Daily Archives: September 18, 2009

And a few price cuts to get us into the weekend

37 Maher Avenue

37 Maher Avenue

This lovely house sold in a bidding war in 2005 for $2.811 and, after extensive renovation, was put back up for sale in 2008 for $6.950. That’s a big price for Mahr Avenue, Halloween vandals notwithstanding, and no one bit. Today it’s back at $5.495 which is still a lot of money but less than before. Hey, if you don’t ask, the answer is “no”.

That fellow who lost $600 million on his John Hancock buy up in Boston earlier this year, and a few million on a spec lot in Khakum Wood (Broadway Partners, maybe?) is still trying to undo his mistaken purchase of the old Victor Borge place at 112 Field Point Circle. He paid $25,750 for it in 2007, tried getting $35 million for it a short time later and today has dropped it to $20.750. But can he escape for a mere $5 million? The assessment is $16 million, and that feels like a pretty good number to me.

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Make that six contracts this week

One more contract snuck in at the bell. 108 Park Avenue in Greenwich, which I mentioned earlier this week was supposedly under contract, is indeed with buyer. Started in the mid-$5s, dropped to mid-$3s, I notice that the listing agent found the buyer. Could that explain why another offer (lower than the accepted offer, no doubt) was rebuffed with no attempt at negotiation? Oh come on, only a cynic could believe that.

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Weekly sales activity

We’re now through the third week of the fall selling season, so let’s see how we did this week. Uh oh.

Just five contracts in five days, and none of them are going to serve as a Viagra pocket rocket for those sellers holding out for a return of high prices.

Here are all five contracts, (with my guess as to ultimate selling price in parenthesis):

71 Richmond Hill Road – Originally asked $4.050 in 2003, dropped to $2.995, ($2.2?)

91 Meadow (Rvsd). Started at $4.2 in 2007, dropped to $2.469, ($2.1?)

19 Indian Field Road. Sold (bidding war) for $770 in 2005, listed at $799 in ’08, dropped to $679. ($645?)

148 Lockwood (excellent house) asked $1.525, dropped to $1.350 ($1.275?)

14 Peck Avenue. Paid $569 in 2007, asking $399 in ’09. ($375?)

My advice is that if you really want to or need to sell your house before next spring, you have about six weeks to slash its price and move it. Failing that, sit back, wait for March and hope for good things.

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Swine flu fizzles, virus stocks collapse

Y2K. “Vaccines for H1N1 is a hot topic, with a lot of unscientific sentiment, trials and competition,” said Chiang Yi-chien, a fund manager at Prudential Financial in Taipei, who helps run the firm’s Global Bio-Health Fund. Not all vaccines will succeed and “once H1N1 is contained, shares will be very risky to hold. Even those with government orders, the government will not renew the contracts once the virus is controlled.”

It’s already contained and all that’s left is a cacaphony of hooting and hollering as virus profiteers – scientists, government agencies and stock traders try to keep it alive long enough to cash out. I can hardly wait for the day when I read that Al Gore and his global warming companies have filed for bankruptcy.

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Oh dear, another black eye for the religion of peace

Colorado / NYC subway bomber admits Al Qaeda ties, will plead guilty to terrorism. You don’t say.

This is the story that the New York Times buried in its metro section and then ignored. Won’t its readers be surprised tomorrow morning? No doubt they were pursuing “more important stories” as they claimed when they ignored the Van Jones story (which truly was an unimportant story, but fun, nonetheless).

UPDATE: Nothing on the Times web site as of 4:20. This is obviously not news fit for its readers’ eyes.

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It’s the stupidity, Senator

In France, dairy farmers are crying over spilled milk – the price is too low! In Vermont, Senator and Socialist Barry Sanders is, according to an NPR report this morning, convening an antitrust inquiry into milk wholesalers who, he insists, are responsible for the low prices for milk in Vermont and not silly matters like supply and demand. Here’s a press release from the good Senator’s office outlining his thinking. I wonder what he attribute’s France’s woes to?

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Hey, with those Steamboat condos selling like hotcakes, why not a single family home?

A new 6,000 sq.ft. single family house on Steamboat Road has just been listed for $8.750 million. It says it enjoys direct waterfront, which is an advantage over the similarly-priced condos down the street that overlook the old Greenwich Capital building, so perhaps this one will leap off the market. I haven’t seen it. A neighbor isn’t impressed, but are they ever? Sour grapes, says I.

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