Daily Archives: January 28, 2013

Somebody set us up the bomb

What you say?

What you say?

Malaysia’s High Yield Real Yields Mean Flows Top Peers



Filed under Uncategorized

“Million Mom March on Washington” doesn’t add up

1,000 angry mothers descend on Washington to demand gun ban.


Filed under Uncategorized

A last bit of market activity to report

Three accepted offers, one (genuinely)  new listing in Old Greenwich.

1 Driftway, Byram Shore, $1.195. Seems about right for Byram.

11 Broad Rd

11 Broad Rd

11 Broad Road, custom house, I think, in Belle Haven, priced at $5.299 million and with just 140 days on the market – that’s quick, for this price range, it was obviously priced right.

89 Summit Road, Riverside, $2.199 asked. Owners paid $2.275 in 2007 so if they’re getting close to their asking price, that’s just about back to 2007 levels. Not many other areas in town are there yet.

187 Shore Rd

187 Shore Rd

The new listing is 187 Shore Road, $3.495 million. Tidal waterfront, walk to the beach, could be very nice. Its open house is this Thursday and I’ll report on it then. Looks good in its pictures.


Filed under Uncategorized

We’ll pry them from their cold, stiff fingers

You vont be needing these no more

You vont be needing dese no more

Police Chief promises that all citizen’s guns “will be gone by the next generation”.

San Diego Police Chief, William Lansdowne said in an interview that the implementation of new gun laws will take guns off the streets of America within a generation.

According to San Diego 6, Lansdowne said that it may take a generation but guns will eventually be taken off the streets through new laws like Senator Dianne Feinstein’s proposed assault weapons ban:

“Chief Lansdowne, who plays an active role in the western region of the International Association of Chiefs of Police (IACP) association, said it may take a generation but guns will eventually be taken off the streets through new laws like Senator Diane Feinstein’s proposed assault weapons ban legislation. Some of the items his organization is addressing include; a ban on assault weapons, restricting high-capacity magazines, closing loopholes that allow firearm sales between private owners without background checks, and implementing much stricter background checks by using a comprehensive database.”

Lansdowne believes that the shooting in Newtown, Connecticut weakened the gun lobby’s power and has opened the door for new gun control legislation.

“We broke the NRA,” Lansdowne said off-camera.

Lansdowne’s position on gun control appears to be in the minority among sheriffs across the nation, however.

As CNSNews.com previously reported, sheriffs from Florida to California have stated publicly that they will not comply with any new gun control measures proposed by the federal government.

This police chief, the NRA and Feinstein all understand what’s going on here: a national registry of all guns means the government knows where they are and Feinstein’s mandatory confiscation upon the death of a gun owner will indeed, as chief Landsdowne promises, result in the disarming of the public. You may think that’s a good idea – some of us don’t, but regardless, please stop calling the NRA and gun owners paranoid for seeing what the government is up to.


Filed under Uncategorized

What if they held a gun buy back day and a gun bazaar broke out?

They offer just $200? I will pay $400, and my sister AND a camel!

They offer just $200? I will pay $400, and my sister and a mule!

That’s what happened in Seattle.

Police officers in Seattle, Washington held their first gun buyback program in 20 years this weekend, underneath interstate 5,  and soon found that private gun collectors were working the large crowd as little makeshift gun shows began dotting the parking lot and sidewalks. Some even had “cash for guns” signs prominently displayed.

Police stood in awe as gun enthusiasts and collectors waved wads of cash for the guns being held by those standing in line for the buyback program.

People that had arrived to trade in their weapons for $100 or $200 BuyBack gift cards ($100 for handguns, shotguns and rifles, and $200 for assault weapons) soon realized that gun collectors were there and paying top dollar for collectible firearms. So, as the line for the chump cards got longer and longer people began to jump ship and head over to the dealers.

People were reportedly, at one point, jumping out of vehicles  whilst sitting in traffic – making on the spot deals with the gun buyers.


Filed under Uncategorized

Recyling day

A price cut and four “new” listings, all of which we’ve seen before.

Does Tyvek really last 11 years, uncovered?

Does Tyvek really last 11 years, uncovered?

28 Brynwood is the price cut, and now asks $3.750 million, a whopping $100,000 less than it asked for yesterday. This is just silly – the builder who so foolishly started this project is long gone, the idiots at Ulster Bank who loaned $3 million and an additional $1. 6 on the property back in 2002 are probably down in Washington working for the government – their bank has long since folded – and the house has sat half finished and open to the weather for over a decade. You want a frame and a slate roof on two bad acres of land that are literally on top of the Merritt Parkway, be my guest. I say $1.1 million, tops. Since the folks who paid two cents on the dollar to buy this loan’s paper are out nothing, they’d be fools to reject an offer in that range, but they already have. Even the dullest work-out drone at one of these firms has heard of Greenwich and “knows” that 2 acres of Greenwich land off Round Hill Road must be worth millions. This is not that land, but that’s why the guy making the decisions is stuck at the pay scale he’s in.

46 Orchard Place, Cos cob Greenwich [ my mistake] started at $1.895 million in 2004 and in the 9 years since has been on and off the market. It’s back today, at $1.575. The owner has written (see comments below) detailing all of the improvements made since 2005, so you should probably take a look, if this house and neighborhood are in your search parameters.

31 Bush Ave

31 Bush Ave

31 Bush Avenue, Belle Haven, is also back for another go, having failed to sell for $8.850 million in ’07 and subsequent years. Today its owners will settle for just $6.950.

286 Round Hill Road was priced at $5.375 in 2009 and now, with a new broker, new price, and 787 days on the market under its belt, it’s at $3.550. Meh.

And not included in the link above but who cares? It’s been around forever, spec builder General Tsoi’s house at 36 Montgomery Lane is listed as new for $3.295. Tsoi couldn’t sell it at $5.4 million, Patriot Bank didn’t even try, the group that bought the loan from Patriot failed at $3.495, and now this. It’s not a bad house, if you understand that you’ll want to rip out all the marble and bathroom fixtures that Tsoi bought by the midnight truckload from Chinatown and festooned all his projects with, and you and your mountain goat can deal with the driveway. Decent yard, decent quality construction, it seems, minus the choice in finish materials. And if you like taupe, you’ll find 6,000 square feet of it here to admire. The paint was probably on that same truck, priced right.


Filed under Uncategorized

Price cuts

Three this morning.

61 Sumner Road, $3.2 million cut to $3.1. Not a crazy price but a contemporary this far north, with a master bedroom on one floor and the rest upstairs (with one in the basement) rules out families with young children and the lack of a pool makes for a dull weekend adult retreat, so what’s the market? We’ll find out eventually.

55 Birch Rd

55 Birch Lane

55 Birch Lane, $5.295 to $4.795 million. That’s a substantial cut but it’s still a 70s style house, albeit renovated, and at least from what I’ve seen of current listings in this price range, there are other houses to consider.

75 Clapboard Ridge Road, $13.950 (2007), now asking $10.350 million. My inclination is to refer the reader to the post immediately below this one, but that would be cruel.


Filed under Uncategorized

No, I didn’t post this

From a disgruntled Craig’s List viewer:

Screen Shot 2013-01-28 at 10.16.34 AM


Filed under Uncategorized

It can’t happen here, can it?

Jesus, how stupid did they think we were?

Jesus, how stupid did they think we were?

Wall Street executives flee New York taxes for Florida. Why stick around a cold, grey unwelcoming city when you can play golf alongside fellow tax-haven seekers like Phil Mickleson and Tiger? Lose our financial industry base and Greenwich may once again become affordable for teachers and garbage men, but current home owners aren’t going to like it.

The city’s hedge-fund executives are flying south — and it’s not for vacation.

An increasing number of financial firms, especially private equity and hedge funds, are fed up with New York’s sky-high city and state tax rates and are relocating to the business-friendly climate in Florida’s Palm Beach County.

And they’re being welcomed with open arms — officials in Palm Beach recently opened an entire office dedicated to luring finance hot shots down south.

“Florida is a state of choice,” said Thalius Hecksher, global development chief for Apex Fund Services, who moved many of his operations to Palm Beach. “It’s organically grown. There’s no need to drag people down here. It’s a zero-income-tax jurisdiction.”

Also, commercial property values are much cheaper in Florida, and New York City will likely become even less friendly to businesses when Mayor Bloomberg leaves office next year, hedge-fund executives said.

“You weigh all of the benefits for being here to those in New York, and they outweigh them every time,” said Evan Rapoport, CEO of HedgeCo.net, which is expanding its presence in Palm Beach County.

The demand is so high that officials in Palm Beach County have set up an entire office to answer questions from city hedge-funders looking to relocate.

“We’re not doing a multimillion-dollar marketing campaign. We don’t need to,” said Kelly Smallridge, who heads the Palm Beach County Business Development Board, which set up the special unit to handle inquiries and marketing.

“They’re coming to us.”

Without warning, Smallridge said, her organization only recently started getting inundated with hedge-funders.

“The door was open because of the high-tax environment” in the New York area, Smallridge said.

“Smaller companies were moving completely out. Larger ones, looking for expansion opportunities, wanted to expand here,” she said while touting her group’s “free and confidential” consulting services.

The firms can easily pick up and move out of the New York region because technology allows them to do their work anywhere, she said.

That’s exactly what Hecksher — whose company services hedge funds around the world — did when he was looking to expand the firm’s US presence.

New Jersey-based Apex, he said, could easily have chosen Manhattan or Greenwich, Conn. — but instead, the company followed the industry to the tax-friendly Sunshine State.


Filed under Uncategorized

Revenge of the GAR Evil Princess?

The annual meeting of the Greenwich Association of Realtors is scheduled for this morning and while I wasn’t intending to attend, I notice this change in the bylaws that, while it seems to exclude from its provisions written abuse, would appear to be directed at anyone who says cruel things to them. I may stop by just to see if they’re talking about FWIW.

Screen Shot 2013-01-24 at 4.59.00 PM


Filed under Uncategorized

What the hell did they think the election was about?

It's just not fair!

It’s just not fair!

Republicans whine that Obama’s being mean and won’t listen.

WSJ: President Barack Obama’s most recent nominations and appointments show that he is assembling a muscular senior team of trusted allies to carry out his second-term plans, without concern for Republican sensitivities, some GOP officials say.

And they’re just discovering this? On Friday Peggy Noonan pointed out that Obama means to change the country and crush the GOP, and cited several examples of how the effete  lapdogs of the Republican Party refuse to acknowledge this and fight back and instead have rolled on their backs and stuck their furry paws in the air, begging for treats.

Lesson two came from Republicans on Capitol Hill. Conservatives on the ground are angry with them after the Benghazi hearings. Members of the Senate and the House have huffed and puffed for months: “It’s worse than Watergate, Americans died.” Just wait till they question the secretary of state, they’ll get to the bottom of it.

Wednesday they questioned Hillary Clinton. It was a dud.

The senators weren’t organized or focused, they didn’t coordinate questions, follow up, have any coherent or discernible strategy. The only senator who really tried to bore in was Ron Johnson of Wisconsin, who asked a pointed question that was never answered: If you wanted to find out what happened when the consulate was attacked, why didn’t you pick up the phone the next day and call those who’d been there? John McCain made a spirited, scattered speech—really, it was just like him—that couldn’t find the energy to end in serious questions.

Why can’t Republicans fight? How has the party managed to elect a coterie of country club weaklings who sniff about hurt feelings and do … nothing? There was a great suggestion not long ago, when Al Franken was wavering on an assault weapon bill, trying to gauge the damage he’d do to his base by opposing one vs. the anger of rural voters who’d as soon shoot him as a nuisance deer in the garden:  start a (phony) grass roots movement, “Citizens for Sane Gun Laws” or some such nonsense, collect a million signatures on a petition and present it to Al in the full glare of media klieg lights. Force the issue, force him to choose a side, rather than a waffle. That’s great theatre and great strategy – something David Axelrod would dream up for his party. My guess is that the Republicans will try to blackball him from the golf club instead.


Filed under Uncategorized

So how come we hear about this about as often as the media discusses John Kerry’s cross-dressing?

Oooh, what a big gun you have, Barry!

Oooh, what a big gun you have, Barry!

Here we thought Obama was just interested in clinching the title as all-time Golfer in Chief but no – he disclosed last week that he is also a secret gun shooter, a hobby he engages in “all the time”.

The trouble with this gambit is that, while the press and Obamanistas will believe anything their great man says, this particular bit of horseshit is apparently aimed at gun owners, and we’re not as stupid as his followers.


Filed under Uncategorized