That’s what retail experts are speculating. Eddie has cut maintenance on the stores to nothing, leaving them drab, cheerless and devoid of customers. It seems that Lambert is milking the last drop from the stores while he unloads Sear’s still-valuable brands like Craftsman and Land’s End. That accomplished, he’ll sell off the real estate and go off after a new target (Target?). Sad ending for a once-proud name, but I haven’t shopped at a Sears in twenty years and I don’t know anyone who has. These final death throes are long overdue.
Daily Archives: November 16, 2011
Will Skyridge be the last of the huge sales for awhile? Nah, I don’t think so. Some of Greenwich’s finest old mansions were built during the Depression – some people will always have money (probably Congressmen and their friends).
But, while Greenwich home sellers may be hanging tough and even, in a few insane instances, raising their prices, the buyers I speak with, almost all working in the financial sector, are far less sanguine. And why not? Today, the head of Citi warned of impending doom in Europe and so too did the head of the Bank of England. Figure that gas may double in the next few months, Europe goes down the toilet and Wall Street heads south – that doesn’t bode well for real estate prices, even here in Greenwich.
Will all this happen? Heck if I know, but my family doesn’t call me “Eeyore” for nothing.
11 Skyridge Road, 5 acres, beautiful home built in 2000, asked $13.9 million 42 days ago and is already under contract. There are some astonishing views on Skyridge, and this is an astonishing price to match it.
On the other hand, 166 Indian Head Road in Riverside, new waterfront, was listed at $9.6 million ins September and was dropped today to $9 million.
Not my listing, but it belongs to a friend, so here’s a free plug for this Shorelands home. Five bedrooms, recent construction and just down the road from the association beach. They’re asking about what they paid for it in 2005, which is at least a good starting point. $2.875 and you’re in Old Greenwich among nice families.
309 Taconic Road, that huge house on 26 acres, is now offered for rent at $35,000. That’s not a bad price if you can use this much house, because it’s really quite fun. No one seems to want to buy the place, although its price has drifted from $31 million in ’05 to, last week, $13.9, but far lesser homes have rented for more. If you have a generous employer who’d like to put you up in style, here’s your chance.
Don’t be cruel (check back after lunch, though). So, without naming names or addresses, there’s an old house in the Back Country for sale, asking $12 million. Nothing has been done to the place since the early 80’s and even then, whatever renovation/improvements that were performed must have been limited. I figure it’s worth, on a good day, perhaps $4 million, which is where the town’s pegged it too, down 10% from last year.
So why ask $12? Beats me. The house is encumbered with over $4 million in new mortgage debt, laid on just this year, so I assume the owner would like to get out from under that, pay his commission and taxes and, maybe pay off other debts. I doubt he’ll be able to accomplish this. I do wish him luck, but he’s doing himself no favors pricing his house for three times more than its worth.
Fifty-four Sound Beach Avenue, a tiny cape asking $770,000 since this past March, has been withdrawn from the market. The sellers paid $750,000 in July, 2008, pre-Lehman, and were obviously hoping to get their money back. Not in this market. A 1928 house on 0.13 of an acre and a shared driveway on the busiest street in Old Greenwich, north of the Village at that, with 1,313 sq. ft. including three tiny bedrooms is not going to sell for what it did in 2008. Get over it or settle in – you ain’t goin’ nowhere.