a great deal because the guy I did sell it to renovated and sold the first property on the street to exceed $1 million.

But if you’re going to go where no one else dares to tread, be prepared to wait awhile before your judgment is confirmed.

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Why are these men laughing?
Guess who took in the most money from Fannie Mae?
Top Recipients of Fannie Mae and Freddie Mac
Campaign Contributions, 1989-2008

Name
Office
Party/State
Total

1. Dodd, Christopher J
S
D-CT
$133,900

2. Kerry, John
S
D-MA
$111,000

3. Obama, Barack
S
D-IL
$105,849

4. Clinton, Hillary
S
D-NY
$75,550

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According to our daily paper,
town lobstermen will be targeting terrorists. Great idea, if it gives the guys a place to moor their boats under the Mianus bridge but I seem to recall that the last time that bridge fell it was due to home-grown terrorists: a negligent state government and slip-shod inspection techniques.

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Ignoring 100 years of fulsome editorials,
the NY Times fires 550 unionized workers

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