Heh

Blogger forces Greenwich real estate professionals to seek help at local breadlines.

As proof that my dire words of gloom are infecting the world, I’m sorry to report that there hasn’t been a single sale in New Canaan this year. Not one.

8 Comments

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8 responses to “Heh

  1. Walt

    Hey – your business sucks more than mine!!!
    HAAAAA. Call that Sanford dude – he knows how to peddle crap.
    Drinks on me!!
    Walt

  2. Cos Cobber

    Really not one house? Must be the schools.

    And yes, I kid.

  3. anonymous

    Not surprised….NC is less prestigious and prostituted itself to spec over-building

    Flight to quality in difficult, uncertain times….blue-chip “brand” suburbs, better quality/more private land, reputed builders, etc

    Probably more of an ethos of quality over super-sized quantity

    Scale of houses that fits a quieter, “stealth wealth” lifestyle

    Bubble-era spec houses may remain unfashionable for many years

  4. PVL

    New Canaan housing started really feeling the crash about six months ago. Prices have come down about 25% and it looks like we have another 25% to go.

    Land has dropped 50% already. A good 2 acre lot at the height of the market went for $2.0 m plus, now it can be had for $1.00m and maybe lower.

    I was around during the 1989-1992 real estate crash and I remember the bottom was reached when the price of homes was the cost of the structure, with the cost of the land thrown in for free. I am afraid that’s where we are heading.
    Keep up the good work.

  5. Realtor1

    New Canaan’s prices have not adjusted as rapidly as Greenwich’s. You can’t get a four million dollar house for rent for $9500 in New Canaan and the homes average sale price is still holding near $2.2 million. New Canaan still doesn’t have the starter homes-under $1,000,000, that Greenwich and Darien do, which is what is selling right now. There are high end buyers circling and “first time” home buyers in the town are out in droves right now. More “activity” in New Canaan than Darien, for sure. And if you divide the population with the number of sales, New Canaan and Darien where ahead of Greenwich the month of December.
    It is not good anywhere but hope springs eternal and eventually people are going to let go of some of that cash bursting under the mattress.

  6. Anonymous

    Please disregard my comment about W and R1. I was feeling particularly stressed! I am sorry for being personal and would prefer it if you would withdraw my comment out of respect to both of those valuable contributors.

    • christopherfountain

      Well I did, anonymous, but I only wish I could so easily retract some of my own more injudicious postings! Hope you’re feeling better – these are stressful times, unfortunately.

  7. christopherfountain

    I disagree, Anonymous, if you’re saying that any purchase now is a mistake. I know of at least three houses, two bank-owned, one not, that have been marked down incredibly and I think you could buy any of them at their present price and still be okay, regardless of what happens this year. Of course, I’d try to shave another $200,000 off each, just to further take advantage of market conditions, and that also leaves 550 houses that you’d be foolish to buy today, but heck – there are some good buys out there and I think there will soon be more to come.