Daily Archives: May 1, 2009

There’s money in town

I hear tell that there’s an accepted offer on 253 Round Hill Road, that Billy Gardiner spec house asking $23 million. I’m not surprised, because I’ve had some very wealthy clients interested in the place myself. None were willing to even approach its asking price, and I doubt the guy whose bid was accepted did either, but even if it goes for, say, $12-$15 million (and that’s just a guess on my part) that’s a significant anmount of money.

Similarly, I was reflecting this evening that my clients, combined, have offered something like $20 million on a number of houses. Most of those bids are awaiting a response and some will come out next week but if I’m typical of other agents, the woes of Greenwich are attracting some serious dough. It’s ironic that, of the two bids I’ve had rejected so far, both were closer to the actual market value, in my opinion, than the seller’s asked for price. And one was actually very close to full asking price – the seller just decided that he would stick to what he’d decided he needed, rather than sell for what it was worth. His loss.

So we may see some real movement shortly. Or, the sellers will continue to resist and the buyers will retreat to the sidelines and wait another six months to see what time does to the sellers’ resolve. I have to admit, I am having fun in real estate for the first time in my career because there’s something to do other than just serve as an order taker. Dig up every scrap of information on a seller’s financial situation, talk to banks and private lenders, twist arms, kick tires and, all in all, earn my pay. It’s gratifying.

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Hop on that pony and get the hell out of Dodge, Walt

Madoff Trustee sues the west coast equivalent of Greenwich Fairfield Group, Chais, claiming he knew or should have known earnings were bogus. More suits against feeder funds coming, he promises. Wonder if he’ll sue the feeder fund that made the most money of them all?

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This is the kind of thing that gives lawyers’ clients a bad name

Attorney gives a  girl a break on her fee and what happens? Lawyer disbarred for having sex with client.

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June-December wedding

Alright, it’s actually May, but I see that 8 Hillcrest Park sold today for $2.415, just about exactly what the seller paid for it – $2.4 million- in 2004. I think the seller was lucky; the sales contract was signed last December, and there’s been quite a bit of drop off in prices since then. Heck, under the 70% rule, I’ll note that the town figured this was worth $1.5 (I believe this sale undercuts the universal application of that rule, rather than showing the the buyer overpaid). Still, if someone offers you what you consider an insulting sum, don’t be so positive that six months time will bring you something better.

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Price Cuts – getting there

Heard of a sale today up the line: seller paid $3.6, had it on the market for two years and sold it today for $1.6. We haven’t quite reached that point here in Greenwich but I am seeing more and more houses at least approaching reality. Three today of note:

99 Husted: Asked $5.250 million in ’08, now $4.150

11 Pinecroft: Asked $4.350 million in 2007, now $3.295

180 North : Asked $5.495 million in 2007, now $4.495

Eventually, these will all sell. If your house still occupies their original price point, you might want to consider what will happen to a bank appraisal should you be lucky enough to find a buyer. Because if your house doesn’t compare to what the lender’s appraiser considers a comparable house, there will be no financing.

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Be careful what you wish for

Commie ratfink Arlen Specter’s defection to the Demmerkrats will ensure them of a veto-proof Congress but it may still bite them, a little. Justice Souter’s replacement by a female (black, probably) liberal has to receive at least one Republican vote to get through the Judicial Committee. Until now, Specter was that vote. With him gone over to the dark side, the Republicans have a chance to kill any number of nominations. Of course, they’ll probably appoint another wuss, in the name of “bi-partisanship”, but perhaps they’ll show some backbone this time. Perhaps.

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“Shared sacrifice is for the rich and Chrysler creditors, not us!”

Michelle Obama and her $540 sneakers. I can feel her pain.

UPDATE: Reader Bobby from Florida reminds me of the huge press coverage of John McCain’s $520 loafers. I googled it and found 25,000 separate items from all the usual idiots like the Huffington Post, but I especially like this one: McCain’s $520 loafers prove he’s out of touch with Middle Am erica.” You can’t make the same criticism about Michelle, though, because she was, like wearing them at a soup kitchen, you dig? Power to the People, right on!

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I don’t know, but if they’re responsible for the writers at Greenwich Time, there’s trouble

From today’s, Greenwich Time, a poll:

Is Greenwich Public Schools doing enough to accommodate special-education students?
 Yes
 No

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Mansions even Rockeferfeller’s money can’t buy

1 Indian Spring Road, Stillman Rockefeller’s 1931 estate, was listed for $26 million in 2005 and finally sold for $13 million in 2007 (nice pricing estimate, eh?). The buyers have completely restored and renovated it and now offer it for $23 million. Go for it, you big spender you.

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Central Greenwich condos

90 Connecticut Avenue sold new for $2.8 million in 2006 and was resold a year later for $2.875. It sold for a third time yesterday for $2.590. That’s only a $300,000 decline, but it serves, I think, as a pretty good indicator of where downtown condo prices are headed: down.

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