Daily Archives: September 20, 2011

Downturn? What downturn?

Riverside property worth as much or more than what it sold for in 2007

Gideon Fountain writes:

By January 2009, Apple’s share price had dropped to $78. Today, two years and eight months later, Apple reached a mid-day high of $422.77, finally closing out at $413.45, representing a 530% increase since those dark days of ’09.

Has Greenwich real estate done as well in that period?  No. But real estate, at least the type I sell, first and foremost provides a place to live. It’s not supposed to surge in value like the stock of a well-run, profit-making enterprise. During that period, in fact, a lot of properties in town dropped about 25%. An $8,000,000 back-country Greenwich mansion, for instance, is now worth around $6,000,000.

So is it safe to say that Greenwich real estate is down 25% from its peak? No. Here’s an example of an exception:  The property pictured is on Club Road in Riverside.  It went to contract December 14, 2006 and closed January 31, 2007.  The asking price was $5,500,000 and the selling price was $5,350,000. But if this property were to come on the market today it would sell for at least $5,350,000 and, more likely, as much as $5,800,000. The reason is, there’s a scarcity of this kind of property in Riverside, but there are presently too many 10,000+ square foot mansions available in other parts of Greenwich. 

An example like this shows that you can’t make blanket statements about even one town’s real estate values, so consider how pointless it is to make blanket statements about real estate nationally.

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C’mon, really. You like this guy?

Rick Perry is a lot of things, one thing he is not is coherent. Huntsman could beat Obama, although he’s dead in the water, Romney is a real threat, but this guy?

http://www.businessinsider.com/rick-perry-basically-emceed-a-pro-israel-rally-today-to-get-cozy-with-new-york-jews-2011-9

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I guess Chris’ credit cards aren’t working

http://www.bankrate.com/financing/credit-cards/waitress-scams-bad-tippers/?ec_id=m1078091

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When it it just a nice place to live

This house at 37 Ridgeview has a lot going for it. It is in a neighborhood that people ask me about all the time, it is close to Town – which seems to be in demand these days – and it appears to be well kept. However, because of the lot size and regulations, you got what you got. +/- 2,000 square feet, 3 bedrooms, you’ll need P and Z permission to stick your pinky out of the window.

If you’re a dreamer, thinking of kids, like to have big throwdowns, the place probably isn’t for you. However, its good shelter, and comparable in price to smaller condominiums in town. Priced at $1,295,000, that number is almost exactly a 3% annual increase from its 1994 sale of $795,000. Since I tend to trust 1990′s sale numbers, I’m willing to say that the house has kept up with inflation, but just that.

If you want a nice place to put your head down at night, don’t need or expect to make profits, and are comfortable with depreciation and/or mortgage interest deductions, you should look at this place. If you even know what CNBC is, its probably a pass

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While I was away

Since Greenwich real estate isn’t moving much this week (15 new properties, 12 price changes, 2 contracts), I’ve been busy selling condos in Manhattan. I have some Israeli clients who appear to believe that NYC is a great place to purchase. Its fascinating what metrics drive their decision-making, as a 4-5% return and unspecified tax advantages seem to be pretty attractive. Israel appears to be a far more liberal place with their finances – when I stayed there in 1986, monetary policy was so tight they practically made you turn out your pockets so you couldn’t leave with any money. Now, to my benefit, not so much.

Anyway, they are buying here www.thealdyn.com. Good thing I kept the New York license

 

Frank

 

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Shameless Plug

For those who like all things Indian, one of my cricket “mates” (Americans aren’t allowed to say “mate”), here are a couple of restaurants to consider. Spice Affaire (www.spiceaffaire.com) is the finest Indian in Stamford, in the Hampton Inn, just around the corner from Bloomingdales/UCONN. Tell Shelly that Frank sent you – and not at your own risk.  If you get out into NYC, Ravi offers a brand new spot, Indian Creperie, on MacDougal and Bleecker. They open in a week, so be the first to know!

If you have the slightest interest in cricket, check out www.thirdmancricket.com . Bet you didn’t know the Chennai team in the Indian Premier League imports its cheerleaders from America and the Ukraine. Exports! http://www.youtube.com/watch?v=_7vWVnG6B3c

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