The Bad News Gazette

Weekly roundup
Well, 6 single family houses went to contract this week, compared to, say, 10 per day in a normal September market. Top (asking) price was $3.995 million, the rest dropped rapidly from there -1 above a million, the rest below.

Sales weren't any more exciting: only 4 and, other than one whopper, prices were all well below $2 million. Langhorne Lane, Antares' disaster, "sold" for $13.750 million, down from its ask of $28.0, but if this was a settlement of a lawsuit brought by a disgruntled investor, and I believe it was, the price might just reflect a litigant salvaging what he could. Want an apples to apples comparison? 22 Bramble Lane, in Riverside, was purchased for $1.525 million in 2005. It was listed for $1.575 this summer and sold almost immediately for $1.525. So no whopping profit there (okay, a loss) but the seller was smart to take what money he could, and run.

24 Old Wagon, in Old Greenwich, asked $849,000 and after 141 days sold for $720,000. Ooops.

There were 77 price changes, all downwards, and 65 new listings. A bunch of the "new" listings are just re-treads returning to the market at a new, lower price and a fresh listing date.

As of this Saturday morning, there are 607 single family homes for sale in town, ranging from $125,000,000 to $445,000, so there's something for everyone. At 6 sales per week, they all should be gone in about 2 years, as long as no one else gets the bright idea of trying to sell his house before then. Stay where you are, damn it!

Nah, just kidding. Price your house to meet the new reality and you'll be in and out of the market long before a lot of these houses move.

To end this sales report on a happy note - and my peers demand it - 999 North Street, an antique way up in Banksville (but still in Greenwich), was listed for $672,500 and sold - bidding war! - for $685,000. So that still happens, even if only in the lower end of the market. Have a nice weekend.