Just two days into the year and we’re already experiencing the coldest temperatures since January, 2012. If you see Al Gore, tell him to shut up.
Daily Archives: January 2, 2013
ObamaKare: employers must offer health insurance coverage to children of workers but whether those workers can actually afford to purchase it need be of no concern. This may explain why the “Affordable Health Care Act” has now been renamed “Climate Change”.
The two condo units, 53 Locust Street #A and #B, are reported under contract, asking price $1.399 each. I don’t know what final selling price will be because these are being sold either to or by the lender. Originally priced at $2.199 per unit, the project was put up by a really good builder with awful timing back in late 2007, early 2008. The downtown market curled up and died just then and so did this building. I thought they represented good value at their last price but they had to be sold together and I had no one around who wanted central Greenwich and had the money to buy two. One, but not two. Darn.
37 Meadow Wood Drive, Belle Haven, asking $5.490, reduced from its year-ago price of $6.650 million. Interesting history on this property – it sold “direct” for $5.950 million in 2002, which proved a boon for the seller, because when those buyers exposed it to the real market in 2004 they had to price it at $5.3 million and finally sold it for just $4. We don’t know yet what it’s selling for this time, but it will probably be for more than that 2004 price, because the owners appear to have sunk a lot of money into it. That doesn’t always mean anything, of course, but ….
This is to my mind a pretty typical Belle Haven house, decorated in that Greenwich Awful look and enveloped by the noise of the Thruway to drown out the unpleasant whining of petulant, spoiled grandchildren. That’s a popular combination on the peninsula, though I don’t know why.
If you waited to enter your company’s marketing effort in the 2012 worst ad of the year contest, you’re too late.
A firm from France won it. There’s bound to be another contest this year, though, so get going.
A client of mine alerted me to the reported contract on 8 Durkin Place this morning and I’m frustrated I couldn’t sell it. Durkin’s a little cul de sac off of Linwood in Riverside, parallel to Lockwood Road, and mostly unknown – I grew up not far around the corner and I still had to use a map to find it on its first open house. This was an excellent deal, I think, because the house itself, while definitely needing some serious updating, is a good solid structure that could be made to work. I’d blow out the kitchen, chop off an unfortunate addition in the rear and reconfigure the upstairs and baths, etc., but at an asking price of $1.345, and 0.37 acres of good, flat land in the R-7 zone, there was plenty of room to put that kind of money into it and still be confident that you weren’t overbuilding for the neighborhood. This is going solely for the value of its land, and offers another example of perfectly good houses being given away – but not the dirt they sit on.
The client who saw the contract reported also saw the merits of this deal but it was just a tad out of his reach. A builder client I urged to look at the property never responded (yeah, you know who you are, chump) and other clients I’ve been working with don’t want a project. But someone did, and he’s done well snagging this one.
8 Indian Point Lane, Riverside, $2.350 million. That’s a steep drop from the $4.795 million estimated as its value 428 days ago (Have I mentioned that there is a very low, even non-existent entry barrier to this “profession”?) but seems just about right to me. This is a nothing-special house, dated, and most of its 1.5 acres is under the salt water pond you see in the background, but at this price the buyer can just live in it as is and be on a great street in a nice area for what in Riverside passes for not a lot of money. My favorite part of the agent-to-agent notes? “Early closing possible”. Ooops.
47 Indian Field Road, a 1900 home converted to multi=family and neglected ever since sold for $928,000. Rents being what they are these days, I suppose the new owner can do nothing to the building and collect a decent return. And when it falls down and he must rebuild, he’ll have a large lot on which to do so.