Daily Archives: February 22, 2012

In Greenwich, we haven’t even begun to get rid of the surplus, let alone see a rise in sales

Your Realtor's new look

Nationally, used home sales increased and inventory was reduced to just over six months, which is good news for the economy. But 35% of that increase was attributable to foreclosure sales, which haven’t arrived here yet, not because we don’t have plenty of homeowners in trouble but because banks hate taking multi-million-dollar hits to their assets, so they’re still carrying these loans on their books and pretending they’re still performing. That can’t last.

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So what’s he got in the other forty-four spaces?

nanny's car?

Says here that John Paul Tudor Jones has 16 cars registered in his name in Greenwich. The man built a sixty (60) car garage under his mansion in Belle Haven so why the wasted space? Or does he build private rockets there?

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She’s back

6 Stanwich Lane has returned to the market, this time asking $2.450 million instead of the $2.350 it failed to sell for in 2008. Last renovated in 1997, it sold for $1.4 in 2000. Good house, as I remember it and Stanwich Lane is a really convenient, quiet street. No mention whether the art work that was present in 2008 is still there.

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Divorce in haste, repent at leisure

Angry bunny boiler

Steve Cohen’s first wife accepted $3.5 million in a divorce settlement years ago and boy is she mad. And still arguing in court.

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There’s really no mystery in selling a house in this market

I can’t disclose its address yet because it hasn’t been reported but I just now tried to set up a showing for a particular house and learned that it already has an accepted offer with a back-up offer behind. This house came on on in early  February of this year. So how’d they do it? Good price: $80,000 below what they paid in 2003, beautifully maintained and in excellent shape. Maybe some improvements since 2003 but I can’t remember.

I showed this to one client the day after it came on and was hoping to show it to another on Friday. I missed out but obviously, someone else did not. There’s a lesson here for buyers: if you like a house and it’s priced well, don’t assume you have time to leisurely consider its merits because there are plenty of buyers out there who are starved for decent inventory. The market is slumbering but it’s not dead.

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Great waterfront, improved price

22 Pilot Rock in Riverside’s Harbor Point Association, is back on the market, after failing to sell in 2009-2010 for $12.5 million. This time, the sellers are asking $8.2 million. That’s better than before, but will it sell now? Who knows? The house, while obviously perfectly suitable for a family to live in happily (the owners have) won’t survive any buyer who pays this much, so it’s a land deal. I’d pay it if I could because it s price fits in with recent sales down here, it’s fantastic waterfront and Harbor Point’s a great neighborhood.

Maybe if I sell my Honda ….

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How’s she feel about deer hunters?

You think you won't eat chard, do ya?

Woman tries to hire hitman to kill “anyone over twelve” wearing fur. Angry women do turn me on!

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Good house, bad price

Beware when there's no picture of the front of a house

18 Chimney Corner is a 3 – bedroom contemporary with some of the best views in town, but it’s been plagued with bad pricing since it was first listed in 2005 (!) at $18.5 million. Today it’s down to $10.750 but after seven years on the market, most buyers will figure that there must be something wrong with it.

Three bedrooms seem insufficient for $18.5 million and may still be a little light for almost $11.

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The time for house flipping has passed

(July, 2012) It'll be a cold day in Hell before I give THIS house away!

17 Meadowcroft Road sold for $8.7 million in 2009. The buyers made some improvements and exactly one year later (that would be 2010, Walt) put it back up for sale at $10.795 million. Today its price was dropped to $8.9 million so whatever they spent on fixing this place up is now being voluntarily given to the next owner. That’s very generous.

And who remembers 42 Bote Road, that spec house asking $3.950 that I, and several readers, said was way overpriced? That still may not have changed but its price has – slashed today to $3.3.

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Some statistics that might be of interest

Because there’s no real estate activity being reported these days, I thought I’d check up on pending”contracts” : accepted offers, contingent contracts and fully – executed ones. Here’s the break down:

88 Total

<$1,000,000: 34

$1-$2:               29

$2-$3                11

$3-$4                6

$4 – $5              2

$5 – $6              3

$6 – $7              2

$7 – $12            0

$12 – $13          1

>$13                 0

You might keep in mind that some of the accepted offers and contingent contracts will never close. You might also reflect on the fact that these are final asking prices which will not only sell for less than that price but also. most of them started at far higher prices: $6.495 to $5.865, $7.3 to $5.9 and $9.750 to $6.950, just to give you a sampling.

UPDATE: How were we doing this time in 2007?

Using contract dates of 11/01/2006 to 2/23/2007, I find 193 houses

<$0 – $1    24

$1 – $2      58

$2 – $3     40

$3 – $4     66

$4 – $5     18

$5 – $6     10

$6 – $7     10

$7 – $8     3

$8 – $9     1

$9 – $10   2

> 12           1

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Saviors from the east

"Buy real estate - they're not making any more!"

Nah, I’m not talking Jeremy Lin, although he may just save the Knicks, but Chinese real estate buyers. (Thanks for the link, Cos Cobber). In fact, here at Fudrucker and Shakes, we’ve been onto this phenomenon for a while. Franke had arranged a bus, lunch, and viewing of a number of mansions last year for twenty Chinese but at the last minute the U.S. State Department screwed up their visas. With luck, we’ll get them back.

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I really haven’t been following this because I knew they were frauds all along

Leading Warmist Peter Gleick has been caught, and has now confessed, to knowingly using forged documents to discredit the Anti-Warmists. The main stream press and the Warmists themselves have shut up about this (not the documents originally claimed to be real – those they talked about; after exposure of the fraud, not a peep). Perhaps because, like me, they know they’ve been perpetrating a fraud for the past decade so this isn’t really news.

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Big bucks asked for Meadowbank waterfront – I’d pay it, probably

If he weren't surely dead by now, this architect should be shot

41 Meadowbank Road in Old Greenwich is up for sale, asking $10 million plus. It last sold, via bidding war, in 2006, when it was listed at $6.9 million and sold, just 16 days later, for $7.0125. Since then, the listing claims, it has undergone extensive renovations.

Pay no attention to the picture, taken from the old listing because a new one hasn’t been posted yet. Ignoring the 1955 facade, the house in 2006 was beautiful, and the water views fantastic. Deep water dock, swimming, all that. Drawback: it’s immediately next to the Rocky Point Club, which presumably can get noisy in summer, what with all those Old Greenwich hedonists going wild at “Bacchanalian Hawaiian Night” and such.

UPDATE: Not only did this guy not change the exterior, turns out that, having knowingly moved right next door to Rocky Point swim club, he proceeded to make a complete asshole of himself upon moving in, complaining about noise, parking, height of the pool, etc, etc. Like those idiots who move under the flight path of an airport and then complain about the jets over head. What pestilent behavior.

Here’s his taste in furnishing, by the way; it simply shrieks for a nude on that zebra:

Design by Hefner?

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Psst! Wanna buy a used electric car, cheap?

Could'a bought an anchor instead!

Drain the Tesla’s battery and you can’t move it – not wheels, brakes, nothing. And it will ruin the $40,000 battery which, Tesla warns owners, is not covered under warranty. Green jobs as rickshaw drivers, next – what a government, what a bummer.

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Way up yonder, a price “cut”

22 S. Stanwich

Up on 22 S. Stanwich Road, a house that’s been priced at $3.1 million since May of last year has just cut its price to $2.995, a little bit over 3%. Nobody’s gonna steal my house!

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All your bases are belong to us

Obummer will raise dividend tax from 15% to 44%. With interest on savings now non-existent (Connecticut has acknowledged this and no longer requires landlords to pay interest on security deposits) what are retirees supposed to live on? Oh that’s right, government largess.

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Democrats: we love higher gas taxes; in fact, we INSIST on them (except in an election year)

Cap and Trade now!

Twenty years (at least) of demanding higher fuel prices.

If Democrats had their way, after all, we would be enjoying the economic results of cap-and-trade policy these days — a program designed to increase the cost of energy by creating false demand in a fabricated market. As the theory goes, if you inflate the price of fossil fuels, the barbarians might finally start putting thought into how peat moss might be able to power a toaster.

In 2008, Steven Chu, Obama’s (and, sadly, our own) future secretary of energy (sic) lamented, “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.” The president, when asked whether he thought $4-a-gallon gas prices were good for the American economy, said, “I think that I would have preferred a gradual adjustment.”

How gradual? Like, what, four years? Or is it eight?

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Multiply this by every town in America

We're from the government and we're here to help

From Overlawyered.com, this: New Jersey town bemoans $12,000 in EPA paperwork before yanking fallen tree from creek.

Given the committee’s commitment to thrift and the high price of compliance, Bauman said, “The wild side of me asks: How much are the fines for this?” If it was just $5,000, it might be worth it to “get a bunch of guys with a chain and bring it out.”

Turns out, the EPA would fine them and still require the paperwork to be completed.

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Aha! Movement in our real estate market

Representative only

54 Center Drive, priced at $595,000 on January 12 of this year, already has found a buyer, and why not? A 1947, never improved  bungalow with three bedrooms but just one bath (listing says there’s a “powder room” in master bedroom garage) on a scrap of land, but on a good street at what passes for a modest price in Old Greenwich. Similar houses on Center Drive used to sell for this back in 1999. As recently as December, 2010, practically the same house sold for $1.050 million, and isn’t that buyer sorry now?

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Depends on whose ox is gored

 

I blame Chavez!

London: St. Paul’s perhaps the most liberal of all Church of England establishments, has finally received permission to evict the Occupy the World dregs, who have been there for months, and disinfect the place.  After years of listening to pompous denunciations of all things capitalism from the head of this dreadful church, I’ll be sorry to see the unwashed leave.

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