Greenwich Time’s Nova admits: “Real estate market’s in the crapper!”

[Editor’s note: Greenwich Time feels that the news they provide on our local market is so accurate and timely that they’d be fools to give it away, so Susan Nova’s column is not posted on line. If you wait a week, it will be every bit as valuable and available free. I’m too lazy to actually interview the lady  so I have taken the liberty of inventing what she might have said, had she been asked. Quotes from realtors mentioned are real.)

Susan Nova, Greenwich Time’s real estate columnist since Bernie Yudain was in short pants, shocked the town today by admitting in print what until now no one had suspected: Greenwich’s real estate market sucks.

The meltdown in the economy has reined in spending across the board from retail sales to real estate. Edgy about their investments, income and jobs, consumers have been in retreat from the Greenwich marketplace, which shifted into reverse in 2008.”

This news came as a complete shock to her loyal readers who are used to such cheerful headlines as: Sales Still Soar: Greenwich Isn’t Suffering From A Real Estate Slump. (May, 2007). Why the turn around?

“I just couldn’t keep up the facade”, the famed writer admitted. “People were relying on me to tell them what was actually happening but my editor as good as told me, ‘you jeopardize our real estate advertising and you’ll be writing from a cardboard box.’ So I skirted around things a little bit. Besides, who wants to hear bad news? I’m a happy sort of girl and I know my readers want to be happy. They want to be depressed, they can watch CNN, for Cris’sake.”

True to her word, Nova strove to return to usual form and sought out the usual suspects:

” I think the fundamentals of Greenwich are still strong,” said Bill Andruss …. This is still the most desirable community. That’s what will carry the day….. Sellers now have enough information …to deal with the realities of today’s market.”

“Sellers have adjusted their prices,” agreed Julianne Ward.

“If you get an opportunity to get into the Greenwich market at these prices, that’s a good deal,” said Nancy Healy.

“Even with all the bad news about the 2008 results of the Greenwich real estate market, your home probably held its value better than your portfolio and your 401(k)”, said Jackie Hammock.

“Okay. maybe not your portfolio,” admitted Nova, “but how’d you geniuses do with your Fairfield Greenwich Group investment, huh? Bet that’ll be the last time you listen to an investment spiel around cocktails at the Round Hill Club,” she cackled.

The article does conclude on a somber note: “We still have a little bit more to get through before it gets better,” Healy conceded.

Noted Greenwich real estate optimist Mad Monkey could not be reached for comment.

 

3 Comments

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3 responses to “Greenwich Time’s Nova admits: “Real estate market’s in the crapper!”

  1. anonymous

    Realtors tend to either “talk their book” and/or reveal their woeful sense of basic supply/demand and free-mkt pricing….

    If nothing else, realtor views on current or future prices/investment values tend to be downright amusing

    Would guess distress sales in Greenwich will only start in any material volumes in late ’09….and the unwind will prob be a 2-3yr+ process….

    GS and MS are already hinting in today’s WSJ about another 5-10% round of layoffs in next few wks….and IB bonuses in ’09 and ’10 don’t appear promising….perhaps a few lagging effects on Greenwich inventories, demand and prices in the pipeline???? Hmmm

  2. Doris Sisley

    317 Stanwich Road, Greenwich is fully available. At $2,250,000 it is a DEAL! It is a showcase and owner is selling for less than land value so she can move on. GMLS 68368

  3. Towny

    Greenwich Time is in the crapper too.