It's not in free fall, but the market continues to disappoint

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The owners of 23 Laurel Lane, mid country, paid $2.080 million for it in January, 2014 and in the ensuing years put in a new kitchen, aded central air, repainted and redecorated the interior and really cleared up/opened the yard. They did a very nice job, and listed it this past September for $2.395, which seemed to me, at the time, like a reasonable price.

It closed yesterday for $1.950 million. Again, I’d say that the new owners got a great deal, but will I say the same thing in 2003? Stay tuned.

Can they teach? Who knows, but they sure as hell can sing

And I’ll bet that they can teach

And I’ll bet that they can teach

Michigan school superintendent and his high school principal team up to announce a snow day. I tend to ignore mot YouTube viral hits of this sort, but these two guys are astonishingly good. Astonishing because you just wouldn’t expect such fine voices to come from a couple of educators. Game show contestants, sure; but teachers? Very cool.


Desperately seeking real estate news

dissappearing homes

dissappearing homes

Almost none, alas, and even politics offers nothing new. There’s this story from England, where an engineer pulled his own tooth after waiting 18 fruitless months attempting to gain an appointment with a National Health Service dentist — wait’s up to three years, it seems, but who besides a millennial doesn’t know what awaits us here, and those idiot children would never believe it, so what’s the use in posting?

But just to keep the blog active, I’ll point out that 214 Clapboard Ridge Road (on the Lake-to-Round Hill segment) has dropped its price from $7.595 million to $6.795. It’s an 8-acre lot with a pre-war, 1940 house on it that, not so very long ago, would have been the main feature. Now it’s listed as both land and residential, with the emphasis on the land listing. You could do some great things with the existing building, but, if there’s no demand for these houses, then you’re stuck with land value: $4 million? $2.5?

So what's a 4-acre, back country building lot worth — half-a-million?

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11 Chateau Ridge, off Porchuck, off Round Hill, 23 acres with four approved building lots, has dropped from $7.250 million to $4.5, and I’m guessing that’s still too high. This parcel is an appendage to the original estate owned by the late founder of Nine West Shoes, Vince Camuto, a 1927 house on four acres at 32 Chateau, which failed to sell for $25 million and was withdrawn from the market this past December. The town appraises 32’s land as worth $1.1 (and the house itself at $16, which is grossly optimistic, in my opinion), and that’s for a developed site. No 11 is raw land and, at least for now, is being sold as a single, four-lot package. No builder in his right mind would commit to taking on that kind of building project north of the Parkway in today’s market, so that pretty much leaves it up to a single homebuilder who’s willing to commit to 23 acres and buy it as a complete parcel.

Which, because that narrows the buyer pool so sharply, could offer an opportunity: markets change, and someday a building lot up here could once again be worth real money. Buy these 23 acres, build the house you want on one of the lots, and keep the other three as a literal land bank. At the right price today: say, $2, maybe even $3.0?, you might well consider yourself a pretty shrewd fella ten years from now.

Or not — life’s a mystery.

Mooreland Road price cut

too little, too late?

too little, too late?

The spec house at 35 Mooreland Road has dropped its price to $8.395 million, down from its original 2017 ask of $11.250. Its builder paid just under $6 for two lots here (just off Round Hill), priced both its projects in the elevens and, fortunately, sold 37 Mooreland for $8.4 this past October 31st. I say “fortunately” became just two weeks later, the foreclosed house of former real estate star Joe Beninatti, 42 Mooreland, once listed at $26 million, sold for $6.530. Beninatti’s house was never worth anything close to $26 million, but its sale for $6.5 must have made whoever paid $8.4 for 37 Mooreland feel like a chump. Apparently, prospective buyers of 35 have no desire to join their potential neighbor in his humiliation, and I predict that we’ll be seeing further price developments on 35 for a while further.

South of the Village contract reported

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7 Binney Lane, Old Greenwich, asking $3.475 million. Binney’s a great street, but this house, built in 2007, hasn’t done well in the resale market after its sale that year for $4.950. Those buyers, despite pouring in some large dollars finishing and improving it, got just $3.925 in 2014 from these present owners and now they, too are taking a hit.

What percentage of this $1.5 million decline in value can we attribute to the poor quality of the lot and the ugly architecture of the house itself, and how much to general market conditions?

Try to remember this after our next ice storm

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The Greenwich Tree Conservancy reminds property owners that they have every right to forbid tree-trimming along power lines.

Letter to the Editor:

The Greenwich Tree Conservancy often hears from residents who are given notice from Eversource requesting a tree on their property or abutting property be removed or significantly cut back. The resident then asks us what they can do to protect the tree which shades their property and adds to its esthetic, economic and health value. When trees are on private property, residents have the right to tell Eversource what is
acceptable to them.

The best idea is to say you want to be there when they do the work. Eversource has a guideline to clear ground to sky and 8 feet from the lines (UPZ) as they do in many towns, this is not Greenwich’s policy.

Nor can Eversource automatically take the tree down if it is not a public safety issue. They often say it’s a safety issue but they are speaking of safety to their lines, not safety to the public. They do have the right to prune the tree if it is currently interfering with the power lines or will be imminently.

Eversource’s contracted tree service is Lewis Tree Service they should prune in a careful way which they will do if you are present when the work is being done.

If a tree abutting your property is in the Town right-of-way, Eversource must obtain a
permit from the Town Tree Warden for pruning or removal by filing a written application and must give 15 days notice to an abutting property owner prior to pruning or removal in the UPZ (Utility Protection Zone) and within the public right-of-way,

Secondly, the Town Tree Warden must issue a decision 10 days from receiving an abutting property owner objection or request for modification, provided a requested consultation has taken place. The property owner or Eversource may appeal the Town
Tree Warden decision to PURA (Public Utilities Regulatory Authority).

The Tree Conservancy has published a Tree Rights for Property Owners brochure as well as a Public Utilities brochure that are available at Town Hall or can be viewed at our website www.greenwichtreeconservancy.org.

Don’t feel powerless when confronted with Eversource!

JoAnn Messina
Executive Director
Greenwich Tree Conservancy

Greenwich is privileged to have exempted itself from the general regulations governing maintenance of power lines in town, and you’ll get no argument from me that private property rights shouldn’t protect everyone from chainsaw-toting goons descending from central authority trucks with tree-ravishing on their lustful minds; besides, only the little people lack generators, so what’s the actual cost of demanding by-appointment hair salon treatment for our trees? Negligible — as inconsequential as refusing permission to build new substations to handle increased electrical demand.

So all that’s great, but over the past decades, every time we’ve been hit with a major power-outage, our citizens scream in outrage, and the power company (CL&P, back in the day) explains that Greenwich regulations forbids it from properly pruning trees to the extent that would protect the wires. it would be nice if, after the next storm knocks out power in town for five days or so, our arboreal estheticians bit their tongues, fired up their generators, and refrained from hysterically whining about the failure of Eversource to protect our infrastructure. A trade-off implies an exchange of one benefit for another: we’ve made that exchange, and should accept the consequences when they arrive.

Or reconsider our bargain. Unless we do, then, please, shut up.

Hat tip, EOS: 781 Lake Avenue profiled in WSJ, without mention of its original $17 million asking price

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Today, 781 Lake Avenue can be yours for just $8.775, and our own GMLS records show a relatively brief listing history, beginning in 2017 at $10.950 in September, 2017. EOS, who brought the WSJ article to my attention, also cites the Zillow history to show that the place started at $17.350 back in May, 2015. According the article, the owners claim to have sunk $9 million into renovating their 2002 purchase of $6.8 million; if that’s anywhere close to an accurate figure, the eventual sale of this property may yield relief, but certainly no joy.

Funny thing about disappearing records. I know that I wrote about this house back then, and yet I can’t locate my post. I suspect that the post disappeared when I switched blog host and lost my archives, but what’s our multi-listing service’s excuse?

(As several readers have commented, however, it is a beautiful home, regardless of its pricing history. I shudder to think of annual maintenance costs, but I suppose that comes with this price territory)

Bernie Sanders, 77, set to announce candidacy

“I’m as clueless and stupid as that Westchester Chicano chick, but at least I can use senility as an excuse”.

Sen. Bernie Sanders is set to announce he will run for president in 2020, three years after fighting the Democratic primary race against Hillary Clinton, according to reports.  

Independent senator Sanders, 77, plans to announce his presidential bid imminently, Yahoo News reports.  

Early polls of the race have shown him as one of the top candidates in the Democratic primary field. 

Just when it looked like Trump had lost his bid for reelection, along comes this ray of sunshine.