The New York Times sends bad news from Greenwich and didn’t interview me!

Greenwich: Where are the buyers?

LORY GAMBRILL put her colonial-style house here on the market in September, the day after the government announced its takeover of the mortgage finance companies Fannie Mae and Freddie Mac. At $1.75 million, it was considered well priced for the neighborhood, which boasts newer, larger homes — and Carlos Delgado of the New York Mets among the neighbors.

She expected it to be snapped up. “My broker told me it wouldn’t even make it to the open house,” Ms. Gambrill said.

Seventy real estate agents attended the open house in October, but over the next five months it was shown only seven or eight times, she said. She rejected an offer of about $400,000 below asking price. “It’s impossible — no one is buying anything,” she said recently. This month, Ms. Gambrill asked her broker to take the house off the market temporarily.

The article’s chock full of my optimistic colleagues like Bill Andruss, who sees a rush of buyers flooding the market. The only flood I’m seeing is would-be buyers peeing on our inventory, but perhaps Bill has a different clientele. An economist quoted says that “adjusted for deflation, prices haven’t dropped as badly as in other areas of the country.” Adjusted for deflation? Other than that, Mrs. Lincoln, how was the play?

UPDATE: Ms. Gambrill’s property may be this home on 34 Thunder Mountain Road, bought in 2000 for $1.125 million. If someone really offered $1.350 for it, rejecting that bid might have been a mistake.


Filed under Uncategorized

7 responses to “The New York Times sends bad news from Greenwich and didn’t interview me!

  1. Walt

    Dude –
    Bills are mounting. You dissed me on the Bar what’s her name contact data. That filly would have worked.
    What is the price of the crib at 175 Round Hill? Monica is driving me nuts.
    Stop in for a pop.
    Your Pal,

  2. Peg

    That’s worth over a million? Christopher; come to Minnesota! Do I have some deals for you or what?

  3. Squash Anyone?

    Bill can beat you at Squash, that’s why.

  4. anonymous

    NY/NJ press and politicians (aside from Bloomie, a guy who understands how to earn and keep a few bucks) haven’t realized scope of tax and housing arbitrage that may occur if NY indeed elevates its income taxes on “rich”

    Even if NY (or NJ) doesn’t raise its already-lofty tax rates, tax and COL (and crime/schools) differentials will likely move more high-income jobs and taxpayers (esp young, affluent families and possible first-time homebuyers) out of Manhattan to Greenwich, not high-tax Scarsdale/Chappaqua/ShortHills….

  5. Mad Monkey

    I love it! Sellers are holding firm! Nothing is moving! Bottom fisher are not catching any fish! In due time, buyers will capitulate. Two more years of anemic sales and some brokers will go out of business. I think that’s a small price to pay to hold the line and keep Greenwich prices in the stratosphere. Who cares, beside brokers, if sales are down 40%? I only care about prices and according to this article Greenwich is doing pretty well with prices down only 11%. I can live with that! I’ll tell you who’s living a dream. It’s not the sellers but rather the vultures who are out there bidding 30-40% on homes they clearly can not afford.

  6. Walt

    In case you guys have not seen the digs. And the staff count is higher than 13.
    Off to the beach!!

  7. Googler

    I think you’re right about that being her house. In a post signed by a Lory Gambrill from Greenwich on another website, she writes that she lives close to CSH (Convent of the Sacred Heart). The home you mentioned is only about 2 miles away from that.