Daily Archives: April 23, 2010

Your $6 billion tax dollars at work

National Science Foundation employees, including top executives, spent most of their time viewing porn. $6 billion a year for these people.

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This probably explains the original price of Leona’s

Candy Spelling's house in LA

Free publicity for “The Most Expensive House in America” Today, it’s Candy Spelling (widow of Aaron) who’s on top at $150 million. Some years ago, it was David Ogilvy’s listing of the Helmsley place for $125,000,000. That price is now down to $55 million and doubtless headed lower, but there’s nothing wrong with grabbing the attention of the main stream media.

But all that attention hasn’t sold Helmsley’s place and I doubt it will work for Spelling. Good press for the listing brokers, though.

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Where are we?

I’ve long considered the Hamptons a bellwether of Greenwich real estate because it’s the same Wall Street types buying second homes out there who buy primary residences here, and sales there are skyrocketing. A former colleague of mine, writing in today’s Greenwich Citizen (no link available) swears that, if you don’t buy now, you’ll regret it.

But there’s no sales activity to support that theory. From what I see, if you’re looking in the under $2 million category, there is indeed an active market, and if you hesitate, you  may lose a house you like. Above that range, I don’t see the rush. I think that’s because of the difficulties of obtaining big mortgages, but I’m not sure. All I do know is that a few high-end houses are selling to buyers who don’t need financing (which may explain the Hamptons sales) and lots of lower-range houses are selling to people who can get mortgages. Everything in the middle is just sitting.

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I don’t see this as good news

21% of working Americans fear they’ll lose their job this year.

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Barry Ritholtz says Goldman’s in deep pudding

I don’t know the man, but he presents a compelling argument that Goldman Sach’s difficulties are worse than most commentators (including this mousey little one) have suggested.

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Just saying

Riverdale condo (Port Chester line). Original ask, $899,000. Sold, $708,000.

10 West End Avenue, Old Greenwich. Original ask, $2.3, sold, $1.275.

Manero’s condo – original price, $8.750. New price today, $6.950

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I’m telling you, the market’s still dead

I know all my colleagues are abuzz with tales of incipient activity, but we’re not selling squat. Here’s a new listing though, from a buyer who seems to get it.

33 S. Baldwin

Nice house, 7,000 + square feet, right on the pond. Sold for $4.625 in 2004, appraised at $4.075, listed today for $$3.995. Smart seller, smart agent.

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