Odd moments in pricing

895 Lake Avenue, the contemporary where Mr. Frankel the insurance fraud lost a girlfriend to hanging (declared a suicide by the Greenwich police, of course), was purchased by BSF Builders last year and put back up for sale when they decided against building a new house. They marked it up, naturally, because builders always thing land is more valuable having sat in their inventory, even if only for a month, and it hasn’t sold. So, they’ve been trying to rent it, for $10,000. That was also unsuccessful so today that listing was deleted and expunged from our records with a new listing, for $12,000, replacing it. BSF is a very successful company and I wouldn’t question their business judgement, but it’s my impression that rents have been falling, not increasing.

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8 responses to “Odd moments in pricing

  1. GideonFountain

    Rental rates in Greenwich are holding steady despite a HUGE inventory increase. The reason? A HUGE increase in demand for rentals has kept up with that inventory increase.
    By the way, isn’t it time to tell the readers about all the contract-signings being reported?

    • christopherfountain

      Uh huh. Thanks for that inspiring note. I see that Edgewater is down from $9,500 to $6,900 today, and Park Avenue South, asking $6,500, rented for $5,600 yesterday. But what with mansions selling for RECORD HIGHS these days, why shouldn’t rents follow them up?

  2. Retired IB'er

    So which is it Gideon, big demand for rentals which keep prices up or increased sales contracts… or are both markets just hunky dory?

    Seems the glass is half full whichever way you look.

  3. anonymous

    Indeed, don’t know any high-end mkt where rents are not falling, despite many shrewd, wealthy younger guys choosing to rent while prices cool; clearly, far more shrewd, wealthy (usu >40yo) guys who already own tolerable primary shelter and have zero interest in either renting or buying more RE

    Shelter markets are rather interlinked to equities and other securities mkts, esp in epicenters like Greenwich or Manhattan…capital is fungible

  4. Front Row Phil

    CF, do you genuinely believe the Greenwich police have an ulterior motive for concluding that deaths are suicides and not homicides? If so, where’s your proof? Or are you just doing your usual poking of the bees nest and having fun in the process? Please explain why you persist in taking this particular cheap shot at this town’s finest.

    • christopherfountain

      Well they are this town’s finest police department, Front Row – they’re also the only game in town (unless I take Walt’s suggestion and become a private eye), so that makes them first and last, eh? In any event, yes, I just enjoy poking a stick in the bees nest. They give me parking tickets, I give them guff. It is true, however, that in 1936 the owner of a gas station (which is still there, across from the Library) was shot to death and the police labelled it a suicide. A reporter for the Greenwich Graphic got hold of the autopsy and discovered that the man had been shot seven times in the back with a six shot revolver. And a tradition of “solving” murders by labelling them suicides was born. In the late 80s, a Greenwich housewife was found floating dead in the Hudson River, naked and with hands bound. The divorcing husband’s alibi ” heck, I was home watching tv all weekend” was accepted and the death ruled a suicide. When Kissel was found dead, Chief Ridberg declared it a suicide, notwithstanding the plastic ties binding his hands behind him and multiple stab wounds. Etc. When that poor bastard was shot to death in his swimming pool and the deranged killer showed up to surrender both the weapon and himself, the police declared that they had a suspect in mind and expected to make an arrest within weeks and – well,no, that last one I made up, but the truthiness is there.

  5. FHLP

    I rent a decent apt in central greenwich by the train, and I got a 25% reduction on my rent when lease came up 2 months ago. Have been looking at multifamilies to buy and rent out, and rents have been dropping badly in every one of the maybe 20 properties i’ve seen.