The state of the market

I was out showing houses today (actually, my partner Cathy Farricker was doing the showing while I just tagged along) and I was impressed by what we saw. More important, so were our clients. We saw a number of houses that had started out at $3 million or so and are now down below $2.5.  That’s pretty good, especially the one that sold for $3.2 at the height of market, had $600,000 in renovations performed as is now at that magic 2 1/2 million figure. (I’d give its address but my clients really liked it and i don’t need the competition).

There’s probably still more room for price reductions but it’s been heartening these past couple of weeks to have a pretty good invemtory of reasonably-priced houses to show clients. Buyers want value and if I can show them that then everyone’s happy. I’m cautiously optimistic that we’re going to have a good spring market.

15 Comments

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15 responses to “The state of the market

  1. Jane

    Let Cathy do the heavy lifting, please.

  2. Maybe you’re just in a good mood from the tranquilizers.

  3. Good Lord. Fountain goes into the hospital and comes out– an optimist? And Walt writes a comment we can only interpret as affectionate? What is this, some sort of chronosynclastic infundibulum?

  4. Anonymous

    Copper Beach- My guess is you will have competition there.

  5. Walt

    Dude Man –
    You know how to play this, right? You don’t have to do dick for the foreseeable future. You understand that, right? Don’t screw this up.

    Your kids? It’s payback time for the rugrats!! Make them shop, cook, do the laundry, maybe even paint the house. You can guilt them into anything right now, SO DO IT!!

    Fudrucker? He does all the showings. And splits the commissions with you. ( I know, he won’t actually sell anything, but I am trying to cheer you up). Plus have him bring you lunch.

    The Gar Princess? Now is the time to strike. Tell her what you want. She can’t give you any lip while you are in a recuperative state. Trust me. You have a get out of jail free card right now, SO USE IT!!

    Depression? I don’t buy that. It’s all how you look at things, Dude. You got a love tap from God. He didn’t toss a knockout punch. He is doing you a favor. Really. And He is going to make you appreciate things more. So how cool is that? You get a do over!! So don’t FU** it up. Sell the snowblower.

    And ban Hiram, Pierre, Chief Satchem, and the 400 other aliases that proof and post copy boy goes by.

    Want to do brunch? I feel like bacon and eggs. I will bring you a celery stalk. Silly Wabbit!!

    Your Pal,
    Walt

  6. Mid Country

    Assuming we are talking about the same house at $2.595MM, your clients should move quickly. I have 2 friends from Manhattan thinking of bidding, and no I am not a realtor, but I live nearby. That is a bargain.

  7. Brain Transplant

    Are you sure they didn’t rewire your brain. The Greenwich market sucks. It is boring. There is no character anymore, just oversized vehicles cloggingthe tiny roads. Houses are a quarter to half million overpriced. You are a cowardly lion. Tell the truth. Didn’t that character need a new heart! Pessimistic about your territory.

  8. Brain Transplant: I didn’t want to live in Greenwich nearly thirty-years ago when we decided the city-life was no longer for us. The Greenwich Women were WAY to in to themselves for my tastes. The Men, OMG, it was always a contest of who had the longer and faster or bigger ______(fill in the blank with any word that works!)
    But now, tired of playing financial suicide living in Westchester County, I am planning to make the jump-shift to Greenwich. I am beside myself with terror that I am making a huge mistake, especially when you say there’s no character anymore. For me, a town has to have Soul. Character. Or I can’t live there.
    Who among you is going to tell me Brain Transplant is all wrong before I drag Chris out to show me all these deals he’s talking about??

  9. Walt

    EOS –
    Brain Transplant happens to be correct, even though he ripped me off, when I suggested earlier Weasel Boy needed a head transplant. See my earlier post.

    Anyhows, while he lacks originality, his point is never the less, correct. Too many people in this town have a giant stick up their ass, and think they fart roses. They are rude, obnoxious, and think they are better than others. Why? I don’t know!! Maybe because they are assholes, don’t realize they are lucky, and they are not better than anyone else? That could be it. Let me ponder it some more.

    But this is what this town really needs:

    It is probably better suited for Stamford, but it may work in Cos Cob. What do you think Dude? I think it’s a winner. Just not sure we can find those hottie waitresses around here. And no food for you!!
    Your Pal,
    Walt

  10. Walt

    EOS –
    I forgot to play your fill in the blank game. Can I still give it a shot? How are these?
    Mommy?
    Penis? Can I say penis, Dude? If not, just change it to chubby. Thanks!!
    Wallet? That always seems to fit.
    Au pear? Au pair? Two pair? The hottie chick that takes care of kids!! That is worth bragging about. Lose the hause fraue… Keep the Nanny. Godfather Dude!! Think cannolli’s.
    Your Pal,
    Walt

  11. just_looking

    @ Walt,

    I already gave CF a $200 bid for the snowblower. Still open on it.

    http://christopherfountain.com/2011/02/24/thank-you-all/#comments
    just_looking
    February 24, 2011 at 11:45 pm
    In the interests of keeping you healthy I am a $200 bid on the used snow blower (we can joke now, right?)

  12. Anon

    EOS

    As a 24 year resident in two different parts of town, and having lived in all three NYC metro states, I think Greenwich is a great place to live. Compared to Westchester county, or anywhere in NJ, the Greenwich property taxes are very reasonable. However, no one with any net worth can afford to die in any Northeastern state, and especially not CT, with its 16% death tax. Don’t forget to factor in a home in FL, WY, NV or TX that you can stand to live in for 183 days a year if you are over 60 and think as much as your hard earned double taxed wealth should be directed to your loved ones or worthy charities.

  13. On the outside

    EOSR, I have been here for 18 months and have found it to be a town of ‘what you want it to be’, this could be one of the few places on earth where it is what you want it to be, I might suggest that you cannot go wrong as long as you exclude the school system, because there alas, you could do better elsewhere close by.

  14. TraderVic

    EOS,
    Greenwich is a great place to live — try walking around Tod’s Point at this time of year (preferably with your dog) to get a feel for the hearty and heart-warming souls that live here.

    However, you have to be prepared for a huge sticker shock on the real estate when moving from Westchester County. Our low taxes, and nice lifestyle, result in a much higher home price relatively speaking. Good luck.

  15. Thanks folks for your two cents and Walt, great “fill in the blank” answers. All correct, I might add. :-)

    @On the Outside, our kids are grown and gone so this is an exercise that doesn’t include having to think about schools.

    @Anon, we are over 60 so we do think about such things as death tax and inheritance. It’s part of the due diligence we are doing before moving a couple of miles over from Bedford. We live half the year in Rhode Island already so considering low-tax states like FL is not part of our master plan – but you make a good point.

    @Trader Vic: I have already seen how expensive Greenwich houses are relative to what I have or can buy here in Bedford – just the amount of land we can have here is a luxury I could never afford in Greenwich. But we think we’re ready to give up all the land and the expense to maintain it.

    So lots to contemplate, lots to weigh. I don’t even know where in Greenwich I might want to be. Even though I know Greenwich from the vantage point of having friends there, it’s different when it’s time to put down anchor and call a certain neighborhood home. I’m counting on CF to be my eyes and ears.