107 Indian Head Road, an unfinished maxi-pad that started at $38.5 million last summer, is now down to $19.5. At some point, it has water view land value.
Previous discussion of this property when it was listed at $28 million was not optimistic.
All of which brings to mind the story of the yuppie NYC banker who came up here to Maine to hunt bears last fall.
First day out, our nimrod spots a bear in a clearing, takes careful aim with his bow and lets fly. He opens his eyes and stares into the clearing, … nothing. Suddenly he feels a tap on his shoulder, turns around, and there’s Mr. Bear.
“Sorry fella”, Mr. bear says, “but you shot at me and missed. So bend over and drop your pants”. Our banker is humiliated and shamed, but he’s faced with one mean-looking bear, so he complies. Mr. Bear has his way with him, and wanders off.
Our banker returns to town, furious, and buys a 7mm magnum semi-automatic – screw the bow. The next morning he’s back in the clearing, sees the bear, aims, squeezes the trigger and boom! But when he looks around the clearing, no bear. No bear that is, until he feels a tap on his shoulder, and the process of yesterday is repeated.
The banker is really, really pissed now, so he heads into town and the next morning, before dawn, he’s back at the clearing with a Browning water cooled, belt-fed machine gun,and when the friggin’ bear shows up he lets him have it. He holds that trigger down while trees fall, dust flies, birds die, and when one belt’s exhausted he loads in another.
Finally he stops, and when the dust finally settles, he goes cautiously into the clearing looking for a mangled corpse of a rapist bear. But no Bear.
Suddenly, tap tap tap – it’s Mr. Bear behind him, and bear says, “now, be honest. You don’t really come out here to hunt bear, do you?”
Self, what the market needs now is another $11 million, 1902 castle. And that’s exactly what we have now, at 17 Hemlock Drive. I suspect that there will prove to be exactly zero interest in this house qua house, but with possibly 3 building lots that can be carved our of its 4 acres, it’s bound to be worth something.
528 Riversville Road, a 4-acre building lot with accompanying teardown, sold for $2 million last January and is back on the market today for $1.950.
Change of heart on building new, possibly.
The territory has been spending borrowed money like a drunken sailor for decades, and now has run out of funds. Those who loaned that money had to know the risks: very much like building on Florida’s shoreline.
Puerto Rico’s not alone, of course – many states, including Connecticut, are facing the same crisis. It will be interesting to watch what happens to Puerto Rico, and perhaps learn what’s in store for the Nutmeg State.
But the memory span of home buyers is tiny, so a lull like this only encourages them to buy (and builders to build – what do they care?) right on the water’s edge.The reason hurricanes in the US are so much more damaging these days is not because their intensity has increased, but because so much new building takes place during the cycles of inactivity.
Cruz: “The overwhelming number of violent criminals are Democrats”. In fact, I doubt the sort of people we’re talking about here actually register with any party, let alone vote, but they and their friends are certainly part of the base that the Dems rely on and appeal to.
Only Angele Merkel could dream up an inanity like this.