Daily Archives: September 21, 2012

Here’s a surprise: GHS Band going to Cuba and Greenwich Time doesn’t notice that there might be something objectionable about that

 

Raul Castro prepares prisoner for the ultimate reeducation

Nothing to see here, move along, move along. If you’re the type to see no moral distinction between communism and freedom, if you think that “from each according to his ability, to each according to his needs” is a laudable sentiment rather than evil incarnate, then you’re probably an educator or a member of the press, so a petty little matter like lending support to a bloody dictatorship will never appear on your radar.

Cultural exchange, Cuban style

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How do you make a small fortune in Greenwich real estate?

Ever smaller

Start with a big one, of course. 79 Dingletown Road, sold new in 2007 for $6,787,500 and relisted for $7.125 in 2009 sold today for $5.1 million.

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No activity

Unless you consider four cheap rentals, a bank-owned multi-family in Byram asking $330,000 and a house under $3 million “news” (actually, a multi-family, even in Byram, for $330,000 probably is news), then nothing worth commenting on has been reported today.

12 Hendrie Drive

One sale: 12 Hendrie Drive in Old Greenwich, $1,276,200.  One tiny house, on one very tiny lot. I’m sure glad I’m not trying to move into town with a young family to house.

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This is a bit odd

 

59 Old Mill Rd

59 Old Mill Road came on for sale yesterday afternoon priced at $776,000. I knew the house: I had the listing back in 2005, and since it sold for $1.220 in 2006 and was then completely renovated, $776,000 seemed like a totally bizarre price, especially when it has around $2 million in debt on it. But what the heck, I emailed it to clients and I spent the first part of the morning trying to show it today at 10:00 AM. I have finally heard back from the listing broker and been informed that they were showing it all yesterday evening and this morning and have now received enough offers that they feel comfortable ending the showings and cutting off any further bids.

I find it strange that the seller would conclude that he’d achieved his maximum price when a property has been on the market for less than 24 hours, but that’s his business. Shows you, I suppose, what happens when you put a house on at half its expected value.

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Another Realtor overprices her own house

Realtors are notorious for this and here we go again: 96 Riversville Road (agents must love this street – see posting below) has an accepted offer, last asking price, $2.597 million. Purchased for $2.550 in 2000, it was first listed at $4.149 in 2007 and has been dropping ever since.

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Getting a bit more serious

 

636 Riversville Rd

636 Riversville Road chopped $500,000 off its price today but it’s still asking $6.250 million which, while an improvement over the original 2010 price of $7.590 still leaves it in our least-desired price range. Fabulous house on five acres; if it weren’t (almost) in Armonk, it’d be more attractive.

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Reality rears its ugly head

Three “new” listings have resurfaced today, 8 Alpine Rd, 84 Pecksland and 245 Bedford Road (pictures not posted yet). Each represents a dream gone sour.

Any day now

8 Alpine was a tear-down originally purchased for $955,000 in 2008, which wasn’t a bad price, but the builder had ambitions and spent many years trying to pitch a “to be built” castle for $12.750 million. That never happened and, after trying to unload the place for $3.999 million, a new owner, Community Bank, will part with it for a mere $1.899. I don’t see why it’s worth any more today than it was in 2008 so I’d guess there’s some serious price cutting still to be done.

84 Pecksland was a so-so house that asked $3.195 in 2008 and is now priced at $2.195.

245 Bedford, way up at that road’s terminus at the Alcan Highway, has gone nowhere since it was built in 2005 and priced at $5.885. Now it’s $4.495 with the notation, “bring all offers”. They don’t want to hear my offer.

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Ireland in Riverside?

14 Hearthstone Drive has sold for $1,387,500. While it’s true that Riverside new construction is flying off the shelves (that new house on Miltiades, backing up to the tracks and priced at $2.8 million plus, is rumored to have an accepted offer and it hasn’t even been finished yet), but how many of these can be sold? Bramble and Hearthstone are fine streets, I suppose, but builders seem determined to rebuild both streets entirely with $3.4 million houses. Anything’s possible, but I do wonder exactly how deep this demand goes.

The builders are going to find out.

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Real estate deal of the week

Irish Triptych: Colleen, wheelbarrow and her pig

From “Unkster”, who keeps an eye on all things Irish for me. Farmer sells land for €1.5 million, buys it back for €60,000.

A Co Meath cattle farmer has bought back an 8.5-acre site from a developer for just €60,000 only seven years after selling it himself for close to €1.5m.

David Gilsenan from Crossakiel near Kells proved that it’s an ill wind that blows no good — at least for farmers.

At an auction in Navan, Mr Gilsenan was one of just two bidders as he snapped up land that he himself had sold for a fortune in the Celtic Tiger years.

During the boom, the site was earmarked for a housing estate with 45 homes on the edge of the village of Crossakiel.

Three local brothers — Seamus, David and Daniel Fagan — bought the site and would have hoped to receive €250,000 for each of the completed three-bedroom houses.

The Kells area is well inside the Dublin commuter belt — only an hour by car from the city centre.

But the project never got off the ground, and now only cattle rather than commuters can be found on the rich Meath pasture.

A property sign lying on the ground is a forlorn reminder of how the development site is only five minutes away from the new M3.

Yet Mr Gilsenan, whose farm adjoins the property, will not even have to remove a fence to enable his cattle to graze in the field.

The plot was never even fenced off from his own property after it was bought by the developers.

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What I’ve been trying to say, but this observer is articulate

Obama leading? Blame our schools and media. From David Gelenter (professor at Yale, of all places!) Here’s a snippet, read the whole thing.

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