Daily Archives: September 28, 2009

Patriot Bank director retires 9/23 effective immediately for health reasons. Significant? I have no idea.

(updated) Brian Fitzgerald resigns for “health reasons”, “to spend more time with his family”, or “to pursue other opportunities”. Take your pick, but I’m betting on health: he got a good look at their books and fell deathly ill.

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Park Avenue in Old Greenwich

This is a nice street, popular despite the many small children lost to the occasional but regular flooding afflicting it. So it’s understandable that the owners of a five-year-old house at 68 Park might be tempted to ask $2.795 million for their house, and perhaps they’ll get it. A pre-fab sold for $3 million in a bidding war in 2005 and sold again for just $100,000 less in 2008. If the market still holds, $2.8 isn’t crazy at all.

But $2.8 is the highwater mark (a cruel phrase to use, in view of those drowned children) for this street, and I suspect we won’t see that price again for awhile. I’ll watch this with interest.

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Why Democrats can sleep easy

Republicans continue to tear themselves apart over the abortion issue (while Democrats just do that to fetuses). Up in Watertown, New York, my Pal Nancy’s old flame, Congressman John McHugh was promoted by Obama to be Secretary of the Army, thus removing a popular Republican and opening up a congressional seat (the President’s move was genius – Pal Nancy’s choice in boyfriends was not as smart, alas). The place is still conservative and a republican could be expected to win that election except that they now have an official candidate and a Conservative party candidate each vying for the same votes. Fred Thompson has endorsed the Conservative candidate, because the Republican is deemed soft on abortion.

Fine. So while the Republicans squabble over this issue, the Democrat will waltz into office. I would gladly wish a pox on both houses but to my mind Democrats are a shade worse than Republicans, so I think it’s a pity that the alternative to Nancy Pelosi’s party is making things easier for her to rule.

Third parties have never gone anywhere in this country but perhaps their time is coming.

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This could have an interesting affect on London’s housing market

Britain vows to bar bankers’ bonuses. It’s unlikely that Britain will really do this and drive its financial industry to Switzerland or Zimbabwe; unlikely, but not entirely impossible. Our own Barney Frank dreams of doing this to all U.S. corporations, not just banks, and surely England has at least a few Barney Franks hiding in its bawdy houses. It’s that kind of place, after all.

So will our former cousins across the Atlantic really commit economic suicide? Why not? It seems that we’re willing to do so in the name of socialist “fairness” – why not them, too?

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We all live in a yellow submarine

yellowOr some of us do. On a day when there have been but two contracts reported and no sales (it is, of course, Yom Kippur) comes a new listing at 121 Valley Drive asking $2.750,000. It last sold in 2004 for $2.4 million, after staying on the market for a full year at $2.780 million. Now, judging from its listing description, the only change is that it’s five years older. I guess the seller has taken what he paid for it and added a predetermined appreciation premium to that sum but, at least in the town I live in, we’re going in quite the opposite direction.

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Renting spec houses

This year thirty-two houses built since 2006 were rented instead of sold. Glancing down their ranks I’d estimate that almost all of them were all also listed for sale and most of them were built as spec houses but couldn’t sell.

That leaves us with 113 single family houses built since 2006 still actively for sale and again, almost all of them have never been occupied. Forty-four of those spec houses are asking $6 million and up which, unless sales activity increases dramatically, represents about a 15 year inventory.

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Cause and effect?

Having finished off polar bears, global warming turns on mooses.

And, from the Norwich Millionaire, there’s this:

moosesLL Bean to exhibit dead mooses locked in combat. You can see what happens when moose don’t keep their cool.

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