Bestest house on the bestest street! Trust me, I'm a Realtor!
My goodness – two years after being told I was “toxic” and unemployable by a now-former editor, the Greenwich Time has figured out that there’s a market in dead real estate after all, and is publishing a special edition on “bargains” next Sunday.
My guess is that, since they never called me or any other objective real estate agent I know, that this will not be a real news article with unbiased views but rather a product of their advertising department, where every over-priced dog lingering in Realtor’s inventory can, for a fee, be highlighted as a new bargain.
That’s just mean speculation on my part, but wait ’til Sunday and see if I’m right. I’ll be taking bets at The Ginger Man beginning at 5:30 tonight.
The moment you quit being “toxic” is the moment I quit visiting here.
Thank you. I’ll quit, too.
Just take care and make sure no one slips anything toxic into your drinks this evening, Chris.
You wouldn’t want to be doubly intoxicated, would you?
takes ‘toxic’ to cut through the rust
Has it really been two years already? Time flies…even if housing “bargains” do not.
I kind of stumbled across this rather entertaining site. My first thought was how does one have the time to post so much information, so frequently to a site like this, and still maintain some sort of employment. I suppose the recently reported 20% drop in sales in real estate transactions in Greenwich in 09, explains some of it. An overabundance of real estate agents, shrinking selling prices, and significantly fewer transactions usually does not equate to an agent being particularly busy I suppose. No signs there is going to be any change anytime soon. Last Spring I watched with glee on the sidelines as the sellers waited for that Spring buying frenzy that never came. Well, its most likely coming this Spring. Prices will jump up 10-20% and people will be able to sell that house they significantly overpaid for in 2007. Just like last Spring.
I am on the other side of the fence, recently sold a house in upper Fairfield County. Had it on the market for close to a year, one offer that the Realtor did not know how to handle properly. After dismissing two agents over a 1 year period, I sold the house on my own, at a lower selling price sans listing agent or broker, through FSBO. Netted more money, and sold the place for less. This is advice I would give everyone the first thing you need to chop is the agent, they bring very little value, and chopping that unneeded expense will allow you to lower your selling price without effecting your net proceeds. Everyone knows a lower price sells. I have not heard that advice on this board, a lot of suggestions that sellers should just lower their price. I got this advice a lot when I had my house listed too.
After selling my place FSBO, I sat on the side lines like a hungry lion looking, waiting for the right buy in Greenwich. The rental house I was in was owned by a desperate Greenwich housewife, who couldn’t sell it, couldn’t afford to keep it, and couldn’t live in it, after marrying and buying yet another overpriced house. I saved her pathetic existence by paying her a significantly lower rent payment than what she was asking. This of course after the house sat empty, no takers for almost 5 months. No lease of course wanted a month to month so I could pounce on the foreclosure when it showed its beautiful self. I did agree to show the house to the very few agents that came to see it. Those showings averaged about 20-30 seconds each. Two open houses, no attendees, pretty funny.
Found a very nice bank owned place in Greenwich, pounced on it, offered and paid in the high $400K, probably too much. But hopefully set a new record for the lowest price paid in Greenwich for a decent, 3 bedroom 2 bath livable cape. This after the bank did $16K worth of repairs, paid for my title insurance. Previous owner paid low $700K. I bought the house because I needed an affordable place to live, not because I think its going to be worth more one day. That is the problem, you live in houses now, can’t be viewed as anything else. At 4.99% fixed rate mortgage and 20% down payment I am living in Greenwich for next to nothing. In five years if I get my high $400K investment back I will be happy.
Interesting my appraisal, which by the way used only foreclosures as Comps, came in higher than the selling price. The assessment, which I never really see as an indicator of value, but this board does is in the mid sixes. I love my foreclosure house been living here for about 2 months now. Everything works, the rain stays out, can walk to OG train. For some reason, my new neighbors don’t seem to be too friendly. No apple pies delivered, no greetings, nothing. One guy makes an attempt to wave, the other just turns their head as to avoid making eye contact. I’m happy to be in Greenwich.
Which house nearish OG station sold for $400′s? Did ‘Bored’ buy in Stamford from that Brooklyn Bridge seller?
I can’t recall anything in the Greenwich school district which sold as a Cape. Can you refresh my memory?
Not really sure what “brooklyn bridge” seller you are referring to. But I did buy my foreclosure from a West Coast based bank, that inherited a portfolio of bad mortgages from an FDIC insured Mid West bank that became insolvent last spring. Quarter acre lot, far from 95 so no noise, some improvements had been done by previous owner, who apparently was a local RE agent who bought place thinking he was going to make some easy money. House even came with decent appliances and fixtures, the previous owner didn’t sell them prior to giving the place back to the bank.
I am happy to pay under $500K for a 3 bedroom, 2 full bath home in OG. Got a sweeatheart deal on a mortgage after pitting two banks against each other, and deciding at the last minute which one to go with. Sure I paid for two appraisals, but in the end I saved because both banks were so hungry for the business, they dropped their draws to get it. Zero points, under 5% fixed mortgage, combined with hefty down payment and super low property taxes, means it was cheaper to live in OG than in Westport, Norwalk or Stamford and maybe the Bronx. I even got an OG parking pass within 3 weeks of closing on my house. Not as many people commuting I suppose if they don’t have jobs.
Bored,
Someone offered me the Bridge recently. Chris gets all sorts of readers.
So what road did you buy on?