Bummer, if you're on the way to catch your flight

Going down

Going down

Trump grounds all Boeing 737-8s. Judging from a report in the WSJ about pilot complaints, Boeing seems to have a problem here, but I’ll admit to some surprise that a president has the authority to do this.

But Pal Nancy and I flew on one to Denver and back last Thanksgiving via Southwest, and given developments, I wound’t be comfortable doing so today.

There’s going to be chaos at the airports, though.

Pending in Old Greenwich

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12 Shore Road (pretty much on the Stamford border), asking $2.799 million, is under contract. Built in 2010, it was listed for $3.5 million back then, which was sort of silly, and after being rented out for a spell, finally sold to these owners in 2014 for $2.5.

Perfectly nice house on a tidal inlet, and there’s nothing wrong with that. I wish the new owners joy of their purchase, just as I enjoyed raising a family on a similar body of water on Riverside’s Ole’s Creek.

It will be interesting to see what affect the foreclosure next door has on this one

44 Mooreland Road

44 Mooreland Road

Back on the market, 44 Mooreland Road is asking $12.995 million. A remnant of the failed bright star Antares Development team, this house was built by one of the partners — Jim Cabrera — while his partner Joe Beninati built on No. 42, next door.

Two different styles of house, of course, but No. 42 just sold out of foreclosure for $6.530 million in December (after asking something like $23 million, at one point). Will that sale damage this one’s price? Stay tuned.

Don’t know if it makes a difference, but the town had No. 42 assessed at $12 million, and No. 44 at $9.

42 mooreland

42 mooreland

Price cut on Byram Shore Road

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75 Byram Shore, a beautiful two-acre waterfront property, now asking $14.250, down from its 2017 price of $18.8. The town appraises it at $9.6 million, and I imagine there will be a mutual meeting of the minds, eventually.

The late owner, Robert Zimmer, was a remarkable man: WW II bomber navigator, POW, and founder of the “Mens’ Wearhouse”.(It was his son, not he, who promised us, perhaps euphemistically, that we’d “like the way we looked”). Greenwich does attract great people, and that’s what makes this town so special.

The fraud that is recycling, known for decades, is finally coming to light

Pure, adultured bull shit

Pure, adultured bull shit

Atlantic Magazine admits the truth — it’s all a feel-good charade.

MY pen pal John Tierney of the NYT has the scoop (and it was he who debunked this nonsense some twenty years ago)

MARCH 9, 2019

RECYCLING IS STILL GARBAGE: Fiscal realities are finally persuading towns to junk their recycling programs, as the Atlantic reports sorrowfully. Alana Semuels nicely analyzes the fatal economic flaws of recycling but ends with a bit of green sermonizing:

Americans are going to have to come to terms with a new reality: All those toothpaste tubes and shopping bags and water bottles that didn’t exist 50 years ago need to go somewhere, and creating this much waste has a price we haven’t had to pay so far.

Actually, we’ve already paid the price by building landfills with with expensive liners and other environmental safeguards. And we’ve paid a lot more for recycling programs that were never necessary. Yes, those water bottles do have to go somewhere — and there’s plenty of room for them right back where they came from, in the ground. Why are greens horrified by the prospect of a plastic bottle made from petroleum being buried in a landfill? The plastic poses less of an underground threat  than the petroleum did. It’s much better environmentally (and cheaper) to put plastic bottles in a local landfill instead of shipping them  off for recycling to Asia (the only place with any market for them), because some of those bottles end up in rivers that send the plastic waste into the Pacific Ocean.

Eric Boehm at Reason has a much savvier take on the scrapped recycling programs:

Like most other civic issues, recycling programs should be judged by their costs and benefits. That means an honest assessment of the costs and benefits, one that leaves out the social signaling of environmentalism and the feel-good effects of putting an empty Coke bottle in a plastic bin that’s painted blue instead of black. There is no need to recycle all the things all the time, and the market seems to be sending towns and cities a powerful signal about the benefits of calling trash, trash.

Who could have ever predicted this?

Bloom off the rose?

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2 Buxton Road is off the rental roll and “new” to the market at $2.595 million, down a bit from its previous attempt at $2.795, and now below its 2014 purchase price of $2,732,500. I know the house pretty well: it’s a modular built by a dear friend of mine who delivers a sound product (especially so with his ultra-expensive, custom homes, but this one is totally solid) and I was delighted by his good fortune in selling this spec project for $1.7 million in 2003. Buxton is in I-95 territory, and this lot, fronting on busy Riverside Avenue, was “challenged”, but it sold quickly nonetheless.

I was gobsmacked when that buyer collected a cool $1.1 million over his purchase price eleven years later, but hey, that’s the real estate game: ride the wave, and know when to bail out.

The latest rental for this house was $10,000, and the Greenwich rental market seems to be our most robust sector these days, so I’d guess that number can be replicated. You investors with cap rates can figure out what you want to pay for this

Parsonage price drop

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5 Parsonage Road, down from $3.895 to, today, $3.595 million. The owners paid $4.456 for this 1962 Colonial in 2005, renovated and added on, and yet here they are, a million-plus down. A very nice house, good land and location. I would by no means say that Greenwich is in free fall, but the days of, say, 2005, when what were then considered the premier real estate firms put their clients in and out of homes at, er, “elevated” prices seem to be over.

Town assessor pegs this at $3 million, for whatever that’s worth.