Greenwich, Connecticut real estate, politics, and more.
Greenwich, Connecticut real estate, politics, and more
Norman Podhoretz, interviewed in the Claremont Review:
By the way, I make a prediction to you that the Democratic candidate for 2020 is going to be Michelle Obama, and all these people knocking themselves out are wasting their time and money. The minute she announces, that will be it.
But that’s good news! It means there’s lots of room for improvement!
Mark Pruner has some Greenwich sales tactics, and they aren’t pretty.
By Mark Pruner [Greenwich Sentinel, May 24th, 2019]
MAY UPDATE
… [L] et’s see how the market is doing so far in May. On the inventory side we are seeing an increase in inventory with 731 single family home listings. This is up 6.4% from last year’s 687 listings on June 2, 2018, the closest 2018 date I have data for. Our inventory is also up 38 listings from the end of last month.
On the sales and contracts side, we continue to be slower than last year. So far in May we have had 36 sales compared to 53 sales last year and our 10-year average of May sales is 57 houses. Let’s hope we finish with a spurt of sales in the rest of May. Unfortunately, this isn’t likely to happen as we have 110 contracts, which is up 9 contracts from the beginning of the month, but down from the 132 contracts we had at the end of May 2018.
The accumulation of slower sales each month starting in February does have a cumulative effect. Through May 21 we have 145 sales. As of June 2nd last year we had 206. If we add in 10 more sales for the remainder of May we will be at 155 which would be down 51 sales or 25% from last year’s sales.
April 2019 Greenwich Neighborhoods Report
So where are the sales differences by neighborhood for the months we have completed so far. First the good news, Old Greenwich seems to be humming along. We are up 4 sales over last year with 23 sales for a total value of $58 million and an average of 160 days on market. Usually, Old Greenwich and Riverside track pretty closely, for much of the post-recession years, Old Greenwich, particularly south of the village was the hottest area, then the last couple of years Riverside’s numbers have been a little better, but not this year.
Inventory in Riverside is up a little from 78 listings last year to 83 listings this year. At the same time sales are down from 24 sales YTD in 2018 to 11 sales this year. The result is that we were looking at 30 months of supply in Riverside, a surprising number for what has been our hottest market the last couple of years.
….
Folks in backcountry have actually seen listings drop this year as they have 109 listings down 4 from last year. To make things even a little better for us folks north of the Parkway, we have 11 sales compared to 10 last year. Part of this is that our listings over $6.5 million, half of which are in backcountry, are actually a little down from last year. The result of this is that backcountry is looking at 39.6 months of supply, still the most in Greenwich, but Riverside is second at 30.2 months of supply.
….
Overall, we are also seeing a drop in the sales price/square foot in most areas, which you would expect to see with somewhat more inventory and reduced sales. Our sales price to original list price ratio is also down with Glenville and Cos Cob seeing the biggest drop in this indicator of supply and demand.
These market changes have now been going on for three months, it is not just a curious blip, it’s a matter for concern as it is affecting most areas of the town and most price points. This is at a time where the economy, the stock market and employment are doing well ….
Sales are slow in Westchester, but why are sales slow in Greenwich? This seems to be a Connecticut problem and it needs to be solved by our legislators in Hartford doing so would strengthen our housing market and would be good for everyone.
Florida Gator
Florida alligator breaks into Florida Woman’s home, steals her wine
An 11-foot-long alligator busted through a kitchen window in Clearwater, Fla., early Friday, prompting terrified residents to call 911, according to police.
Apparently disappointed by the menu, the gator proceeded to throw a wine-bottle-smashing tantrum worthy of Johnny Depp.
Resident Mary Wischhusen, 77, was on her way to the bathroom at around 3:30 a.m. when she heard a loud crash and discovered her unwelcome house guest, the Tampa Bay Times reported.
“All I had was a vision of a huge head,” Wischhusen told the news outlet. “A big head looking at me saying, ‘Hey!’ ”
The elderly woman locked herself in her bedroom while officers and trappers arrived.
“I don’t know why he wanted my red wine, but he got my red wine,” Wischhusen said of the gator.
77-year-old Mary Wischhusen sounds like one cool lady.
15 Pinecroft Road, asking $5.495 million, is reported as pending. It came on October 1st and stood by that price (the previous owners were named “Standfast”, so perhaps that rubbed off). These owners paid the Standfasts $5.450 for it in 2012, and that the price has remained steady should offer some encouragement to other owners in this price range.
Mind you, this house seems to meet all the requirements of many buyers looking in the $5 range: recent construction, classic Greenwich design, clean, modern interior, close-to-town location, good street. All that said, this is a price I would have expected back in the glory days of 2005-2007, and not so much now. The market has most definitely not returned to that era, but this particular house has done well.
Our former golden boy, Danno Malloy, has been appointed Chancellor of the University of Maine. The local Portland liberal rag describes him as a virtual paragon of fiscal responsibility, but has turned off all comments. Too many former Connecticut residents up there trying to set the record straight, is my guess.
The University’s law school, by the way, has seen a 40% drop in enrollment and its black dean has left for greener pastures, blaming “racism and sexism” for her departure — it seems that she’s initiated an outreach program designed to bring in scores of unqualified minorities, tuition-free, and the university’s governing board had grown tired of the resulting massive deficits she created.
Too many lawyers anyway, even in Maine, so no loss; besides, Dannel will surely revive that particular disaster, among others.
Of course, those who seek retribution against our former governor for his mismanagement can take solace in knowing that Oreno, Maine, is second only to Millinocket as a miserable place to spend Maine winters (August-June).
Or south, but don’t attempt to drive in Greenwich this weekend. I-95 will pretty much be shut down, and the Post Road and the Merritt will be jammed as the result. Those who remember the Mianus Bridge collapse of 1983 will shudder, and either shelter at home or flee; you youngsters have been warned.
73 Sawmill Lane dropped down to $2.595 million today. We’ve had some fun with this house since it came on in January at $3.849, and again when it took a cut in early May, but it will eventually offer value, surely. In fact, my advice to buyers back in January seems more and more apt:
You $2.2 buyers, keep your checkbooks dry, and be ready to pounce in 2021.
It looks like you won’t have to wait until 2021. Then again, you may want to.
11 Plow Lane has taken another price cut and is now down to $3.475 million. The owner paid $4,755,018 (go figure) when it was new in 2007, and priced it at $4.990 in September, 2016, when he started off on this adventure in selling.
My advice: don’t buy a house whose yard was carved out of a bedrock ledge.
Sow’s ear, backyard department of
The owners of 75 Buckfield Lane paid $4.4 million for it in September, 2015 and put it back on the market this past September for the same amount. Back in 2015 it sold in just 36 days, but history has not repeated, and today the price was reduced to $3.499. Nice house, too, but Buckfield’s pretty far out of town, and that’s a problem.
What once was
141 Taconic Road, a once-classic antique that was remodeled into a contemporary and put up for sale last March at $12.8 million lopped $2 million off that price today. It’s all yours for $10.8, which may still not be the right price, but give the sellers credit for moving in the right direction, swiftly.
And today
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