Credit Suisse to cut 109 jobs in NYC. That may not sound like much but there are a lot of CS employees in Greenwich and I count several as friends and/or clients. As the recession deepens, the banks are looking beyond the pay scale of back room analysts and secretaries and going after those who have been earning large salaries. Those would be the people you were counting on to buy your home.
Monthly Archives: January 2012
Islamists (Muslim Brotherhood – you know, the one liberals said were moderates?) block protest march in Cairo. And so it ends. Poor Egypt.
425 N. Maple has sold for $1.750 million, significantly below its first asking price of $3.125 million and less than what the town calculated to be 70% of its market value, $2.393. The source of that unfortunate result might be because the listing broker posted only one bad picture of the house online, but I’d attribute the dismal showing to that first price, that drove buyers away.
Look, this isn’t that complicated: people in the $3 million range are looking for more house, however you define that: better yard, better fixtures, layout, whatever, than those in the $2 range. So if you price your $2 million house at $3 you repel the high end buyers – there are better homes in that price range, and you scare off the $2 million buyers who assume you’ll never drop your price enough for them to afford it so why even bother looking? The result? No buyers in either class until you whack the bejesus out of the price. Then you attract the bottom feeders (often represented by me, sorry to say) and you get less than you would have had you priced it properly to begin with.
Try it next time.
487 North Street, two lots combined as one, under contract. Only took since September.
Condos refusing to let electric car owners recharge the batteries. Harsh bud, Dude.
Not enough data to explain why doctors are leaving Medicare. It’s bizarre: we keep cutting Medicare reimbursement to doctors yet they keep shedding those patients. Who can explain this?