Daily Archives: April 22, 2010

Guess the pud puller got his hand free from the front of his pants

I like me. I really like me!

Tesei pats himself on the back during “State of the Town” speech.

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Still not much real estate news

No contracts reported today, no sales of note. But busy all day showing houses, so that’s nice. I hear that 523 235 Round Hill Road, the spec house that started at $25 million and sold last year for $16.5 has been resold, via non-MLS, for $19 million: progress.

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Here is the enemy

Chicago teachers and other public union workers demand further tax hikes on their neighbors.

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This is what passes for professionalism in Greenwich (Bumped)

From an actual email received today [yesterday, now] from that agent I mentioned earlier, confirming all my suspicions. I have been ordered to take a 3- hour ethics course because I offer opinions on real estate on this site. The gentleman quoted below will probably receive a “Realtor of the Year” award from the Greenwich Association of Realtors.

Just in case you’ve ever wondered at the quality of representation you are receiving from Greenwich Realtors.

My major concern is the effect you, and others like you, are having on our real estate market.  Can you imagine the impact an $850K sale for a four bedroom colonial on one plus acres in Calhoun Association would have on the market?  It would be one thing if that was all the property could command, and quite another to effectuate the sale using “slick”, in my opinion unethical, maneuvers.  There are a lot of people in this town that don’t care what they have to do to make a buck, and you are obviously one of them, but I will not participate!  I would ask now that we both just drop this whole thing.

UPDATE: Here’s insight from a neighbor, InfoDiva, that adds another perspective:

I don’t know what that seller’s agent is thinking, but as a homeowner in the Calhoun Association, I’d like to see those deals done. The houses are old and tired and the owners aren’t paying their Association dues–a real headache for us. The sooner they get sold and torn down the better. Sure, we’ll all take a hit on our theoretical, on-paper “property value” for a while, but the new houses that are built in their place will ultimately make up for it. We’re only delaying the inevitable, at least in these two cases that I know of–so let’s take our medicine and move forward.

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Don’t cry for me, Argentina – or in this case, Germany

The WSJ gives more details on Goldman Sachs’ “victim”.

In 2006 and 2007, word spread around Wall Street about an unlikely investor: A little-known German bank that was willing to spend billions of dollars—itself raised from U.S. municipalities—on new and risky credit instruments.

Now, those investments made by IKB Deutsche Industriebank AG are central to the U.S. Securities and Exchange Commission’s case against Goldman Sachs Group Inc.

In its complaint filed last week, the SEC alleged that Goldman defrauded IKB by neglecting to disclose that hedge-fund operator Paulson & Co. was helping to put together a mortgage investment vehicle known as Abacus. The SEC alleges that investors, including IKB, should have known that Paulson was betting that the assets would fall in value.

In Germany, however, some see IKB less as an unwitting victim of Wall Street excess than as a contributor to it.

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