Cos Cob sale

48 Valley Road

48 Valley Road

48 Valley Road, new construction, $970,000. Builder had originally asked for $1.2 million, but, as he purchased the original house and land it sat on for $269,000 from the foreclosing bank, I’m sure he made out okay, especially given what appears to be the low quality of finishes.

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As Iran goes, so goes the Middle East

The Daisy Girl from 1964 is coming home

The Daisy Girl from 1964 is coming home

Saudi Arabia plans for nuclear weapons. Of course it does; one of the primary objections to permitting Iran to go nuclear was that, if it did, its neighbors would do likewise, simply to protect themselves.

Obama is either the most inept president in our country’s history or the most wicked.

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Warren Buffet makes Mitt Romney look like Santa Claus

Nobel Peace Prize winner decorates the Hero of the People

Nobel Peace Prize winner decorates the Hero of the People

Deutsche Bank asks, what if the Kraft/Heinz merger were being organized by Gordon Gekko instead of Warren Buffet?

[I]n a note to clients on Friday, Deutsche Bank compares Buffett’s deal to acquire Kraft to something that you might imagine Gekko would do.

Or at least, the firm doesn’t think people would be quite so nice about the deal.

Here’s Deutsche Bank:

Thought experiment: how would this “merger” have been reported if you swapped the popular, cuddly Warren Buffet with Gordon Gekko? No-doubt critics would have recalled his audacious acquisition of Heinz two years ago. Next the sad tales of fired workers and shuttered factories in order to recoup the 40 per cent he paid above the decade average sector ev/ebitda multiple. Having squeezed Heinz’s ebitda margin to 28 per cent (the global sector average margin is just 11 per cent) the story turns to Gordon’s attack on Kraft. Goosed earnings on a 14 times multiple unfairly justifies taking control of the merged company (Kraft makes almost twice the revenues and more profit). Questions would have swirled around the sustainability of Heinz’s opex cuts and the fate of Kraft’s 22,000 employees. But it’s Warren, not Gordon — so such a narrative is unimaginable.

 

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Had to happen sooner later

564 North Street

564 North Street (clouds are real, house is photoshopped)

564 North Street has a contract. 11,000 square feet on 3.9 acres, Ogilvy listed it for $10.8 million in 2013. It slowly dropped in price over the years and,when it reached $7.9, found a buyer. If it sells for that full $7.9, which is doubtful,that first price was just $3 million off, a mere rounding error at this range and of no significance, unless the owner wanted a quicker sale.

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Can’t stand the competition, I suppose

As God is my witness, I'll never be hungry again

As God is my witness, I’ll never be hungry again!

Jimbo Himes is working on a bill to rework the definition of insider trading after the convictions of a couple of defendants were overturned.  Never mind that the prosecutor in this case was wildly overreaching, the real scandal is that Congress exempts its members and their aides from those same laws. 

Worse still, when, in 2012, insider trading convictions were all the rage and the public learned of this exemption, Congress boldly and with great fanfare revised the laws to apply to its members. In 2013, election year over, they (very) quietly repealed that change and are now free to move about the country again, enriching themselves. 

To say that Jim Himes is a hypocritical, conniving son of a bitch of a thief is to understate the matter.

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Land sale contract in Belle Haven

204 Otter Rock

204 Otter Rock

204 Otter Rock, 3+ acres, asking $13.750 million, the same price it sold for in 2012. Set up high on a hill, I thought, and still think, this was the last best building site in Belle Haven. You could put, say, $7 million into a spectacular new home here and be perfectly safe – this land will support a $20 million house, in my opinion. Really, really beautiful land.

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Know your market

34 Bruce Park Avenue

34 Bruce Park Avenue

One of the two condominiums at 34 Bruce Park Avenue (at the base of Mason Street, on the railroad tracks), has sold for $2,537,500. This was a fabulous project, with two ultra-modern units, but when they first came on in 2011 priced at $4.695, I was dubious:

A condominium at 34 Bruce Park Avenue (no picture yet) has just been listed at $4.695 million. I haven’t seen it but, while I’m sure it’s marvelous, that’s not an address that screams four-and-a-half million to me. Perhaps I’m deaf.

My fears were confirmed. The builder went bust, the bank took title and sold the package of two units for $2.925 million. And now someone has a nice downtown condominium at an almost-resonable price, $2 million off the original price.

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