Don’t tell the mad monkey

46 Quail Road was bought for $4.875 million in March, 2005. The new owner spruced it up a bit and put it back up for sale in April ’08 for $5.2 million. Today he reduced it to $4.3 million. He’s a God damn cancer on the market! Doesn’t he know that if he’d just wait a bit he could receive the Monkey’s specified $1,000 a foot, or $6,818,000? Is he stupid, or something?

12 Comments

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12 responses to “Don’t tell the mad monkey

  1. anonymous

    Would guess <$5MM houses will be among hardest-hit (both price and sales volumes) in Greenwich, as many of likely financial industry buyers face precarious job security and future pay

    Even the trust-fund kids have seen value of their funds decrease ~30% over past yr

    Basic ability and willingness to pay….esp in climate of depreciation and illiquidity…

  2. Anonymous

    Obviously the seller was in trouble. A small % of Greenwich homeowners will be in this situation. Keep dreaming Chris.

    • christopherfountain

      I posted the latest sales statistics two days ago – did you read them? Must be more sellers in trouble than you think, eh? Someone’s dreaming – I think it’s those sellers cluttering up the inventory with ridiculously – priced houses. If you don’t want to sell, for heaven’s sake don’t! But get off the cross, we need the wood.

  3. Ghost of Christmas Future

    Face facts folks. Greenwich is screwed and the high end market is screwed the most.

    If you are sitting on a house you think is worth $20 million dollars take a long look at who is going to buy that house.

    Investment Banking is dead. Our Banking system is being nationalized and the days of large bonuses from Wall Street is over for a LONG time.

    The Hedge Fund industry is not much better. Money is getting pulled from all funds. Its has gotten so bad that people are willing to pay 10% penalty fees to withdraw money from liquid funds who are having good years.

    I am not even going to start on the Fund of Funds. May they Rest in peace.

    Cheap money is a thing of the past. We are in a depression. Recessions are fixed by lowering interest rates and allowing people to take on more Debt to expand demand. Does anyone think our economy can be fixed by people taking on MORE debt? We are entering into a decade or more of people reducing debt not taking on much more debt.

    Welcome to deflation…..

  4. Retired IB'er

    “If you don’t want to sell, for heaven’s sake don’t! But get off the cross, we need the wood.”

    Ba-wah-wah-wah-wah! Priceless! A hat tip, Sir.

  5. DebtVulture

    This guy needs to lighten up eh?

    David Crowe of the National Association of Home Builders said he was quite negative in his housing and economic outlook last year, but not negative enough.

    “We have consumer confidence at or near a historic low,” the economist said Tuesday at the building industry trade show, “and it will probably deteriorate in 2009.”

    The S&P/Case-Shiller Home Price Index fell 25.3 percent from March 2006 to October 2008.

    Crowe said he expects prices to fall another 29 percent this year and new home sales to decline 14 percent.

    … The nation has an excess “overhang” of 6.2 million homes for sale, about 1.5 million too many, he said.

  6. Anonymous

    Go find another sucker bottom fisher!

  7. FlyAngler

    CF: I would be interested in your view as to whether unrealistic sellers are solely responsible for their current disillusionment or whether the listing brokers are partly to blame?

    That is, over the past six to twelve months, if a broker was called in to do an evaluate a listing price, they would likely high-ball the figure in order to secure the listing. Since buyers like to hear their house is worth more, I would imagine that more than a few will opt to work with a broker suggesting a high or highest potential listing price. Correct?

    As we knwo, recently expired listings were entered the market at least six months ago, well before the market really tanked in the fourth quarter. Was it the unrealistic expectations set by the listing brokers in mid-2008 that lead to the current b/o spread?

    If so, does this issue continue to be evident in new listings? Will a potential seller choose a broker telling the seller what they want to hear (it’s still 2007) or the broker who points out where things are trading (pre-2004, etc.)?

    I appreciate that improperly set expectations do not lead to commissions. But, does the semblance of activity (securing a listing) force agents to pull punches?

  8. Stanwich

    Easy with the Cross references…just because you are a god-fearing Christian does not give you the right to blaspheme. I will say a novena for you Chris but next time you are on your own……

    • christopherfountain

      That’s not blasphame Stanwich, it’s a sarcastic response to someone who claims to be a martyr. I’ll check with some of my Jesuit professors to make sure, though.

  9. I'm not CF but...

    You’re certainly onto something FlyAngler. If I had to sell right now and were being courted by agents, I would be very weary of “yes men/women”. Look at the cold hard facts of what is selling in Greenwich right now, if you’re looking to actually sell in the foreseeable future and not just list and show (if you’re lucky) like so many other meatballs are doing these days. Reality always has a way of coming and biting one in the ass sooner or later. This not the time to be seduced by desperate agents pandering for contracts.

  10. Mad Monkey

    6800sf? Size of my basement…. Puhleeaazee….