Florida, having survived for a hundred years ago without such a law, bans sex between humans and animals. Connecticut, the land of steady habits, has always penalized bestiality and still does today: horse fondler gets probation.
Daily Archives: May 6, 2011
Original price, 2005: $12.950 million. Final asking price, $4.7 million. Contract reported today. If it sells close to its (final) ask, our real estate board will chalk it up as, say, a 90% of asking price statistic, and certain agents will use that to show the vibrancy of our market. I won’t.
This Byram property was listed for $539,000 back in May of last year and didn’t sell so in March ’11, he raised his price to $579. It just sold for $541,500, which baffles me: if you know (and I assume the buyer’s agent told him this) that the seller was willing to accept a lower price a year ago, why on earth would you pay more today?
A real estate agent in town reports today that Greenwich houses are selling for 90% of their asking price (it used to be 96%, but never mind, that’s not where I’m going with this). “This shows, writes she, “that properties priced to sell are getting close to ask in this market.” What it really demonstrates, I suggest, is that houses sell only when their owners have given up their pie-in-the sky original pricing and get real.
90% of the final ask price is a far cry from 90% of the original price (to be fair, the columnist does admit that “‘some’ of these properties have had prior price adjustments”). A final sales price is by definition final only because the house finally sells. All those other prices, as the seller gradually cut his price? Those aren’t final because they weren’t enough to tempt a buyer. This figure is almost meaningless, which is why I like to cite the original asking price – that’s a far better illustration of the delusions of sellers.
UPDATE: I was just playing around with some sales on Flagler Road and came across 1 Flagler. It was priced at $8.495 in 2005 and finally dropped to $4.6 million, whereupon it sold at full price. That’s either 100% of asking price or 54%. Guess which figure the GMLS and most agents use?
What’s the use of running a blog if you can’t try to help friends? My friends, husband and wife and two very well-behaved children, are looking for a short-term rental in town (or I suppose Stamford) while they complete their new house. 4 months, August – October. That’s a tough one because it straddles the summer market and runs into the fall, when all landlords are optimistic about finding a long-term tenant. Still, any suggestions would be welcomed.
The Hartford loonies have a new tax planned with which to pummel the real estate markets: a new tax of $1,500 for every buyer of real estate. The money so raised will stay with the town that taxes it (in Greenwch, that would have been $981,000 last year (654 total sales, single family, multi-family, condos and land) and $1,276,500 in 2006, when we last had a robust market (851 total sales).
My pal Fudrucker defends this tax because it will be used to buy open space for the town. Well that’s nice, but why should buying a home trigger an obligation different from other property owners to support the purchase of open space? If it’s a town goal then it’s a town obligation and one that should be paid for by all taxpayers, not just a select group.
Besides, why stop there? The high school wants a new auditorium, the Back Country wants a performing arts building, and baby needs new shoes. Why not special taxes for buyers so that these worthy causes can be funded too? And how long will it take Hartford to discover that a wealthy town like Greenwich is sitting on a pool of millions of dollars before it dips its beak?
This is a very bad idea, but hardly a surprising one.
41 Meadow Wood Drive, in Belle Haven cut from $18.9 million to $16.9. That in itself isn’t particularly impressive, but when you consider that its original price back in August 2010 was $29 million, I’d say the seller is getting serious.
Nice house, by the way. The seller paid $6 for it (down from original ask of $9.750) back in 2006, when it was just an old, 4,000 sq.ft. house with four acres. He expanded it three-fold to 12,000 sq. ft. and completely rebuilt it. That didn’t make it worth $29 million, obviously, but maybe it’s approaching reality now.
Bloomberg looks at what folks are doing with all that money they used to pay their mortgage with. I was in one house recently whose owners hadn’t paid their mortgage in three years. The bottled water service was still active, as was their cable, there were nice new iPads in the kids’ bedrooms and, all in all, it was obvious that the family was living very comfortably. As they should – I figure they have an extra $75,000 a year, minimum, to play with. God bless America.
Big coyote crossed our creek this morning and headed north on the Old Greenwich side. It was carrying something dead in its mouth, so I’m guessing it’s a she and she has pups to feed nearby. Cathy Lee, if you’re missing another of those tiny foo-foo dogs of yours, you might want to check around Ole’s.
End of the world May 21st. There will be no fall market, I guess.