Ouch

The owners of 11 Plow Lane paid $4,755,018 for it, new, in 2007, the high-water mark of our market. They put it back up for sale in September and it remains unsold; today it’s been marked down to $3.595. Plow Lane’s a (small) development off Old Church, and I’ve never been a fan of its geography, with houses carved out of ledge and thus affording only minimal back yards. And this house’s lengthy stay on the market doesn’t help, because a stigma attaches to houses that stay around too long. Buyers ask, “what’s wrong with it?”, and explaining that its only problem was that it had been originally overpriced never quite lifts their suspicion that, if no one else wants it, why should they?

Still, it’s a decent house, and it will certainly sell, at some price.

I used to dismiss stagers as unnecessary, but I’ve changed my mind. A stager, for instance, would have temporarily cleared out this master closet, if only for the listing photo day — dump most of the clothes and shoes in another room before the photograph was taken and then return them, would have been my suggestion.

An empty wine cellar only reminds buyers that no one uses them

Riverside contract

88 Meadow Road, an old (1929) charmer, asking $2.795 million, reports a contract. It started at $3.595 in February of last year, but an $800,000 cut seems to have flushed out a customer.

Meadow’s a great street, and though this buyer will probably want to do some extensive updating and renovating here, I think the new owners won’t regret their purchase.

The difficulties this house had finding a buyer can certainly be attributed to initially overpricing it, but it also, in my opinion, offers support to the Mickster’s earlier observation referring to another property: new and nearly-new homes are doing well, while older homes are encountering headwinds.

My own taste runs to older homes like this one, but I’m not the market.

Is there any number at which the media branch of the Democrat Party will admit we have a "crisis"? Probably not.

103,000 illegal aliens apprehended at border in March. And that number only includes those tally caught; surely thousands more slipped across the border undetected.

As the Trump administration has leveled more threats to close the southern border to immigrants, the number of illegal immigrants stopped at the border hit 103,492, the highest in five years, according to just-released U.S. Customs and Border Protection numbers.

The agency seized around 92,607 immigrants at the southern border last month, including 53,000 family units and 8,900 unaccompanied immigrant children.

If this continues, we’ll be embracing and feeding, and providing free medical care and education for 1,200,00,000 new friends into our country over next year. We’re q big country, but these numbers are large enough to drive down wages, compete with our own low-income population and swamp many towns. For comparison of numbers, Pittsburgh has a population of 308,000. Can we afford 4 new Pittsburghs in the next year? he Democrats say yes, others differ.

Pending on Old Church

340 Old Church Road, latest asking price $2.250 million, has found a buyer. I’ve always liked this house, but its quirky, stretched-out layout made it a tough sell. these sellers paid $3.575 fr it in 2000, and began this resale at $2.975 a year ago June, so clearly no home run here.

Still, at some point, you’ve got to take your loss and run.

(Relatively) quick sale on Martin Dale

One Martin Dale, new construction, asked $4.795, got $4.650.

It’s one-house-in from North Street, which probably helped.

I'd say this young man''s problems lie with mannequins

Mother destroy’s neighbor’s lawn display because, she clams, it disturbs her 16-year-old son

A New Jersey woman could be facing charges for destroying her neighbor's 'sexy' Easter lawn display.

Desiree Mozek,of Clifton, dismantled the five scantily clad mannequins with garden shears Tuesday, claiming her 16-year-old son was 'disturbed' by the 'disgusting' set-up. 

The dolls, dressed as Playboy Bunnies in fishnet stockings and lingerie, had been dividing residents in the community for several days.

The unconventional yard display was first set up by dentist Wayne Gangi in front of his Grove Street dental office. 

Dr Gangi was not present at the time the mannequins were dismantled, but told media he is now in the process of filing a restraining order against Mozek. 

Mozek told Pix 11 reporter Andrew Ramos that she was 'offended' by the mannequins when she first walked past them with her son. 

As she disassembled the mannequins, she told Pix 11: 'He's 16-year-old. He's a good boy, he doesn't need to see this every time I take him back from school'. 

The kid’s 16, and his mommy is still walking him home from school? Other than ensuring that he’ll feel comfortable on today’s campuses, I predict no good will come from this.

RELATED? Lehigh University starts men’s cuddling group so as to “redefine masculinity”.will

I'd previously written that this sale at 33 John Street was a sign that not all was doom and gloom in the back country

33 John Street

When Tommy Motola’s house was reported under contract at almost 15 million, I thought that sum indicated that there were still multi-millionaires willing to spend huge sums for back country; there are, but only at a steep discount.

The Wall Street Journal reports the discouraging news:

Music executive Tommy Mottola has sold his Georgian-style Greenwich, Conn. estate for $14.875 million, or 25% off its original asking price. 

Mr. Mottola first listed the property for sale for $19.95 million in April, 2017, The Wall Street Journal reported. He and his wife, Mexican pop star Thalia, had been living there for several years at the time and had spent about three years designing and building the house, he said in a 2017 interview. Mr. Mottola bought the 5.7-acre parcel for $2.85 million in 2010.

….

The Greenwich market has fallen significantly the past year, with few deals at this price point. According to a report by Douglas Elliman, Greenwich home prices slipped 16.7% in the fourth quarter, compared with the same period in 2017. The luxury market—characterized as the top 10% of homes—fell by 18.8%.

I imagine that the owners of these houses can afford to take a hit without fatal financial effect but still, it must sting.

And I'm back!

Couldn't post yesterday, but that’s been fixed, so I’ll resume posting later today — still busy attending to matters I neglected while I was gone.

Speaking Of Quick Sales

16 Norton Lane, Old Greenwich (in the Hillcrest Park Association). Asked $2,950,000. Got $2,800,000.

List: Chris Fountain/Michael Dinneen

Sell: Susan Isaak

I forgot to give credit where credit is due… Dinneen and Fountain put this place on at the very wise price of $2.950M and had a deal a few days later, for $2.8M. Chris and Mr. Dinneen got it staged beautifully, photographed perfectly, and on and off the market in a matter of days, exactly how it’s supposed to work!

Houlihan’s Susan Isaak provided the buyer.

How's The Market?

Chris is on vacation, so brother Gideon will provide occasional updates on the Greenwich real estate market

I’m hearing loads of complaints from fellow brokers about how slow the market is. Year-to-year, volume in some parts of town is down 50+ percent, which does sound a bit scary. But there’s a part of town where volume is actually up: The backcountry, referred to as “north of the parkway”.

Could it be because sellers up there long ago threw in the towel and cut their asking prices? The answer is yes, and, as a result, some of the best deals in Greenwich can be had there. Want a big house with guest quarters, pool, tennis, extra acres, and privacy, all for $1M less than a 4,500 sq.ft. new construction in Riverside on half an acre? Head for the hills!

It is worth noting that, as usual, the top agents are all having a great year, despite this slow market. I think it’s because top agents have more credibility than less experienced ones. A top agent tells the client “No, your house is not worth $4M, it is worth $3M”, and the client listens and prices accordingly. The result: a quick sale. Newer agents, lacking experience and depth of market knowledge, don’t have the authority needed to influence the client, so they end up taking a listing at a crazy price, either because the client suggests it, or the agent mistakenly believes the property is worth it. The result: one or two years of misery, with endless showings, multiple public and broker open houses, and ultimately, loss of the listing.

Here are three fresh examples of how it should be done:

58 Winthrop Drive, Riverside

Asked $1,649,000, attracted multiple bids immediately, closed today at $1,910,822.

List: Russ Pruner

Sell: Liz Dagnino

12 Bryon Road, Old Greenwich

Came on the last week of March at $3,550,000, immediately attracted multiple bids, now pending. Smart, smart pricing. While others sit and wait, this one sold.

List: Ellen Mosher

Sell: Lynne Carriello

190 Clapboard Ridge Road, Greenwich

Listed in the middle of March at $6,790,000, reports pending today. Again, VERY smart pricing.

List: Leslie McElwreath

Sell: Diddle McAllister