Daily Archives: September 20, 2008

The sun’s still shining for at least one person in Canada
The author is probably a real estate agent but makes some good points for those people who, like me, don’t believe the sky has fallen permanently. Try it, if you wish – article is here.

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Where do you live now that you’ve been fired by Lehman?
The answer, courtesy of reader “Jess”, is Dick Fuld’s place on North Street. Don’t worry, if you and a few dozen other ex-Lehman folks start crowding him out, he can always move into his other homes.

Fuld’s house

NOT Mr. and Mrs. Dickie Fuld, but a fun photo

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Rentals
A reader asks,

How are ‘The Rentals’ over $5,000.00 per month – moving in the Old Greenwich – Riverside Area – is the ‘Rental Market’ slow too??
Is it a plus to rent the house along with all the furniture – yes – fully furnished?

I don’t know much about the rental market but I hear that it has slowed and that prices have been falling for several years now – the latter may change if buyers want to wait and see what happens to the single family market.
In the past six months, 64 single family homes in Old Greenwich and Riverside rented for $5,000 or more (or at least asked $5,000 or more – some actually rented for less than that) and there are currently 29 houses actively for rent. I would think, but do not know, that the market will slow down now that September 1 has passed.
Furnished or unfurnished? Definitely unfurnished. Most houses are rented that way and most tenants already have their own furniture. A temporary tenant, one waiting for his own house to be finished, say, may have his furniture in storage and might welcome the opportunity to leave it there but, as a rule, I think unfurnished homes rent faster and more easily.

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Blogger update
Cleared out all the temporary cookies and stuff from memory and Blogger now recognizes what day of the week it is. I may try this on my own head and hope for similar results.

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Your house as an investment
One commentator on this blog points out that the house my grandmother bought for $15,000 in 1957 and which is now worth, I hope, $2.0 million, has returned “only” a 10% annualized return. With all respect, he misses the point – I’ve never argued that real estate, even Greenwich real estate, is the best place to stash your investment money, but assuming you need a place to live in and raise a family, this is a great town to achieve that goal.
My grandmother entertained 5 grandchildren in that house over the years, had a happy life there herself, got to watch and paint the goings on in the creek, hosted Katharine Hepburn for tea on the front porch (Hepburn, as a very young girl, considered my grandmother the movie star a role model – it was nice the two finally caught up with each other)and, all in all, got full value for her $15,000. When Nancy and I moved in we spent a small (huge to us) sum gutting and expanding the place and raised our own three children there. They could walk to school, ride bikes to their friends’ houses, fight, swim and boat and in general, have a pretty nice childhood.
So if we end up selling the house for less than an index fund might have earned, so what? Vanguard certificates could never have produced any of the joys, sorrows and pleasures we’ve experienced in our house. and we didn’t pay rent. I’d do the same thing again.

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Fowl Play
Okay this is rude…
The victim attacked by the Tod’s Point turkey Is still concerned. Looking at her picture, I wonder whether the turkey attacked because of feelings of inadequacy in the er, chest deprtment.

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Slappy the Happy Clown
Three contracts this past week instead of 10 per day
Some of my peers will insist that I report this as a strong sign of a recovering market but the best I can say is that, for a fat girl, she sure doesn’t sweat much.

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