Daily Archives: October 9, 2008

Spindletop
Wow! A contract! Sort of, maybe.
4 Old Round Hill Lane was reported today as under contract, which must be a relief to its builder who first placed it for sale in May, 2006 at $14.5 million. Last asking price was $10.995 million and I think we can guess it went for less than that. But, while the contract was officially posted today, it was signed on September 3rd, a long, long time ago, far, far away and in a deteriorating but still different market from the present.

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So much for that $25 billion, bar keep. Add it to my tab.
GM sales slump, stock price plummets

Update: Stock price is lowest since springtime, 1950. Would you lend money to a company like this? You just did.

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Harry Reid is boring – this is exciting, in a sick sort of way. Dow below 9000

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384 Round Hill Road
One good thing about a dead market
This 1745 house on 6 + acres of meadows and lawns is being marketed as land or residential at, naturally, the same price: $4,850,000. In a better market it might have been snapped up by a builder by now but it hasn’t. I don’t happen to have this kind of money around but if you do, and want to save this house, here’s your chance. And, because of current market conditions, you probably have some time to do so.

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Confusing moments in advertising
Priced at $4.55 million in November of last year, this house has slowly drifted downward, changing agents as it sank. Today it’s back as a “new” listing (new after the original listing expired yesterday) at a “new” price (same as the last old price) of $3.6 million. Here’s the part I don’t get: the listing says,

UNBELIEVABLE VALUE, INVITATION TO BRING ALL OFFERS.

Isn’t “unbelievable value” undercut a bit by following with “bring all offers”? I say, make up your mind.

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Timber?
The Royal Bank of Scotland’s stock is down 82%. CEO Fred Goodwin, who got the bank into this disaster, is on his way out:

“His credibility is shot to bits,” said Ken Murray, CEO of Blue Planet Investment Management in Edinburgh, where RBS also is based. He has no holdings in any U.K. banks. “Acquisitions are a risky business and they cost a lot of chief executives their jobs. If you get it wrong, you’ve got to go.”

But what’s going to happen with RBS’s still uncompleted, 600,000 square foot headquarters in Stamford? The state piled a lot of our money into this deal in anticipation of 3,000 new jobs, $204 million in tax revenue over ten years and $1-2 million per year in City property taxes. Sure hope neither budget, state or municipal, was counting on that because if the stock’s worth nothing, I doubt the headquarters will be all that busy.
Update: It was a bit more than “a lot of our money” diverted to RBS. Connecticut gave them $100 million in tax credits . I hope they appreciate it.

Update (10/11/08): Britain to take control of RBS Monday. I wonder if the Queen will want an office building in Stamford?

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Harry Reid greets American public
Harry Reid says Radio Host is racist for tying Obama to Fannie Mae Exec., Franklin Raines
At least one of my readers thinks that there is a racist opposition to her candidate, Barack Obama. Who knows? She may be right. What I posted earlier is that it’s getting boring to hear, endlessly that McCain, Palin and anyone else who opposes the Messiah does so because of racist hatred. An ad against Obama’s friend and advisor, disgraced, fired and fined Fannie Mae CEO Franklin Raines? Racist. Another ad, released 12 hours later, against Obama friend and advisor, disgraced, fired and fined Fannie Mae CEO Jim Johnson? Silence on that one, because Johnson is white. This is stupid. And tiresome.
Obama only served 186 days in the US Senate before beginning his campaign yet he’s already second in campaign contributions received from Raines and Johnson’s personal piggy bank, Fannie Mae (our own Chris Dodd leads the hogs at the trough, but heck, he’s had years to stretch out his hand). Google Obama and contributions from Raines and you’ll see that Raines was doling out cash to Obama at least as early as 2004, when Obama was a lowly state senator in Illinois. So is it fair to assert a link between Raines and Obama? I think so. If you disagree, that doesn’t make me a racist.

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