Greenwich, Connecticut real estate, politics, and more.
Greenwich, Connecticut real estate, politics, and more
Nike pulls Betsy Ross Fourth of July sneaker after Colin Kaepernick complains.
And yesterday it pulled another sneaker from China after the shoe’s chief designer tweeted “No extradition, Go Taiwan”.
I’m sure Nike also supplies the Philadelphia Flyers with gear.
God bless America — we desperately need it
94 Pecksland Road, 5.86 acres and a 1936 teardown, sold last July 31st for $3.382 million (link is to that listing, rather than the current one, for clarity). At the time of sale the property had been surveyed, two house sites located and marked, and perc tests conducted. The buyer has now obtained town approval for a two-lot subdivision — a matter of right, for this property — and put two lots up for sale at $2.495 and $3.2 million, respectively. That totals $5.695 for those 5.86 acres. What accounts for this $2.313 increase in value?
Beats me.
75 Oneida Drive, Indian harbor, has sold for $3.975 million. The original agent listed it in October, 2018 at $5.495 and had only dropped it to $5.250 by the time her listing expired in February. I feel for that agent, because the bulk of her time to sell this place fell during the weakest part of our market, November, through mid- February. But she should have pressed harder to get the price lowered: the next agent got the listing in April, put it on the market at $4.350, $900,000 less than the last price, and had a contract within a month.
The sellers may feel as though they “lost” $1.520 million, but that money never existed. The only loser here is the first agent, who expended so much time and effort in a futile attempt to defy the market.
27 Meadow Road (corner of Marks), currently asking $2.495 million, reports a pending contract. The owners paid $2.785 for it in 2011, and initially tried for $2.950 in March, 2018, but time had its way with them, as it’s won’t to do.
Unfortunately sited due to an awkward lot split in the 70s, it does have the advantage of being conveniently located near the schools, the Village, and the train.
Defunct
Sold the business to Sotheby’s
I’ve bashed Ogilvy on these pages for years, but he created a remarkable business, running multiple-full-page advertising in Greenwich Time, week after week, year after year, and established himself as the premier real estate firm in Greenwich. And many Greenwich mansion owners owe him a huge debt of gratitude: he created, and maintained in the face of reality an illusion of extreme value for the Greenwich high-end market, and that elevated prices for decades, and propped them up long past the collapse of 2008. Alas, that couldn’t continue.
The magic of Ogilvy was that, unlike every other agent who grossly overpriced a client’s home, he kept their loyalty as the years went by, the price slowly dropped, and the house refused to sell. That magic started to erode a decade ago and we began to see clients desert to other brokers after a few years of failure, but Ogilvy enjoyed decades of success weaving his spell, and it, and he, was amazing.
If the man most associated with the top range of our market has thrown in the towel, is that merely an acknowledgment of advancing age, or is it a signal that the game is over?
Stay tuned.
Cockroaches becoming impossible to kill
Cockroaches are quickly evolving to be resistant to pesticides and could soon be impossible to kill with chemicals alone, according to a new study.
Researchers from Purdue University found that some German roaches, which are one of the most common types of cockroach in the UK, could pass down their resistant genes to their offspring. The findings were published in the journal of Scientific Reports.
The study’s co-author Michael Scharf said: “We didn’t have a clue that something like that could happen this fast.”
Forget about global warming, pesticide-immune bugs will spread bacteria that can’t be stopped with antibiotics, and we’ll all be dead before Ocasio-Cortez is old enough to run for President.
18 Chimney Corner dropped to $6.750 million today. There’s nothing wrong with the land that this 3-bedroom contemporary sits on that a good bulldozer can’t cure, so I’m sure it will sell, eventually.
I first saw the place when it was newly listed at $18.5 million in 2005, and have revisited it occasionally over the years as it lingered on the market, slowly falling through the various price levels. The view remains unchanged but so, alas, does the house.
82 Lockwood Road, Riverside, asking $2.550 million, reported a contract June 3rd, but it’s back on the active list today.
Sold for $2.720 million in 2005, if you’re keeping track.
From the archives of Overlawyered.com, July, 1999
Thought for the day. From American Lawyer‘s symposium last November on the international practice of law: “It is very sobering to me, as an American, and someone who actually believes in our system, to see foreign companies say over and over that the one thing they won’t put in their contracts is a clause that this is going to be governed by American law or be subject to an American jurisdiction. It makes one wonder whether we are really the most sophisticated commercial country in the world or a banana republic when you get major worldwide corporations doing that. I think it is a sobering issue for the American judicial system.”
— Robert Joffe, deputy presiding partner, Cravath, Swaine & Moore
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