Fancy Meeting You Here!
Not the way I figure things but he has just lowered the price of his unwanted house on Meeting House by a million dollars (actually, today saw the second of two $500,000 cuts) so that you can now dine where he did for just $4.9 million. Or less – who knows?
Judging from some sellers’ reaction to low bids (and I am not saying Mr. Philbin is one – I’ve never met the man), a price cut is money out of their pocket, rather than an acceptance of reality. To use this house as an example, it was clearly not worth $6 million when it was listed or someone would have bought it. If someone now comes along and offers $3.9 million, that’s not a $2 million haircut – it’s an offer.
Update: it’s also for rent at $8,000. The calculator says that with 85% down, 6.125% interest on the balnce and $25,000 in taxes and 5% appreciation a year you can pay 3% more each year in rent and always come out ahead renting instead of buying. Hmm.
For What It's Worth 
reg left bedford or as he called it deadford to move to this remote , maybe scary dark at night lonesome part of north greenwich. this house was even featured in arch digest a few yrs ago. reg has come a long way from bronx and his boyhoood old neighbors like freakin finelli.
Which lender is offering a 6 1/8, 15% down non-conforming loan in a market classified as distressed?
I haven’t checked local rates with the Greenwich Raveis mortgage guy, Mark Hawkins, in a few weeks, but last time I did, jumbo loans were in the 6s. But I was using 85% down, not 15% – you lose the tax deductiuon after a million or a million one and a lot of rich folks I know just take the maximum mortgage for the deduction and pay the rest.
” . . . you can now dine where he did for just $4.9 million.”
Valbella’s for sale???
That’s funny, OG. Speaking of which, what’s happened to “Suzy”, the Greenwich Post lady who seemed to spend all her time under the tables at Valbellas checking out what Regis and Cathy Lee were eating? Her column’s been disappeared. Darn.
Wait a minute! You were just on ABC 7.
Now your talking about Regis. Can we find you sitting in front of the boob tube @ 9 am waiting for Reg & Kelly to talk about you? Or are you expecting Gelman to blog an invitation to you to arrive in person to help sell the place?
Do you want more than your allotted 15 minutes of fame? I’m flaborgasted! Cheesy PR ploy in a slow realty market.
Mr. Cinocal
I was a lawyer, Cinocal – I had my business cards laminated so that the blood at accident scenes wouldn’t blur the ink. And you think I’m capable of some cheesy PR ploy? I am hurt and deeply disappointed.
talk about regis house in your blog and regis talks about you on national tv. pr ploy. this is something even mr. cinocal would raise an eyebrow about. were you on channel 7 already this week? we know why your blog is not updated between 9 to 10 am each morning-you are waiting for regis or kelly to talk about you or do you plan to be a guest?
hey can I book you and mr. cinocal some morning? Good blog. I like all your “characters”. They make me laugh in this sea of misery.
The current rental prices are so low and out of whack with the carrying costs of these houses that it is a huge contibuter to the reluctance in our buyers out there.
One of my clients in OG, renegotiated an $11,500 lease down to $7500 this year. When we signed the lease nearly three years ago we agreed to an escalation clause, and this year the lease should have been $12,000.
He was thinking about buying but now, why on earth would he bother?