Uh oh, another angry home owner heard from

A reader has taken umbrage at my suggestion that the New Canaan real estate market is dead and sends this polite note:

I do not own any property in New Canaan. Prove me wrong – you have access to MLS – do the math and publish the results so that your readers can benefit from some factual analysis. If you are right more power to you – but you are not and your offhanded snobbish glib remarks are not helpful, for either buyers or sellers. Brokers in most industries are market makers; in real estate you folks are overpaid chauffeurs. The lack of intellectual capital in your profession is astonishing.

It’s a fair guess, given an earlier reference he made to “delta”, that this angry fellow somehow made money in the financial world. His ignorance, then, is even more astonishing. For instance, “brokers in most industries are market makers; in real estate you folks are overpaid chauffeurs”.

In what market does a broker set prices? Certainly not a free one, where consumers are free to shop around and get the best terms. This fellow’s concept of a real estate agent’s role is for her to drive her buyers around town and show them houses, priced at the sellers’ whims, and never advise on relative values.  Then indeed we would be nothing but chauffeurs but only a deeply depressed, deluded homeowner could think and expect that.

Even if we were so useless, oh Mr. Homeowner, our clients are not. They have eyes, they have brains and they can quickly detect that your house is asking $1 million more than a better one down the street and they will buy your competitor’s instead of yours. That you believe it is the responsibility and obligation of both your listing agent and the agent representing the buyer to merely show your house, extol its virtues and remain silent on your lunatic pricing decision is …unrealistic.

I take it back that you made a living in the financial world – you must have inherited.


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25 responses to “Uh oh, another angry home owner heard from

  1. greenwich dude

    cf, you never know – maybe he works at GS selling worthless derivatives to his “muppets”.

  2. edgewater

    again, chris, you nailed it.

  3. Anonymous

    Still be curious to see the New Canaan numbers

  4. Anonymous

    Amazing. A broker is a market maker? By definition they are not. That is called a dealer.

  5. Walt

    Dude –
    So what is the deal with this? Apparently Ms. McBeal is plugged into the swinger’s scene in New Canaan.

    New Canaan has a swinger’s scene? Who woulda thunk? They don’t even have decent nightlife. Where are these swingers hooking up? The YMCA? Does New Canaan even have a library? Are you and Ms. McBeal a part of this scene? Is it groovy? You little perv, you.

    Does Greenwich have a swinger’s scene, Dude? Are there sex filled orgies going on all around me that I don’t know about? That would hurt my feelings.

    I have never been to an orgy, I am sorry to say, but I think I would be pretty good at it. But I should probably start slow, with just two girls and me. What do you think, Mr. Hipster? How do I get plugged into this scene? Wear a leisure suit and gold medallions and stroll the avenue? Cruise around in a Jag? IS THAT WHY GID BOUGHT THAT CAR!!!

    I always knew there was more than tuna sandwiches being served at these “Open Houses” and now I know how they got their name.

    Your Pal,

  6. Walt

    Dude –
    Call Ms. McBeal and let’s have lunch in New Canaan. We need to get to the bottom of this. Maybe this is why they are holding their property values? They have a better swinging scene than we do?
    We can’t let that happen!! Greenwich must be better in all things than New Canaan. The hotties of Greenwich CANNOT allow us to be behind New Canaan. Our asses are on the line!! We can’t blow this. It is to important.
    Pick you up at 12:30?
    Your Pal,

  7. My rant

    For you fact seekers. 1st quarter closings in New Canaan 2004-2012 (MLS only):


  8. The only thing that matters is....

    how can any reasonably intelligent person disagree with the statement the the housing mkt is pretty bad and if this is a “recovery” it is a weak one?

  9. Anonymous

    New Canaan was the “Ice Storm”.

    Swingers then. Today?

  10. Fat Cat

    I think the reader has a point. When I trade credit default swaps with Goldman Sachs, for example, the will make me a $10mm two sided market – they will either buy or sell $10mm worth of CDS at a clip, putting the firm’s capital at risk. The spread they work for is minimal compared to the 5% vig a real estate broker gets for having no capital at risk.

    There’s a reality TV show, “Million Dollar Listings,” which shows NYC brokers being driven around in Porsche Panameras, Range Rovers, etc.. They broker 2,200 sq ft apartments for $5mm to whales from Hong Kong – similar to how Goldman sells toxic complex derivatives to Muppets. So at the end of the day, there’s not much difference between brokers on Wall Street and realtors except the brokers on Wall Street have more skin in the game.

  11. Row Your Boat

    Angry dude seems to think brokers are market makers instead of intermediaries. Anonymous is almost right…dealers used to be market makers..hardly any more.

  12. AJ

    Fat cat, the only skin Wall Street has in the game is the US taxpayers’ dollar. They should have all died a timely death four years ago, yet they still live, à la “Return of the Living Dead” — “Brains, more brains”. Punk rock zombies vs the Pathmark Supermarket spokesman — what a great film.

  13. teribuhl

    Chris you are spot on abt NC real estate and if they published their short sales we’d have a better view of the market.

    Walt – There is still time for you to donate to ‘Swinging in New Canaan’. Readers just send in $ via paypal (teribuhl@gmail.com). I’ve already raised $4,100 but more is welcome.
    I have never been to a swingers party but have now interviewed a lot of New Canaan married couples who have. I discovered this story after reporting on forex trader Mitch Vazquez and his dispute with his hourse/sex assistant Helen. It was through local reader tips I learned about how real and active the Ice Storm lifestyle is in New Canaan.
    We are already in production for the video part of this story but if you want to comment on camera about why couples share their partners sexually I can still get you into the film.

  14. anonymous

    People share their partners with others because otherwise life becomes too boring. duh!

  15. teribuhl

    Anonymouse 1:45pm – would you like to come on camera and explain that?
    In the case of the Vazquez parties we are seeing there are a lot of drugs involved also and unfortunatley some 1st time players don’t even know they’ve been invited to a swing party. I’m all ears to hear more of your POV. write me at teribuhl@gmail.com Don’t worry all sources are confidential.

  16. Walt

    Ms. McBeal –
    This sounds psychedelic. Shagalicious!! I have a Nehru jacket I can dig out of my closet. Or are we shooting it in the nude? I have no problem with nudity. In fact, I prefer it!!

    Is this a documentary or a rom-com? Can you send me the treatment? I can punch it up for you. No charge!! But I want a writing credit.

    Are we talking New Canaan blue hairs, or are there actually some hotties in that town? I always viewed New Canaan as a retirement community for burned out Wasp’s who couldn’t afford Greenwich, but maybe I am wrong.

    There is nothing to do in that town, so I guess it makes sense that all they do is have mad monkey sex behind closed doors. It makes me wish I lived there. Should I bring anything? Electric glide? Fur handcuffs? Ben Wah balls? I have them all, but I am not sure of the proper etiquette to an orgy. But I am willing to learn.

    Anyhows, Dude, I think I need a change of scenery. Maybe you list my house? I am thinking of down sizing to New Canaan. Flip it quick. Just like I will soon be flipping these New Canaan hause fraues!!

    Your Pal,

  17. Walt

    Dude –
    So help me get up to speed on this whole orgy scene you and Ms. McBeal have been investigating. Probably for the last 5 years. You horn dog.

    How does it work? Do you chit chat first, and get to know each other? Or do you just walk in and start banging whoever is next to you? I wouldn’t like that, as I think personality is more important than sex appeal. I like to get to know the hottie first, and see if she is intelligent, and has a sense of humor. If she doesn’t turn into a pizza after you are done pounding her, you need to talk to her, right? So personality is important. Unless, of course, she has a really HUGE set of fun bags, a bubble ass, and is shaved as bald as a baby. Then I will get to know her later. And if the cans are big enough, we can always compromise on personality. Am I right?

    Anyhows, how do you get invited to these rural sex fests? Do you hang out in the vegetable section of Whole Foods, fondling cantaloupes, or rubbing a cucumber until someone invites you? How do you start that conversation?

    Do you have safe words? What if someone wants to cross the line? Is there an orgy etiquette web site? I feel like I have been left back in third grade on this topic.

    How do you decide who hosts? Are there party favors? Suppose your Priest shows up? How do you deal with that? Besides keeping your ass backed up against the wall?

    How long have you been doing this Dude? Am I the only one left out of this porn fest? Has everyone in town been banging everyone else, while I stayed home watching Seinfeld? What the frig is up with that? I need some answers Dude.

    Your Pal,

  18. akismet-e83e6a8fd034de9978514f0085032d96

    Walt – You’ll have to read my story to get answers to all that and Fountain isn’t part of it.

  19. I actually think this story will help New Canaan real estate…more Greenwich/ NYC Traders will move here

  20. greenwich dude

    god walt is awesome

  21. Hudson

    When you find a good broker…stick with them, and refer them on. I have bought several homes in Fairfield and Westchester Co’s, and I now only work with brokers that I know add real value. But I have to agree with your reader, the vast majority of brokers are way overpaid chauffeurs. They can be a real distraction with completely useless, throw away comments as you walk through properties. CF – you take the effort to keep this blog updated with good content (of course biased in your opinion), I don’t know many other brokers that would take the time.

    Unfortunately, new buyers don’t know any better. If only there was an unbiased rating or review system used by buyers and sellers that can’t be gamed by worthless brokers. CF…here’s an opportunity for you to set up something that could one day be your billion dollar IPO!

  22. New Canaan Hubby

    Walt, you can bang my wife all you want. That is, as long as you pick up the tab for all of her shoes and bags shopping excursions. You better be loaded!

  23. Phil McKracken

    Agree with greenwich dude. Waiting for his book…

  24. Anonymous

    Some of the Ice Storm was filmed in Greenwich. Funny thing, the people in NC think the poor people live in Greenwich. Maybe it’s the Greenwich schools.

  25. Anonymous

    People from NC chew tobacco and play banjos. Most of them are poor and have consensual sexual relationships with close family members. Who cares what they think?