Daily Archives: March 11, 2013
Real estate news came in
116 Lockwood Road, Riverside sold for $1.135 million. Corner of Hearthstone, it will surely be joining the other five houses on that street that have recently been dumpstered.
443 North Street, one acre land parcel asking $1.2 million reports a fully-executed contract. The land falls off the street and into a swamp, which in turn abuts the cemetery; it was a combination that my own clients didn’t find appealing, but someone has.
And four accepted offers I found interesting, 3 Byfield, 6 Indian Pass,1 Mortimer Drive, 714 Lake Avenue.
3 Byfield, asking $2.195 million, was a very attractive house, newly redone, and one that my clients liked a lot, except for Byfield’s exposure to Merritt noise. Noise is such a subjective matter, though, that I’m not surprised this one found a buyer in 20 days – far less than that, actually, but there must have been some final negotiating going on before this was reported.
6 Indian Pass, on the corner of Indian Field, was built in 2012, priced at $1.499. Noisy location and no yard, but decent inside, and about what you can expect in this price range for new construction.
1 Mortimer, Old Greenwich, $1,050,000, 273 days on market. Meh.
714 lake, $5.650 million, was a good house, but still shows its mid-70s origins. I thought the house was fine, but I’m surprised that it took so little time – about a month – to find a buyer at this price range. There you have it.
I heard this morning that the Walter Noel’s of Greenwich, Park Avenue, East Hampton, Palm Beach and Mustique may be preparing to leave Round Hill Road. Last time I looked, the Round Hill property is encumbered by a $10 million lien and I assume his other homes are similarly burdened. If so, perhaps the hangman is approaching?
How’s that $100,000 “green” car treating the world? Not very well, it seems.
Even if the electric car is driven for 90,000 miles [batteries expire after 55,000 – ED] and the owner stays away from coal-powered electricity, the car will cause just 24% less carbon-dioxide emission than its gas-powered cousin. This is a far cry from “zero emissions.” Over its entire lifetime, the electric car will be responsible for 8.7 tons of carbon dioxide less than the average conventional car.
Those 8.7 tons may sound like a considerable amount, but it’s not. The current best estimate of the global warming damage of an extra ton of carbon-dioxide is about $5. This means an optimistic assessment of the avoided carbon-dioxide associated with an electric car will allow the owner to spare the world about $44 in climate damage. On the European emissions market, credit for 8.7 tons of carbon-dioxide costs $48.
Yet the U.S. federal government essentially subsidizes electric-car buyers with up to $7,500. In addition, more than $5.5 billion in federal grants and loans go directly to battery and electric-car manufacturers like California-based Fisker Automotive and Tesla Motors TSLA +0.63% . This is a very poor deal for taxpayers.
This is all of apiece with last week’s PR stunt, eaten up by the media, of the KLM jet flying on (25%) used bacon grease. Besides costing more than three-times the price of kerosene, jet fuel represents approximately 3% of total oil consumption in the United States, estimated at 18 million barrels per day. Switching to fat won’t put much of a dent in that consumption, even if the stuff were available, which it is not. All of New York City managed to collect just 50 million gallons (there are 42 gallons in a barrel of oil) in a year. Melting lard and soybeans will no more provide a real alternative to oil than devoting 40% of our corn crop to ethanol will accomplish anything but enriching farmers. The press doesn’t mention this because, like Leonardo Dicaprio’s Tesla, it’s all about the narrative.