It’s rumored to be busy but you wouldn’t know it from MLS postings

Nothing of note in the accepted offer field and no sale prices reported. We do have “returned to market” items, two, a Putnam Park co-op at $239,000 and a tear down on Hillside near the high school, were previously reported as accepted offers. We’re seeing a lot of those these days – buyers get cold feet, don’t like the inspection results or can’t obtain financing. The third return is a house that was pulled from the market some months ago and is back today. I thought it grossly overpriced when it first came up for sale last May but the sellers haven’t dropped its price in the past ten months so I guess they disagree. Good luck with that.

25 Comments

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25 responses to “It’s rumored to be busy but you wouldn’t know it from MLS postings

  1. Anonymous

    what’s the hillside one?

  2. The New Normal

    a rising stock mkt lifts all boats (including housing)

  3. Anon

    Equity markets are ripping higher but Fountain won’t report big positive moves. He will report big drops though.

  4. Get Real

    Agree Anon. Equity markets much more correlated to real estate market (especially in Greenwich) than most of stuff reported here….. Democrats DOJ?

    • I don’t get it – I report on actual activity in the Greenwich real estate market. If you want to predict the future of that market based on the DJI then buy a WSJ and go for it. And if you want to buy an overpriced house because you’re sure it will be worth even more next year, please call me – I’ll be happy to oblige.

  5. Cos Cobber

    whoops, I posted the following comment under the wrong blog entry.

    I think a rising stock market certainly helps real estate…but only to solidify the bottom and perhaps help new construction for select product and markets. I dont believe a rising stock market will actually cause meaningful RE appreciation (ie more than a 10% increase over the 2011 prices which are down 30% from the 2008 highwater mark)…only a firming up of the bottom.

  6. Anonymous

    Any fool knows that this market is already in bubble territory. Many retail investors are sitting this one out. Plus, Mom and Pop do not trust wall street anymore. Do not expect anyone to rush back into housing. Fear not greed is the major component of the new normal.

  7. Anonymous

    Chris, neither Anon nor “Get Real” is a buyer. They must be sellers or brokers who are too tired of showing and not selling.

  8. Get Real

    Fools call bubble territories when they missed the opportunity of equities up over 100% in 3 years, or 20% in 6 months while waiting for the housing market to drop another 5%. Glad I didn’t take your investment strategies, money in your mattress! Oh, and if retail investors are sitting this one out, which may be the case, what is driving the market? Earnings have been increasingly better over the last couple years so stop the gloom and doom.

    • Gosh, Get real, you sound exactly like your predecessors during the dot com boom: Dow going to 30,000, this time it’s different, and so forth. Listen, here’s a deal for you: I’ve got these tulip bulbs and, even better, some stock certificates to the South Seas Company and ….

  9. Anon

    Apparently you don’t follow the headlines at all. Companies are raising dividends, earnings up, ipo activity up, merger activity up, stress tests improved and on and on but none of this is real according to you because it’s a bubble. Last I checked, we want markets to trade on real fundamentals. So what do you want and why don’t you believe the headlines? Maybe we should question your headlines.

    • Markets now trade via computer programs that execute trades in miliseconds. Value investors are out of fashion and losing money. The traders have no long range view, and why should they/ There’s money to be made now, who cares about tomorrow?. Greece defaults, costing banks 70% of their loans, with the remaining 30% to be lost by this summer and Greek bonds and bank shares soar. Why? Because tax payers were forced to bail out the banks and Wall Street expects them tobe squeezed again. Hungary will be next to default, which will bring down the Austrian banking system which funded Hungary’s wild spending, Spain has a 50% unemployment rate for workers under 25, 25% for everyone else, and Wall Street hums along because default hasn’t happened yet.

      Today a senior executive at Goldman Sachs quit in a spectacular fasion by publishing an opinion piece in the Times explaing that he can no longer continue working for an organization whose sole purpose is to cheat and abuse its clients. There was a time, long before you were born, when such an accusation would be met with horror – today, that executive is considered a naieve chump.

      You put your faith in all this and that’s fine – I don’t pretend to understand Wall Street and its delusions but I recognize that you guys are making fortunes, and I don’t begrudge your good fortune. You might want to reflect on the fate of someone I knew who assured his wife that, with advanced degrees from two Ivy League institutions, he was smart enough to milk the dot com boom and know when it was about to burst. That worked until he lost $17 million in one afternoon and he went into the woods and shot himself in the heart, leaving behind a penniless widow with two children under five. I know that won’t happen to you – you’re not so attached to your money that you can’t realize what’s actually important in life and of course, you’re far too smart not to recognize when the end is near and get out. But some of your peers aren’t. Good luck.

  10. Row Your Boat

    Most of the bloggers here are frustrated real estate brokers venting away.

  11. Anonymous

    Get real,

    Who said i have not been long for the last three years but now think the market is frothy? What is driving this market? The printing presses. With ten year bonds yielding 2 % and real (not official) inflation much higher than that, money managers have had no other place to invest but the stock market. Our last housing market (bubble) was created by many forces that will not repeat themselves this cycle. Easy money has created every bubble in history and there has been no period ever when we have printed so much. Also, Earnings can be manipulated especially if you are trading off a very low basis. Only a fool would say that a market that is up 100% in 3 years is not in a bubble phase. Look in the mirror……that fool is you. This can go on for a while ( i do not pretend to be able to predict the market) but at some point the music stops and it ends in tears.

  12. cos cobber

    Yada-yada-yada CF…. Look at you, are you dollar bill, ralph nader or blumenthal when it comes to the capital markets? The capital markets are far too large and dynamic to take absolute positions (ie they always work or the system is permanently broken). I thought a smart guy like you would recognize that.

    Bold prediction: the stock market will continue to make financial winners.

    Bold prediction 2: the stock market will continue to make financial losers.

  13. The New Normal

    gee he finally figured out he wasn’t doing charity work

    it’s actually very smart – he will probably retire or do something else anyway, this way he will be embraced by everyone outside the financial community or get book/writing deals….

  14. Cos Cobber

    This Goldman guy wasnt a big fish…its really not that significant.

  15. Cos Cobber

    CF, you could find an auto worker, a verizon field employee, a dept of corrections officer, a insurance agent, a realtor and on and on who could pen the same missive about greed and corruptions in their line of work. However no one would listen because it doesn’t feed the media and public perception, nor is that person likely to have the same writing eloquence or educational pedigree/stature. This is news because it endorses the publics’ perception on GS and ‘banksters.’

  16. The New Normal

    it’s NEW NORMAL

    it’s easy to be self-righteous and resign and give your old firm and coworkers the finger when you’ve already become RICH

    if he donates a large portion of his bounty to good causes then I will stand corrected

  17. The New Normal

    seems hypocritical and quite convenient to pile on w/ the masses (of people denigrating high finance types)

    he says he resigned b/c of an “integrity problem” at GS – but what about his lack of integrity in the way he backstabbed his former coworkers and firm? the people who are actually trying to serve their clients properly and aren’t the bad apples – are they treated fairly by his high and mighty criticism of the bank as a whole?