October 14, 2005

Shhhhssshh!
A beautiful older house recently came on the market but you won’t read about it here; its owner refuses to place it on the multiple listing service out of fear, I suppose, of allowing us great unwashed to trample through his house. Fair enough; it’s his property and he can do as he wishes, but I think he’s doing himself a disservice. Although it might seem reasonable to assume that only a select handful of agents have the clientele for a high-end house in fact, you never know. I do find it ironic that the property’s owner made his fortune on Wall Street, which flourishes precisely because it disseminates information instantly around the globe. What works in that market also works in the real estate market, but some people don’t get that.

11 Red Coat Lane
I try to get to every open house but I often fail and sometimes, repeatedly. I missed this listing when it came on the market in the spring and somehow never got to see it until last week. A very nice house, it’s a 1974 Colonial, which means (horrors!) 8 foot ceilings, but the current owners have completely redone the kitchen, added a beautiful master bedroom bath, and brought everything else up to date. Six bedrooms, including a very, very nice in-law or nanny suite in the basement (no dungeon here!) two acres, a great big back yard, all for $2,875,000. Originally asking $3,500,000, it is now on its third price reduction. My brother Gideon’s rule of thumb is that, by the time a house hits its third reduction, it is below the actual market value and is a bargain. That certainly holds true in this instance. Go for it.

Speaking of Gideon
He’s just listed 140 Indian Head Road, a beautiful 1936 Greek Revival replica of a southern plantation (Tom Gorin, of the same firm, says, “all it’s missing is Spanish moss”, and he’s right.) Beautifully proportioned – modern architects ought to study it to see how it’s done, since so many of their own efforts fail so miserably-it sits on two plus acres and has a nice pathway down to the harbor. $6,500,000, which I think is just right. The owner is a long-time friend (so how come Gideon got the listing? He’s better looking) who, over the years, would ask, “so, what’s my house worth now?” The answer has increased significantly from the time he first posed the question.

8 Bradbury Place
Richard Bloom has listed this brand new house (off of Lockwood, in Riverside) for $3,295,000. Built by Bill Killeen, it’s top quality and, for new construction, priced very well. Five bedrooms, lots of living space (4,000 sq.ft) on a quiet dead-end within easy walking distance of Riverside and Eastern and the train. I liked it a lot, as did the other agents I toured it with.

A New Low in Realtorese?
Or a new high, take your pick. I picked up a data sheet in a house on upper Sound Beach Avenue the other day and saw that it had “beach rights”. I thought about that for a moment before realizing that the out-of-town broker was referring to Tod’s Point. Sheesh. By that reasoning, even the meanest hovel in the farthest reaches of Round Hill has “beach rights”. But bring your card.

Hooker Lane Update
My brother Anthony writes, “The residents of Hooker Lane are total wimps compared with those of the neighborhood in Fish Lake, WA known as Whorehouse Meadows. The Bureau of Land Management tried to change the name to ‘Naughty Girl Meadows’ a while back but the good people there would have none of it and the name stands.”

Good Writing
Michael Dinan first came to my attention a few years ago when he produced a series of articles for Greenwich Time on the Etchells World Championship held here in town (an Etchells, for you landlubbers, is a beautiful, sleek sailboat designed by Riverside’s own Skip Etchells). Dinan made what can be a rather inaccessible subject clear and exciting, a monumental task for sailboat races which, unless you are participating, can be rather –er, dull. At that time Dinan was a freelancer but his editors at Greenwich Time had the very good sense to bring him aboard permanently and since then he’s carved out his own beat covering the Greenwich waterfront and Long Island Sound. Anything he writes about: the wreck of the Sugar Boat, the new complex going up on River Road, etc. is always well written and always interesting. I’ll confess to reading our town’s daily in a rather hurried fashion, mining it for nut stories like DeLuca Lane and its residents’ battle against terrorism, but I always keep my eye out for Dinan’s byline and, when he’s there, I am rewarded.

October 7, 2005
Not On My Property, You Don’t!
I see in Greenwich Time that the residents of Deluca Drive, a private road somewhere in Cos Cob, mounted “fierce opposition” to successfully block a plan which would have diverted school children pedestrians from traffic-ridden Cognewaugh and shortened the walk to school by ten minutes (I didn’t realize children still walked to school, but that’s another matter). You can easily see the danger here: the North Mianus kids who would have used the street range from Kindergarten all the way up to Fifth Grade, an age group known to carry drugs, knives and weapons of mass destruction. One genius had the foresight to envision an even greater risk to her safety: “what if,” she wondered, “the next person who comes through has a double stroller?” One shudders at the prospect. So congratulations, Deluca Drive. Keep those kids dodging cars and protect your right to private property!

Another Constituency to Offend

Now that I’ve eliminated any possibility of gaining a listing on Deluca Drive, have you noticed that as gasoline prices spiral ever-higher the drives of Hummers are looking inscreasingly stupid? It’s like observing some dumb fat kid in school sporting a “kick me” sticker on his back. By the time gas hits $5 a gallon, these guys are going to look like complete, drooling idiots.

And Then There Are The Lawyers

As God’s chosen people, we lawyers tend to have large egos (surprise!). Most (some) of us manage to subsume ego gratification in order to get a deal done but I am surprised at the number of lawyers in town who treat real estate agents like dirt. They won’t come to the phone, refuse to return calls and don’t think there’s any purpose in keeping an agent appraised of the status of contract negotiations. This surprises me because it is we agents who send lawyers clients and not the other way around. We pick our referrals on the basis of competence, ability to keep the ego under control and we very much like lawyers who keep us in the loop. Hard as it is for lawyers to believe, we can often hold deals together, even when they’re doing their best to screw things up.

Green (Quarter) Acres

A reader wrote me recently expressing wonderment that anyone would want to live on a tiny lot in Riverside or Old Greenwich when, for the same money, she could enjoy a two acre parcel in the mid-country. A fair question and one that I sometimes ask myself but, because I grew up in Riverside and raised my own kids there, I can (and do) defend the place. It’s true that, priced by the square inch, the two neighborhoods offer probably the most expensive real estate in town, but with those small lots come benefits. Anyone who has spent her day (or, more likely, her nanny’s day) chauffeuring kids from the Back Country to play dates, school, sleepovers and the like might well appreciate the ability to shoosh her kids out the door and let them swarm through the neighborhood with their friends (but not, one hopes, on Deluca Drive). Kids can walk or ride bikes to school- although these days, they all seem to be accompanied by their Mommies, which makes me wonder is wrong with this country-stroll into Old Greenwich or go to the beach, all without parental supervision or bother. So yes, this area of town can seem a bit claustrophobic at times, but for families with children, it’s a pretty nice place to live.

Mansion Fatigue?

Judging from comments of many of my fellow agents, I think many Realtors are fed up with the big, boring houses builders insist on erecting. We aren’t buyers, though, so it’s possible there is still a demand for these things. Certainly, well built large homes like Jay Haverson’s new construction on Dublin Hill are selling, and quickly, but I wonder if potential buyers aren’t beginning to contemplate the huge effort required to maintain a 12,000 sq.ft. house. The furnace rooms alone in these houses look like (I imagine) the command center of a nuclear submarine. Then you have three hundred rooms to clean, five acres of yard to oversee, pools and pumps to break down and fix, etc. When I wondered in print what would happen to all these mansions once their owners grew tired of them one reader replied that, among her age group the joke was they had no fear of a future shortage of nursing homes in town. Heh. Six new houses priced at $7,500000 have sold this year, while 20 remain unsold. I think I’d sleep a lot better if I were building a $3,000,000 - $3,500,000 house in Riverside or Old Greenwich rather than a $9,000,000 house in the Back Country.

Stamford Value

Sharon Fogarty (Wm. Raveis) has just listed 378 Taconic Road for sale. It's an amazing house, built in 1929 and completed renovated and redesigned (by Laurie Jones, AIA) inside less than ten years ago. Absolutely beautiful, with four acres of rolling lawn and pool. Eleven thousand square feet (presumably including the finished, walk-out basement and guest house), and a Greenwich address. If it were across the street, in Greenwich, this house would easily command a price between $6,500,000 and $7,000,000. Sharon has priced it at $4,550,000. If (a) your kids are in private school or (b) your children have grown, I can't imagine why you wouldn't buy this house and pocket the difference. And for those of you who grumble about Greenwich property taxes being spent on our schools, here's a vivid example of the value your taxes bring. Real estate value; I'm not at all sure we're getting the full educational benefit of tax dollars, as evidenced below.

Drat!
I heard a wonderful story from a mother of a Country Day student that the school's dress code required dress shirts from Ralph Lauren of Vineyard Fashions. Sadly, when I checked it out, it turns out to be a false claim made by a young girl seeking high fashion. Too bad; some stories, indeed, are too good to be true.


Here Are Some I Hope Are True

Supposedly, after over a year of promising the students of Old Greenwich School that the front steps would be finished, respectively, by Halloween, Christmas and Easter of last year, the administrators corrected the problem (a quarter-inch discrepancy on treads, I believe) over the summer. So now they're open but only to fifth graders. Class warfare looms.

Also at Old Greenwich School, I'm told that the children are forbidden to play on the grass because they might trample the roots of trees and kill them. Gee, those trees have survived seventy-five years of such trampling, so what gives now?

And the best story from that school is that of the kindergartner who was told she couldn't count by tens because that wasn't on the curriculum until November. I suppose her teacher needed time to brush up on the subject herself.



Doings at Raveis

Gene Ruggerrio has a new listing but doesn't want me to write about it until I learn how to spell her name.


73 Glenville Road
Jack Marker, on the other hand, probably doesn't care how I spell his name as long as I say nice things about this house. Which I will. The house sits on an acre of land and has benefited from thirty-years worth of gardening: there are cutting beds, raised vegetable beds and lots of perennials and ground plantings. Inside is just as nice: totally renovated and expanded (4,000 sq.ft., four bedrooms, eat-in kitchen. etc.). It's priced at just $2,295,000, making it a real bargain, in my opinion.

Staging Your Home?
Saw a very nice house last week up at 944 Lake Avenue.Built by Coggins in 1957 and recently renovated, it's a modestly-sized (3,720 sq.ft, 5 bedrooms) antique-looking Colonial that seems very comfortable. Most impressive, to me, are the six-acres of grounds, with very old stonewalls and meadows. Great spot for horses. All that said, I was genuinely impressed by the staged apple trees – someone has taken the trouble to affix bright red fake apples to the branches. They certainly outshine their more natural cousins on the same branches but I suspect that, with some judicious attention, you could grow some nice fruit here. $4,500,000, Debbie Hufford, listing agent.

Nanny Dungeons

I am disturbed at the living conditions provided nannies in some of the houses I view. People who can obviously afford better create "nanny rooms" in the basement; airless little cubicles with room for a cot and not much else. If your conscience isn't bothered by cramming another human being into such a space I'm sure it won't be troubled that you're violating the fire code nor, for that matter, will it be stirred if the poor girl is trapped in a fire. But perhaps your wallet might twitch a bit at the prospect of a whopping wrongful death suit – you might have to postpone your next vacation to Montana!

Good Night, Ladies
Hooker Lane is on its way out, to be replaced by "Stonebrook Lane". I once suggested in this column that the street's residents just rename it General Hooker Lane, but I suppose this will do. The camp followers of Fighting Joe Hooker, by the way, were not the inspiration for the term, which was used at least fifteen years before the Civil War, but the General's licentious habits were so brazen that they popularized the meaning, all to the modern-day-residents' of Hooker Lanes distress.

September 23,2005

Nice Houses
Jean Ruggerio has just listed 212 Taconic Road, that house at the intersection of Stanwich and Taconic. It sits far off the street and overlooks a small pond and a beautiful yard. I have admired this house since it went up in 1999 and I was pleased to discover that it’s as nice inside as it is from the street. It’s not for everyone: people who need a mega-whopper mansion for business entertaining or ego gratification probably won’t find this suitable. Another agent, who liked the house as much as I did, said, “it’s not over-powering” and she’s exactly right. If I were looking for a big (7,000 sq.ft), comfortable house to raise kids, however, I’d take this one. Or buy it, if I had $6,200,000.

Maryann Grabel and Laurie Smith have co-listed 3 Hill Road. Closer to town and more modestly priced ($4,695,000), set down a long driveway. It has one of the nicest master bedrooms I’ve seen - bright, sunny and a terrific balcony. The rest of the house is also nice. Maryann tells me that the owner, a decorator (I know, I know) wanted to demonstrate how one can renovate an older house (1967) with its typical eight-foot ceilings and create airy, non-claustrophobic space. She succeeded very well, in my opinion.

Down in Old Greenwich, Aja Ohman’s listed 1 Gisborne Place (corner of Tomac and Gisborn) for $3,200,000. This is a 1905 farmhouse that was renovated and expanded five years ago. There are three stories, including a great third floor with a wood burning stove, kitchenette and a huge amount of open space for kids, entertaining or what have you. Good yard, too.



Best Condominium Value in Town?

I think it’s “The Old Mansion House”, between Valley Road and the Post Road in Cos Cob. In the 70s a developer converted an old mansion and built three more buildings to create a sixteen unit condominium association. The units are very nice, very convenient to town and represent an excellent value, I believe, as they sell in the low-to-mid $400,000s. Peter Janis, of Soethby’s used to live in the complex and served as its President so he’s quite knowledgeable about the whole project. He’s listed several of the units over the years including one this past August. It was such a great condo- two bedrooms, completely renovated and a garage - that I hesitated to write about it until I secured it for my own client. That accomplished, I now pass along the secret to you.

If At First You Don’t Succeed

Lower your price. On the other hand, there’s one property in town that’s been on the market for more than two years. It’s now with its third brokerage firm and is on its third or fourth price change all of which are higher than the price first sought. Sooner or later either the owner will lose patience and drop his price or the market will catch up with him. The latter event will probably take some time as the price is in the high,high millions. I wish him luck, either way.

Katrina Update

Local authorities have arrested the owners of a nursing home in New Orleans who failed to evacuate patients and lost 34 of them. Basis of the charges? The District Attorney claims "they were warned repeatedly, both by the media and by the St. Bernard Parish emergency preparation people, that the storm was coming.In effect, I think that their inactions resulted in the death of these people." That's tragic but, using the same logic, shouldn't we expect to see the Mayor of New Orleans and the Governor of that blighted state doing a perp walk in front of the cameras? Stay tuned.

Mississippi Burning
Well flooding, anyway. Both Alabama and Mississippi were demolished by Katrina but, unless like me you went on-line and read area newspapers you’d never have known it during the first week of mainstream media coverage. Part of the reason is probably jounalists’ laziness – they tend to move in large flocks and write the same story – but I also suspect that they didn’t want to divert readers’ attention from “the Story” : Bush hates black people. Pictures from New Orleans necessarily showed mostly poor black people suffering (that’s who lived in the flooded sections) while the photos in other states showed Whites and Blacks suffering together and beginning to recover together. All three states did have one thing in common, however: FEMA was absent.

September 16,2005

The Market Returns
A lot of recent activity, in all price ranges. 435 Round Hill Road, priced at $18,750,000, went to contract within 17 days – Jan Milligan found the buyer. 20 Interlaken, previously praised here, finally sold for $4,300,000. Joan Epand, listing broker, told me that, after sitting for such a long time on the market, three competing bids all showed up at the last moment. That happens often and I agree with Joan that, after awhile, the market shifts and what was viewed as unattractively priced suddenly looks like a bargain. Of course, if you’d been reading this column, you’d have known Interlaken was a bargain two months ago. Other houses mentioned here as good value also sold: 66 South Park Avenue and 47 Owenoke Way, for $3,295,000. This stuff’s not rocket science: good houses with sensible prices sell quickly, others do not. Of course, there’s no accounting for taste, so what I like may very much not be what you’re looking for.

Grand Old Homes
Setting aside for a moment my lust for commissions, there are some houses that, when I first view them, I’d give anything to have a client in the applicable price range, just for the pleasure of placing them in such a great home. Sue Van Der Griend’s house at 6 Keofferam Road is such a place. Built in 1897 as a summer home, Sue and her husband did everything right. They expanded in the back and went up three stories, creating a modern kitchen, master bedroom suite and other rooms, while leaving all the original beauty intact. There is a huge, wrap-around porch, all new mechanicals, six bedrooms, a half-acre of land, etc. Keofferam is one of my favorite Old Greenwich neighborhoods (houses on it come with deeded beach rights, by the way) and this is now my favorite house on that street. Intelligently priced, I think, at $4,495,000, I bet it’s gone in a flash.

Update - the foregoing was written last week. Word is that, as of today (9/15) contracts have been signed.

Can’t Afford That Much?
Helene Barre’s listed an 1888 Victorian at 314 Sound Beach Avenue for $2,095,000. It hasn’t been renovated the way Keofferam was but hey – look at the price. In very good condition with a modern , eat-in-kitchen. I liked it very much.

Want Newer Construction?
101 Lockwood Road was a pleasant surprise. Not stunningly impressive from the street, inside it’s bright and airy with high ceilings and lots of room. It was built in 1997 by Stazza, a good local builder, and feels very comfortable. $1,995,000, which seems about right.

For Sale By Owner?

Attorney Tom Ward and his partner Ed Cosden at Ivey, Barnum & O’Mara recently spoke to Wm. Raveis agents about probate law and other matters. It was, as expected, highly informative but one of the more interesting points was this: according to Tom, before a Probate Judge will approve a sale, he or she wants to know if the property was fully exposed to the market: how long was it listed and was it placed in the multiple-listing service? The Judge does this to ensure that the beneficiaries receive the best price. It occurs to me that, if even a judge can understand that multiple-listing a house achieves top dollar, a financially sophisticated home owner could reach the same conclusion.

Been There, Done That

Tom Gorin of Cleveland Duble & Arnold passed along an interesting article from Avenue Magazine (yes, underneath that goofy volunteer fireman marching band helmet is a trendy jet setter who reads magazines like Avenue. Who knew?). The article, Déjà vu and the Real Estate Bubble” was written by Tom’s good friend David Micchonski, the former manager of Coldwell Banker here in Greenwich, and details the many, many cautionary stories in the financial press warning of impending doom in the real estate market. Nothing new here, but the stories Michonski cites were written as long as fifteen years ago. The same Casandras writing today have been predicting a collapse since 1990, all while touting the virtues of Pet.com as an investment. Michonski concludes that Wall Street is envious of the money being wasted on real estate when it could be earning valuable commissions. I think he’s right.

Too Late for Summer
One bonus of this job is the opportunity to discover books. Books are rare in town, sadly, but occasionally we encounter bookshelves of readers and I usually glance at the titles to see if I’ve been missing anything (no, I don’t paw through someone else’s property). One house I saw recently had an entire collection of works by Bernard Cornwell – I’d never heard of the man but I was impressed that someone would own twenty of his books so I checked a few out at the library. Lots of fun- historical fiction that follows the career of one Richard Sharpe as he defeats every enemy of England from India through Waterloo. Recommended for boys 12 on up, I’d say and of course, entirely suitable for readers who never grew up, like myself.

I see that they have arrested the owners of a nursing home in New Orleans who failed to evacuate patients and lost 34 of them. Basis of the charges? The District Attorney claims "they were warned repeatedly, both by the media and by the St. Bernard Parish emergency preparation people, that the storm was coming.In effect, I think that their inactions resulted in the death of these people." That's tragic but, using the same logic, shouldn't we expect to see the Mayor of New Orleans and the Governor of that blighted state doing a perp walk in front of the cameras? Stay tuned.

Katrina
Besides reminding us of how blessed we are to live in safe old Greenwich, the disaster down south can teach a few other lessons, too. My liberal friends claim that the whole mess is the result of the Bush Administration’s contempt for big government while I think it reveals that the new Republicans love big government all too much. We have spent, I believe, something like $40 billion on “Homeland Security” since September 11th and, so far as I can tell, all we’ve received for our money are 40,000 new federal employees who rub women’s breasts and confiscate nail scissors. FEMA’s budget has swollen from $250 million, when it was first formed, to over $6 billion today, thereby encouraging slackards like the Mayor of New Orleans to abandon their duties to safeguard their citizens in favor of a “let the Feds do it” strategy. Did you know, for instance, that New Orleans, which, under federal law was required to develop an evacuation plan and care for its citizens for 72 hours after a natural disaster, simply decided that “Good Samaritans” would take care of the 200,000 people without cars? That’s no plan at all, as was so tragically demonstrated last week (although the sight of Sean Penn over-loading a small boat with his personal photographer, publicist and hair dresser, then promptly sinking his “rescue craft” did provide a light moment).

The real lesson of Katrina, I think, is that local authorities should not depend on federal bureaucrats to respond instantly to disaster. Greenwich and Connecticut should each focus on applicable disaster plans (Governor Rall, I hear, is doing exactly that this week). I’d rather trust local officials to know what’s needed here than rely on a FEMA administrator in Washington D.C. I might also buy some ammunition, but that’s another story.


Real Estate News
The week before Labor Day is not a particularly busy one in this business but I did see some houses of note. Gary Silberberg (Intriguing Realty) has completed his project at 21 Desiree Drive, off of Stanwich, and it’s quite nice for its type. Regular readers know that I’m not a huge fan of huge houses, but I like this one. Desiree has been transformed from a street of smallish homes to large ones like this one of 9,400 sq.ft., so the house fits in with its neighbors. It has been built to extremely high standards and abuts nearly 400 acres of park and conservation land. Pool, five bedrooms (with room for more) and a finished, walk-out basement. $5,950,000.

For less money , $3,250,000, Marta Stroll has a listing at 1 Winthrop in Riverside that is also a high quality project. It is obvious that its builder, Tim Gilson, is one of the good guys – someone who takes pride in his work and puts extra quality in as a matter of course. This is a very, very nice five bedroom house, on a great street. Considering that several houses in the area, of far lesser quality, have recently sold for close to this one’s asking price, I think this is a bargain.

And, while it isn’t new construction, Sally O’Brien’s listing at 727 Lake Avenue represents a good value, too. Built in 1983 in the Federal style, its present owners have done some extensive renovation including modernizing the kitchen and all the baths. Over two and a half acres, asking $2,695,000 – that’s a good price for Lake Avenue, I think.

Fuel Conservation
Adam Smith pointed out in 1776 it is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest And it is our self interest that will encourage us to buy more efficient cars, furnaces etc., rather than grand calls for sacrifice to the common good and denunciations of vendors as greedy capitalists. I am no happier to pay $3.35 for a gallon of regular than any other
citizen, but if that price makes other fuel sources - tar sands, solar power, whatever - competitive with oil, then I'm all for it. I remember paying $0.25 a gallon for gas here in Riverside in 1972, then traveling to Europe that same year and paying $3.00 a gallon. Is it
any surprise that Europe has a thriving nuclear energy industry and a fleet of fuel efficient cars while our contribution to the world has been the Chevy Suburban? I think not.

Nest week, back to real estate – I promise.

26 Stag Lane

I had a chance to tour Rick Harris’s new construction project recently and was quite impressed (Rick is the son of our long-term Town Clerk, Mike, and is very much not to be confused with the other builder with a similar name, Richard Harris). Rick obviously takes pride in his craftsmanship, as he should. Everything about this house smacks of top of the line quality: the 80 year roof, Brazilian cherry floors, wall finishes, mechanicals, including a German furnace which is one of the most efficient furnaces on the market, beautiful trim work and moldings, and so forth. While it is more fun to write about badly made houses, it’s far more gratifying to spotlight excellent builders and their work, so I am happy to point this one out.

Don’t Wait

Speaking of efficient furnaces, the price of fuel is skyrocketing and heating our homes this winter is going to be an (ever more) expensive proposition. You can ease the pain quite a bit by installing a new, efficient furnace and a better hot water heater-either constant demand or super insulated. The trouble is if, like me, you don’t think about your water heater or furnace until it breaks, you’ll have no time to research or order the best system; when the water heater is leaking across your basement floor you want your plumber (Mat Falco, in Old Greenwich, by the way, is a great one) to come out that morning and replace it. Which, if you’re lucky or if you call Mr.Falco and his sons, they will. But the replacement will be what’s called in the trade as “on the truck” – whatever is in stock, not necessarily the most efficient product available. If you have an aging furnace or water heater (15-20 and 10 year life expectancies, respectively) you might want to address it this fall before you need instant action. You could lose a few years of useful life on the thing but a really efficient heater will quickly pay you back.


The Sky is Falling?

About three weeks ago, the New York Times claimed that the housing market was doomed because the ratio of rents vs. buying price was so skewed. As I understood the argument, rents were so low that it made far more sense to rent rather than buy and that meant that the bubble was about to pop. So last week, the Times ran another article, this time on the front page, stating that rental prices were rising. Their conclusion? “Evidence that housing boom is ebbing.” I realize that no one at the Times actually reads the damn thing and I understand the Times’ fierce determination to bring down the housing market (and anything else they can grab on to) but really, if they think that declining rents and rising rents both mean the end of the world is near (“women, minorities hardest hit”) then perhaps we should interpret their economic reporting for what it is: “all the bad news we can dream up”. Consistency may well be the hobgoblin of little minds but self-contradictory conclusions are evidence of no mind at all.

Summer Homes

Every experienced agent knows never to let his buyer/clients go away on summer vacation before they’ve bought something but I did just that this month and, sure enough, the couple fell in love with a lake house and decided to buy it instead of a larger house here in town. So much for them.

In fact, speaking as a fellow parent and a friend, I urged them to go for it. Some of my very best childhood memories were formed at my family’s house in Ogunquit Maine. There’s something wonderful about returning to the same house each summer, hitting the same sleazy attractions – in our case, the York Animal Farm – the same restaurants, fishing spots, and so on. I loved Ogunquit and I’m sure my friends’ kids will love their new home. As I’ve just packed my youngest child off to college, I can attest that what seems like all the time in the world is quite short. Choosing between a larger house here in Greenwich or a place to create indelible memories? No choice at all, in my opinion.

Macadam Travelers

A friend just returned from Nantucket with a tale of woe about getting her Lexus SUV stuck during an off-road adventure. I am (just barely) enough of a gentleman to have refrained from saying to her face, “well, duh!” but saying that in print’s another matter: These vehicles are the motor vehicle industry’s version of a Potemkin Village and are designed solely to siphon money from Americans and transfer it to those 7000 Saudi princes and their retinue. Leave the pavement at your peril.

Never Mind!
I wrote last week about 17 Hendrie Avenue selling for $5,300,000 which, I opined, set a new record for back lots in Riverside. Turns out this newspaper got it wrong and the actual selling price was $3,300,000. I’m a bit chuffed about this because I’ve previously written about the folly of relying on newspaper reporters to accurately transcribe sales figures from the Town Clerk’s day book, then I fell into that exact trap. Of well. At its real price, I think the buyers did very well.

Nice Houses
Two new listings of note last week. Pam Cunconan brought on 74 Valleywood Road in Cos Cob for $1,150,000 and Heather Platt, Cleveland Duble & Arnold, has 66 South Park Avenue in Old Greenwich for $1,650,000. Both are older homes that have been nicely renovated and I think both are well priced. The owners of 74 Valleywood took down walls in the kitchen and perhaps some other rooms to create a light airy house with a welcoming atmosphere as you enter. Three bedrooms and bath on the second floor plus a guest bedroom bath over the detached garage. Nice back yard, all on a street loaded with young families. A good buy.
66 South Park is a real surprise: from the street, it looks like a tiny cape which, since FAR regs won’t allow further expansion, appears to be far too small to accommodate a family. Once inside, however, you’ll discover that the owners have made excellent use of the space and added an eat in kitchen with adjoining family room. It’s very nice and plenty big enough, in my opinion. Fenced back yard that, while small, is perfectly serviceable and besides, South Park’s a dead end, so you can shove the kids outside to play in the street.

Not Everyone’s Away

While it may seem that the entire town has emptied out for these last weeks of summer, there is still a fair amount of real estate activity. Seventeen houses went to contract last week including one multiple bidding war for a house on Riverside Avenue. That’s not a busy week for, say, September but for the dog days of August, it’s reassuring.

Back Country Blues?

There’s a five acre plot of land in the Northwestern Back Country that sold for $2,950,000 in October, 2002. The purchasers must have changed their minds about developing it because, six months later, they put it back on the market for $3,400,000. It didn’t sell and today its asking price is $2,995,000 which probably means you could buy it for less than the sellers paid. Why is that? Did the original buyers overpay, or has the market for land in that area just dried up? I don’t know, but I do know that an awful lot of builders are holding off, for now, on starting big new expensive projects and I think this is an illustration of what happens when they do.

When they Came for my Cell Phone, I was silent

Now that Connecticut has joined New Jersey in uselessly banning hand-held cell phones in cars,I wonder whether it will follow that state in another bit of lunacy: a New Jersey legislator has proposed banning cigarette smoking while driving - a distraction, she claims, worse than cell phones themselves. Pretty soon we'll have no radios in our cars, no cupholders,and inoperable windows (they let in distracting cool breezes and odors!). It could be worse: the EU has just enacted a law that requires employers of outdoor construction workers to force them to wear shirts and sunblock. Forget the Nanny State; we're rapidly moving toward a Nanny Universe.

Ethanol

The energy bill just passed by Congress finally eliminates the requirement to add MBTB or ethanol into gasoline. Greenwich Time says that this is because cars no longer need it to burn cleanly but the sad truth is, cars never needed the stuff. Not since fuel injection became standard, and that was before Congress imposed the requirement to begin with. No this was always a sop to corn farmers in Iowa and, as evidence of that, note that, even though we’re no longer required to put ethanol in our gasoline, the same energy bill mandates a doubling of ethanol production, all subsidized by the taxpayer. I don’t know what we’re supposed to do with this wonderful product that absorbs moisture and ruins gasoline and uses more energy to produce than it yields, but I doubt Congress does either. Nor does it care.

The Sky is Falling?

About two weeks ago, the New York Times claimed that the housing market was doomed because the ratio of rents vs. buying price was so skewed. As I understood the argument, rents were so low that it made far more sense to rent rather than buy and that meant that the bubble was about to pop. So today the Times ran another article, this time on the front page, stating that rental prices were rising. Their conclusion? “Evidence that housing boom is ebbing.” I realize that no one at the Times actually reads the damn thing and I understand the Times’ fierce determination to bring down the housing market (and anything else they can grab on to) but really, if they think that declining rents and rising rents both mean the end of the world is near (“women, minorities hardest hit”) then perhaps we should interpret their economic reporting for what it is: “all the bad news we can dream up”. Consistency may well be the hobgoblin of little minds but self-contradictory conclusions are evidence of no mind at all.

How to Update an Older Home

Marion Nolan has just listed 23 Meadow Lane (off of Zaccheus Mead). Built in 1930, its present owners have revived it beautifully without losing the features that made this house so appealing in the first place. They replaced the shingles with clapboard painted a light mint and kept, it appears the original trim, painted white. Very nice. Inside, they added a screened porch, new kitchen, and, I think, added an addition to accommodate a master bedroom suite with a huge living room beneath it but that’s about it, so far as my eye could tell. New mechanicals were installed, including central air, and the house is ready for another 75 years. Great big back yard, plus conservation land to the south, and a terrific location close to town. Asking $4,200,000, which seems right in the ballpark.

Record Price in Riverside

I recently wrote about 17 Hendrie Avenue in Riverside, stating how well built and well designed it was. At the time, the house, with an original asking price of $3,500,000 was under contract with buyers who, I was told, “added some extras”. Well I guess they did, because it just hit the land records as selling for $5,300,000. That’s a lot of extras. I am not criticizing the price, or the house – it’s a great one – but if that’s the new price for a half-acre back lot in Riverside, all of us who own teardowns just got richer. And, if builders can now expect to fetch that sort of price, we all own tear downs now. So aberration or new price level? Stay tuned.

Update
Never Mind! The newspaper report as to Hendrie's selling price was, as it so often is, wrong. Actual price was $3,300,000; a very good price for both builder and buyer, but no record.

Why Haven’t You Sold My House?

That’s a common complaint many builders are demanding of their agents these days so in the hope that I can take some of the heat off my friends, here’s the answer: there are too many new houses out there. There are 27 houses currently for sale in the $6 – 7 million range, of which 5 are new construction. That’s not so bad, but when you bump up past $7 million the fun begins: 64 houses for sale in that bracket, 21 of which are new. A total of 31 houses sold last year (August to August) for more than $7 million and only six of those were new. Is that because the huge supply of mega-priced new houses only showed up this year, or because the market tends to prefer older homes? I don’t know, really, and I’m not quite sure how to massage the data to find out but if you’re the sleepless owner of a large spec project, be patient. And see if you can refinance.

On the Other Hand

200 John Street has gone to contract, something several of us wondered if we’d see in our lifetime. Nothing against the house, mind you, it’s just that the market for $12 million houses in the northwest corner of town is pretty slim. The original house at 200 John Street, built in 1790 by one of the Meads, was put on the market in 2000 for $9,840,000.No go. Two years later a new broker priced it as land for $4,000,000 and got rid of it. That house is, of course, long gone, replaced by much more, if you consider 17,000 sq.ft. and a 10-car garage more.

YWCA

Our town is now blessed with several new signs in orange plastic steering folks to the YWCA. And in front of that building the same orange plastic proclaims a new mission statement: Eliminating Racism, Empowering Women. I thought it was all about learning how to swim, but what do I know? More important, did they really have to choose orange plastic as their medium for conveying this message? I realize that the signs are no uglier than the building they identify but that’s about the same as pointing out that, for a fat girl, she doesn’t sweat much.

The Mob in Greenwich

While you all were off in Nantucket, the New York Post reported on the Gambino family’s extortion of the owner of Valbella’s, in Riverside. Sent some Albanian thugs (apparently better at this sort of thing than Italians – how standards have slipped) to hang the poor guy by his heels from his restaurant’s ceiling until he saw the wisdom of paying the Albanians $5,000 a month protection money. The Gambino goons who accompanied the muscle were less demanding, asking merely for a reserved table and free meals. With reasoning like this, how long before the Albanians are running the entire show? In any event, all this explains the long running Saturday night show down there, with huge white stretch limos with NY plates parked in front, drivers waiting, and the (male) gold jewelry crowd in the basement. It might also explain, for those with long memories, the fire that gutted the place way back when it was first scheduled to open. I hope the indictment of 32 of these people will end the restaurant owner’s torment. But not, I hope the Saturday Night visits from Brooklyn – best entertainment in town.

15 Bayberry Lane

This terrific house (Jackie Hammock listing) is pretty far up into the Back Country but not so far that it’s impossibly inconvenient. It’s an elegant home, described on its listing sheet as “Colonial” in style but it looks more European than Colonial American to me. No matter, it’s beautiful. It sits on “only” four acres, but it’s protected by conservation land and then water company property that stretches all the way to Lake Avenue – no one is ever going to build behind you. The actual four acres consist of lots of rolling lawn, with a putting green and a one-hole golf “course” plus gardens – lots and lots of gardens. Raised vegetable beds that I envy beyond words, huge swaths of beautiful flowers and an assortment of fruit trees (including a fig!), ornamentals and big, old, oaks and maples. The yard is entirely fenced so, unlike my property in Riverside, deer aren’t a problem

That’s just the yard. The house itself is truly special. Great spaces for formal entertaining plus a ground floor master suite, four additional bedrooms upstairs and a servant’s or guest wing (it’s nice enough for either use) with a separate entrance. Everything, including the kitchen, six baths and what they call a conservatory (and what I’d call a high class greenhouse) seems brand new and in excellent condition. The place is filled with books, an item from which today’s young buyers will recoil in horror but, like asbestos, these can be removed by trained experts and replaced with your kid’s golf and lacrosse trophies and your own collection of autographed sports memorabilia. I struggle a bit with placing “value” and “$6,800,000” in the same sentence but no other house that I’m aware of offers so much privacy and luxury for anything like this price.

38 Lockwood Lane

Not quite so nice as Bayberry, but asking $1,875,000, is Dee Webber’s and Bari Taylor’s listing in Riverside. Five bedrooms, a huge amount of open space, light, and a great front porch. I liked it.

Green Hornet Alights in Cos Cob!

Well, not quite, but Mr. Isao Kato, Fjord Fisheries’ sushi chef, has opened a ramen stand behind the store. Open only in the evening on Thursdays through Sundays, from 6-9:30 pm, Kato serves up incredibly tasty bowls of soup served over ramen noodles. Shrimp, fish, vegetable, etc., for approximately $7.50 (price depends on ingredients). One bowl will serve one glutton (that would be me) or two people with normal appetites. Fans of Andy’s Hideaway in St. Bart’s can dine outside on tables with a lovely view of the car park and feel as though they’re back in the Caribbean. Or take your meal home; a treat either way.

And Also in Cos Cob

Construction has finally begun on the new Starbucks. I know that many Cos Cob residents objected to this project and I personally have a few qualms about a company that, by inventing a few phony Italian words, managed to convince America (and the world) to part with three bucks for twelve cents of raw materials, but what the heck: it’s a good cup of coffee (especially the “Americano”, which is watered-down expresso and not bitter like the drip) and the idea of relaxing with a drink while looking over the Mill Pond sounds appealing. Even Cos Cob folks might come to appreciate it.

Kayaks in Cos Cob

Hey – it’s Cos Cob’s week, I guess. In any event, the boys at Sportsman’s Den (869-3234) have just begun stocking Heritage kayaks, seaworthy, rotomolded polyethylene craft that scream to be set loose upon the waters. The model I like best is the “fisherman”, with two rod holders built into the hull. This being Greenwich, I’m sure the store would modify one of the holders to accommodate a martini glass but wouldn’t it be better to have your servant nearby on his own craft, ready to pass along drinks as needed? I hope to buy one (kayak, not servant), but I live on Ole’s Creek, so that’s an easy decision. If you aren’t so fortunate, check with Sportsmen’s Den, which is looking into offering storage and water access, or the Old Greenwich Yacht Club (used to be a boat club, before it got snooty), OGYC.com, or the Mianus River Boat Club, 869-4689. Antidisirregardless, you’re sure to find a way to use one of these neat little boats.

One Final Food Item

The Food Mart sells a juicy, crisp Texas watermelon for $3.99. Whole Foods sells the same melon for $9.99. We’re not talking organic - no special coddling for the Whole Food product: soft futons to lie on, Howard Dean rants read at bedtime, and so forth. No, the melons are identical: sown by machine, laced with insecticide and brought foaming from the garden. Same melons, different prices. Someone’s being shucked here, and I don’t think it’s the corn.

The Trouble with Google Ads

Google (at least I assume it's Google) sells ads based on the content of whatever you happen to be reading. But context is everything. If, for instance, you're reading the story in today's Greenwich Time about the shipboard murder of a young Greenwich resident (click on link, below) you probably aren't going to be receptive to an ad for a cruise on the Royal Caribbean.

When they came for my cell phone I was silent

Now that Connecticut has joined New Jersey in uselessly banning hand-held cell phones in cars,I wonder whether it will follow that state in another bit of lunacy: a New Jersey legislator has proposed banning cigarette smoking while driving - a distraction, she claims. Pretty soon we'll have no radios in our cars, no cupholders,and inoperable windows (they let in distracting cool breezes and odors!). It could be worse: the EU has just enacted a law that requires employers of outdoor construction workers to force them to wear shirts and sunblock (click on the link button below if you think I'm kidding). Forget the Nanny State; we're rapidly moving toward a Nanny Universe.

Bad Construction

A year or so ago I toured a bit of new construction that was so badly built I sought out the name of its builder, in order to ensure that I never steered a customer his way. The house sold in a heartbeat, of course, to a young family that will probably be regretting it any day now. In the meantime, our builder moved on to other projects and just last week offered his latest creation to the buying public. Same poor quality, including improper framing, cheap finishes and the like, and the same result: it received multiple offers, all over the asking price. I find this discouraging.

Neighborhood is very important in choosing a house, but it’s not the only element to consider (despite what I implied in a column a few weeks ago). A cheaply built new house ages much faster than a well built one and, three or four years after its purchase, it will begin showing its age. I won’t name specific houses, but there are a number of houses in town which were built in the past six years and which now are in need of renovation. They don’t command anything like the resale value of a better-built house and that hurts you if you’re trying to sell it. So don’t be blinded by flashy details; look instead for the substance that ought be behind those new cabinet doors and whirlpool tubs and, if there’s no there there, skip along to another house.


Speaking of Great Construction

I drove way up North Street the other day to see Brad Hvolbeck’s new $12,750,000 listing house and was impressed. This house is beautifully designed (by Hilton & Vanderhorn) and impressively made. Hand-made bricks that look antique, laid in a Flemish bond (thanks to Mat Matthews for teaching me the proper term), a convex mahogany front door that is easily the best looking door I’ve seen and, inside, a lay out that is perfectly proportioned for human beings. The trim work is amazing, including a room whose measurements were taken from an Italian palace and recreated here in American Walnut. The third floor is entirely devoted to a children’s’ play area, including a small stage and a “bed”, perhaps twenty feet wide, for sleep over parties. Cool. Finished just this year, its owner enjoyed the project so much that he’s already started another one.

New Listings

Some great houses continue to show up on the market, even though everyone’s supposed to be out of town. Jackie Chamandy listed 1 Ford Lane for $2,380,000, which is a very smart price. Great location on a dead end lane, nicely renovated four bedroom house with a decent yard and a front porch that demands an Adirondack chair, an iced tea and a late summer afternoon. My guess is, to do that, you’ll have to become friends with the new owner because I think this will be gone in days.

Amanda Miller has listed 9 Stanwich Road for $2,395,000 and it, too is a very good buy. The current owners had intended to enjoy this renovation for themselves before their plans changed, and it shows. Unlike certain builder/spec renovations currently on the market, this one has no short cuts, no dubious compromises between quality and cost. There are certain builders out there who think that, as long as a property has a Greenwich address, buyers will pay any amount for any piece of junk. It’s not true, and when I see, for instance, a poorly designed renovation offering bad hardware, cheap plastic doors and Home Depot plumbing fixtures for the princely sum of $2,600,000, I’m insulted on behalf of myself and my buyers. We aren’t that dumb. So avoid that problem and go see 9 Stanwich.

Our First Selectman

Greenwich Time reports that First Selectman Jim Lash was out of town for 13 weeks last year. “First Selectman’s Many Travels Under Scrutiny”, the headline blared and I wondered, by whom? So far as I’m concerned, if the town is being well run, either directly by the man or by persons he’s delegated responsibilities to, he can go attend to his private business dealings to his heart’s content. Lash’s Democrat opponent claims that accessibility is an issue, but here’s my experience with that: my brother’s request for a zoning fee refund had been mired in the town’s bureaucracy for over a year before I wrote a polite note to Lash, someone I’ve never met, asking that he look into the problem and, if appropriate, sending a refund on its way. The check arrived five days later. That works for me.

Correction!
Two weeks ago I mentioned a "tiger" appearing with Katharine Hepburn and Cary Grant in "Bringing Up Baby". Baby was a leopard, of course - I can't believe no reader spotted this.

Taxes

There’s a dispute going on in town over who’s property values have increased less – something like the Monty Python routine where the boys argue over who had the worst childhood (“We used to have to live in a corridor!” “Ohhhh we used to DREAM of livin' in a corridor! Woulda' been a palace to us. We used to live in an old water tank on a rubbish tip. We got woken up every morning by having a load of rotting fish dumped all over us!”).

It seems the residents in our Back Country have hired an expert to study their houses’ worth and he’s concluded that they’re being overcharged on their taxes while Chickahominy residents are getting a free (well, reduced, anyway) ride. Needless to say the Chickahominy residents cry foul, and on it goes.

I hate to side with the Back Country folks when it’s coming out of my hide, but the data support them. Year to date, the N.W. corner’s “Assessment Factor” – assessed value compared to sales price, stands at 2.16, lowest of all areas of town except for the N.E. corner, at 2.02. Chickahominy, on the other hand, has a 2.86 factor, second highest in town. Only downtown Greenwich is higher, at 2.88.

All of which is not to say that Chickahominy should pay higher taxes and our wealthiest residents should pay less but any discussion of the issue should at least begin with the agreement that the tax assessor may have been a bit too zealous when valuing the four acre zone in the past.

On the Other Hand

Our town’s tax department has always gone easy on commercial property for some reason. 55 Railroad Avenue, appraised at $40,927,000 just two years ago, sold this year for $97,750,000. 33 Benedict Place, appraised at $30,870,000 in 2001, sold this month for $87,500,000. I’d prefer to see taxes reduced for everyone, but I can’t help pointing out to our appraisers that a building even bigger than and right next door to Unilever, U.S.T.’s headquarters, is currently valued at only $42,100,000. It might be worth dropping by for another look.

New Listings of Note

Laurie Smith has listed 119 Oneida Drive for $3,850,000, which seems just about right for this house and this location. I can’t guarantee that you’ll fall in love with this house but I did, and so did several other Realtors who saw it with me. Built in 1914, renovated in 2003, it’s on an acre of land near the water. And, although I consider Greenwich interior designers to be the group most responsible for the ruination of civilization, this owner, Jane Ellsworth, is herself a decorator and has done a fantastic job to her own house. I wouldn’t change a thing about it and when I’m ready to refurbish my cardboard box, I know who I’ll call. It (this house, not my box) comes with a pool, five bedrooms and a pretty neat carriage house/garage.

Lower down on the price scale is Liz Dagnino’s listing at 21 Bramble Lane, asking $1,695,000. I was stunned when a Bramble Lane house sold for $1,500,000 two years ago; now it seems cheap. This is a raised ranch, which is usually a tough sell but it’s very, very nice inside and, unlike some houses of similar design, this one works really well. Good street, nice house.

Diane Dutcher held an open house at 17 Hendrie Avenue to showcase the work of her client, Nick Barile of York Builders. I’ve admired this builder’s recent projects and this one is just as well made as the others. Nice attention to detail, a judicious use of antique mantles and newell posts to blend a bit of old with the new, all to great effect. Asking price was originally $3,500,000 but the buyers added some extras, like a pool, so I don’t know what the final price will be. Regardless, I think Mr. Barile will have some happy customers.

And Speaking of Interior Designers

It’s astonishing how much money is spent in this town converting otherwise comfortable houses into frigid mansions that no one would dare relax in. I feel sorry for the poor schnook who, having turned over his Platinum Card to the Little Woman, returns home to discover that his house has been festooned with hideously expensive (and just plain hideous) floor-to-ceiling drapes, bad antiques and every gimcrack and geegaw the decorator could unload on him. I remember one “Gentleman’s Study” like this, crammed with old English hunting prints and paintings of dogs who never lifted a leg in the Brooklyn neighborhood the Master of the House grew up in, antique shotguns, and the like. Turns out, the guy didn’t even like being outdoors, let alone traipse over fields behind beaters and gun dogs. Sheesh.

Good Buys

Of the four hundred fifty-three single-family houses currently listed for sale in town, one hundred two of them have been on the market for at least six months. It is these older listings that often offer the best buys because, having been over-priced originally (I don’t say that to be mean, it’s just that the market place has disagreed with the owners’ estimate of their value) they’ve often lowered their asking price below what I would consider a comparable, but newer listing. Here, in no particular order, are some houses I like; I’m not necessarily vouching for their current asking prices, but these are all good houses. Twenty-six Spruce Street, a five bedroom house asking $1,895.00. Great location, nice yard. Fourteen Dorchester, also is Riverside, at $2,125,000. Ten Copper Beech, off of North Street, $2,950,000. I do not understand why this great house didn’t sell long ago. It’s in excellent condition and has a fantastic yard. Perfect for a downsizing couple, entirely adequate as is for a family or add a second floor and have yourself a MacMansion. 160 Bedford Road, $3,950,000. I realize that this far northwestern corner of Greenwich poses difficulties for those who must be close to town, but for a family with kids at any of the schools on King Street, it’s quite convenient. Eight acres of rolling lawn, terrific older house which I originally described as looking exactly like what Katharine Hepburn and Carey Grant would pull up to when leaving New York with Baby the tiger and heading for New England. Still looks that way. And, finally, there is Twenty Interlaken Road, the contemporary on a pond that I recently wrote about. $4,300,000, six acres of land. Excellent buy.

All of the houses listed are well worth your attention, so if you’re a buyer who stepped away from the market last spring, discouraged, perhaps, by the frenzied atmosphere, give your agent a call and go looking; everything’s calmed down and its safe get back in the water.

Not All Good Buys are Old Listings

Even in the dog days of summer, people list houses and a very nice one came on recently. Barbara Cioffari has brought on 47 Owenoke Way in Riverside for $3,295,000, which I think is a very good price for a house as nice as this (disclosure: my family is friends with the owners’ family, but that’s not the basis for my opinion – now if they’d listed it with me ….). A center hall colonial that has been completely renovated and recently expanded, with a nice yard of almost half an acre and within easy walking distance, if anyone does that anymore, to Riverside School, Eastern and the train. I’d be surprised if it’s still available by today’s publication date but hey – it’s summer, and a lot of potential buyers are out of town. You might get lucky.

And in Middle Age Listings

Alaimo Dechantal’s listing at 52 Fairfield Road was priced at $2,800,000 when it was first listed in May. Two months later it’s dropped to $2,495,000, which seems appropriate. A brick center hall colonial, again, also renovated and also on a nice yard of an acre. I didn’t necessarily disagree with its original asking price and I especially like this house at its current one.

Boom Goes Bust!

The New York Times is at it again, with yet another front page story about trouble in the housing market, this time in Denver. I have no doubt that the facts of the story are accurate – at least, they make no mention of Dan Rather’s having been involved in writing the story - but if you look at those facts, you’ll see that they aren’t all that scary. They tell tales of woe of people who didn’t earn as much on their house as they expected, such as a man who purchased a townhouse as a speculative investment and earned only $10,000,000 for his efforts. The basic conclusion of the article is that the market has slowed down, which is hardly surprising; no one I know thinks we’ll see twenty percent increases forever. Despite its headline, the article itself did include one calm observation: “Optimists point to Denver as a model of an adjusting real estate market. ‘I think it's a good example of when a market softens, what happens,’ said David Lereah, the chief economist of the National Association of Realtors, a trade association. "You see double-digit price appreciation go down to 4 percent or even 1 percent, and then it starts coming back to a historical norm of between 4 and 6 percent. That's very healthy. That's wonderful. It beats inflation.’
Mr. Lereah might be a flack the Realtors, I suppose, but I agree with his opinion.

An Imperfect World

I don’t lecture my clients; it’s both patronizing and ineffective. And, as Oscar
Wilde observed,"I learned long ago never to wrestle with a pig. You get dirty, and
besides, the pig likes it." The rest of you aren’t so lucky, however, so if you happen to be one of my clients who just blew a great house deal in Old Greenwich, stop reading here and come back next week.

For those still with me, know that in real estate, as in the rest of life, finding a suitable outcome is founded upon compromise. There is no perfect house out there, waiting to be discovered (go back and read Plato for similar sentiments- nothing’s changed in the past 2,300 years). Field Point Circle, considered by many to be the best address in Greenwich, is approached via the Grass Island sewer plant and, when the wind’s from the north, afflicted with the roar of trucks on I-95. Conyer’s Farm will seem ideal until you discover that you forgot the cream and you face either a drive of ten miles or a breakfast of black coffee.

And so it goes, through all price ranges. The house you want will always have something wrong with it: price, layout, yard, neighborhood. The best advice I can give is to lay out your priorities and go for the house that meets most of them. For families with young children, I think neighborhood trumps everything else. Get that right, and whatever else may be wrong with the house itself becomes insignificant. Those who are older and who no longer need to cart their children around to play dates might well prefer no neighborhood at all and instead choose to live in a small cottage down a long, long road away from everyone else. It’s all personal, and you shouldn’t let your agent pressure you into something that doesn’t feel right. But don’t pass up a house just because it doesn’t meet every single one of your criteria to perfection – nothing ever will.

Malpractice

We agents in town often felt we were getting a raw deal on or malpractice insurance. Rates are based on state-wide incidents while in Greenwich we don’t write contracts or engage in much of anything that could even approach what might be the practice of law. We dump all that on the lawyers and let their errors and omissions policies cover things. Accordingly, Greenwich sees very, very few claims for malpractice.

But two recent incidents make me think we may be soon catch up to our peers in the rest of the state, thanks to our FAR regulations. Twice now, I’ve had agents tell me that their two acre listing could accommodate a house of some 7,500 sq. feet. Nice, but inaccurate, because each lot was on a two acre lot in the four acre zone. As I’ve written here before, while logic suggests that one would apply the two acre FAR formula to such a lot, in fact the P&Z insists that the house be smaller than even a one acre lot allows. There’s a big difference in value between a 7,500 sq.ft. house and a 5,400 sq.ft. one; a difference that any expert will happily testify to in a malpractice suit. Personally, I think the FAR is so convoluted-what percentage of the basement is included, how about the garage with half walls, the attic, etc. – that I would never consider stating with certainty what the FAR allows on any particular house. Rough guidelines, sure; but for anything more precise you’ll want an architect to come over with an accurate measuring tape and an up-to-date knowledge of all the FAR rules. Just another expense for our town’s happy homeowners, courtesy of the P&Z.

Time for Price Reductions

I do enjoy representing buyers this time of year, because bargains start appearing, in all price ranges. Lisa Gabriele has knocked $1.2 million (from $9,695,000 to $8,495,000) from her listing at 99 Richmond Hill and, while I don’t have anyone in that price range, it looks pretty attractive at its new price. Nancy Healy’s listing at 2 Sylvan Lane was a very nice house at $2,650,000; it’s now a screaming bargain at $2,300,000.

Of course, this being the silly season, there’s always someone out there who concludes that his house isn’t selling because it’s priced too low, so he jacks it up. A house in Old Greenwich, for instance, just bulked up to $4,295,000 from $3,995,000 and its owner is presumably awaiting a flood of renewed interest. Somehow, I don’t think so. Price cures everything in this market but I have never known a higher price to be part of that process. But good luck, fella, and see you in September.

Hands Free Cell Phones, Revisited

Several readers (politely) chastised me recently for my statement that banning hands-free cell phones would have no positive effect on highway safety. I referred those readers to a Consumer Report's article that analyzed other studies and conducted its own and concluded that it was the distraction of talking on the phone, not holding the thing, that caused accidents. If those readers weren't convinced by that, perhaps they should check out today's report (link, below) from Australia. New, much bigger study, same result. Ban cell phones entirely (unlikely) or repeal Connecticut's new law barring handhelds, but please don't pass meaningless, ineffective laws and pretend that we're doing something useful.

The Bubble, Again

As is its want, the New York Times buried a rather encouraging story about real estate bubbles in its business section. Fear and speculation about housing bubbles receives front page placement; actual facts debunking the original speculation go elsewhere. In any event, the article looks at what’s happening in Australia, which has been enjoying its own real estate boom. Turns out, prices are leveling off. No bursting bubble, no panic, except in the disappointment experienced by the Times editors. There has been a ten percent reduction in the prices of investment (non-owner-occupied) houses but otherwise, they’re seeing a correction down under and not a disaster. As I’ve noted before in this column, Greenwich is not South Florida; we don’t have seventy thousand new condominium units under construction nor do we have speculators standing in line all night to buy, and flip, new units. Greenwich simply doesn’t have the land to support huge new projects that would appeal to speculators and has always been, and will continue to be, a solid place in which to buy a home and house your family. And, as I have also noted, we have market discipline: over-priced houses refuse to sell, and that’s good. My advice: ignore the Time’s front page hysteria (this goes for its articles on all subjects) and prowl the back pages for more substantive, useful news.

Speaking of All the News That’s Fit to Print

The NYT’s Styles section ran this note last week: "An article on May 29 about the latest sex manuals from mainstream publishers included a topic erroneously among the covered subjects. They do not include bestiality."--correction, New York Times, June 26. Isn’t that a relief!

549 North Street

Shelly Tretter just listed this house for $12,500,000 and I toured it last week. Very impressive. I’m pretty sure it was designed by Alex Kaali-Nagy, one of the few architects working in town who somehow combines the huge size his customers want (15,000 square feet, in this instance) with a sense of proportion and even charm. I don’t know how he does it but a Kaali-Nagy house is never boring and predictable, something that very much cannot be said about most of the big-box monsters afflicting Greenwich. Top of the line finishes throughout, including blue (!) and silver granite in the kitchen- it works, really – and very nice grounds. 549 North is set way off the street down what is in effect is a private lane, so noise isn’t an issue. Worth its price? I’m not (particularly) ashamed to say, who knows? At this price level a buyer expects to get just about exactly what he or she wants so if this house works for them, they’ll buy it. If not, not. But Tretter doesn’t usually stick silly prices on her listings and, when I ran some comparisons on recent sales in the $10,000,000 - $15,000,000 range, I concluded that this house is their equal or better. Not quite in my budget but then, that kind of negative thinking is what keeps me living in my pup tent.

And on Tomac

Joyce Somm has held the listing for 28 Tomac since late April but her previous open houses coincided with one of my own and I only got to see it last week. What a nice house. Built in 1891 and set far back from Tomac on a huge front yard, the house has been renovated over the years without destroying the features that make this house so special. Four bedrooms, three baths and three working fireplaces on a half-acre, asking $3,250,000. My only quibble, and it’s entirely personal, is the pool in the back yard. It seems to have built in the 60’s and, together with its dowdy concrete apron, consumes more of the yard (okay, all of the yard) than I like. T’were me, I’d either scrap the thing entirely or redesign it to free up more lawn. But again, that’s just my taste. A family with lots of kids will probably like the pool exactly the way it is.

Shhsh – Buyers Sleeping!

Only eighteen listings – single family, condos and rentals- went to contract last week, while sixty-seven listings came on and forty-four lowered their prices. Some of that lack of activity is probably attributable to the Fourth of July holiday but, clearly, summer is here. On the other hand, well-priced houses are still being snapped up. Of the seventy-one houses that sold last week, fifteen went to contract within three weeks of being listed.

Moving On

Callers looking for me at Round Hill Partners won’t find me; I have moved up the street to William Raveis’s Milbank Avenue location (869-7800). As for those multiple-office Realtors who so often complained when I described their offices as “chain-store Realtors”, I can only concede that those who laugh last ….

Don't Assume

Was at an open house today - a two acre parcel in the four acre zone - and was assured by the listing agent that a new owner could build a 7,500 sq. ft. house on the site. Wrong. Our P&Z punishes under-sized lots severely and in fact you can only build a 5,400 sq.ft. house on this two acre lot - smaller than you'd be permitted in the one acre zone. You can (almost) forgive a real estate agent from making the mistake of applying the 2 acre FAR formula to her listing because logic would suggest that's exactly what you should do. But logic and FAR are mutually exclusive. Moral is, don't assume that your agent knows what she's talking about. The training in this field is, to put it mildly, not particularly rigorous.

The Dog Days of Summer

Very little is going on these days as the town slips into its summer somnolence. Fourteen single family homes went to contract last week, twenty-seven new listings appeared and twenty-one houses dropped their prices. There's no sense of urgency among buyers right now. Nor should there be, much as I hate to admit it (I like to eat all year round); summertime is the perfect season for a leisurely inspection of what's for sale and careful decision making. If you like a house, it will probably still be available a week or two from now and probably longer.

Which is not to say that you shouldn't be out there looking and, if the price is right, buying. There are a lot of very nice houses currently in inventory and many of them have reduced their prices to near-bargain prices. They will sell, and if you wait until the fall to make offers on them you'll be disappointed to discover that they're gone or the sellers, emboldened by the return of the selling season, reject your lowball offer. The market is not collapsing so far as I can see, so if you think that prices will be still lower in September, think again.

And Speaking of Bargains

Martha Jeffrey has listed a six-unit condominium project on William Street that offers some very good value the best of which, I think, is unit 45-B, a brand new townhouse with three bedrooms, attached garage and a huge back yard, all for $1,750,000. Smaller, newly renovated units are asking $1,095,000 and $875,000, respectively. I like their in-town location and I especially like their new, lower prices. Check them out.

Private Property Rights, Diminished

The U.S. Supreme Court's 5-4 decision in the Kelo case, permitting the City of New London to seize private property from homeowners and hand it over to another group of private individuals in order to generate greater tax income has people on both the left and the right concerned (not the New York Times of course, which welcomed this extension of state power both out its usual desire to see an ever-expanding government and because its own land-grab for new headquarters in New York depends on exactly the Kelso outcome). But for non-knee-jerk thinkers of all political persuasions, the decision is disturbing. The result is a victory for Wal-Mart and other big-box stores; what politician wouldn't drool at the prospect of replacing tax revenues from a motley collection of, say, car repair joints and run-down houses (or brand new houses-nothing in the majority opinion prevents it) with that of a Wal-Mart? For those of us concerned over the ever-expanding trampling of individual rights by municipal, state and the federal government, these words of Justice Story, writing in 1833 (Commentaries on the Constitution, sec. 1393), still ring true:

"[S] ince the American revolution no state government can be presumed to possess the transcendental sovereignty, to take away vested rights of property; to take the property of A. and transfer it to B. by a mere legislative act. That government can scarcely be deemed to be free, where the rights of property are left solely dependent upon a legislative body, without any restraint."

The only "restraint" left after the Kelso case is that some eager town-planner must draft a development plan that offers a "better" use of property than its present owner is employing and that, of course, is no restraint at all. Will the Republicans put their flag desecration bill on a back burner and draft a bill repealing this decision? Will the Democrats do anything? Since both parties depend on contributions from large corporations and neither wants to offend municipal and labor unions, don't hold your breath.

Discrimination at the Beach?

A friend of mine was one of several Black women recently denied permission to conduct an exercise program at Tod's. She, rightly, took offense and wondered if the denial was based on her skin color. Town officials insist that they prohibit all such groups regardless of the race of the participants and I guess I believe them – we have more stupid rules governing beach behavior than anyone other than a bureaucrat could possibly believe. No swim fins, no unapproved personal floatation jackets, no sunblock under 40 SPF, etc. I fought a similar battle in 1976 when I and a handful of other windsurfers decided to use the western shore of Tod's as a launching site for our craft. Drove the town crazy. They'd never seen windsurfers and didn't have any rules governing their use but we were obviously having fun so there had to be something wrong - they harassed us mercilessly. But today, if you drive by that location, you'll see an officially sanctioned sign, "Windsurfer crossing". So I hope the exercise folks persevere and get their class; I'd much prefer to think that my town is engaging in its usual stupidity rather than engaging in racist behavior.

Beware of Bidding Wars!

Not long ago, at the height of the spring market, the owner of 20 Partridge Hollow Road conducted a bidding war for his property. Several buyers bid, one won, the others lost. But one of the losers, frustrated at not getting what he wanted (a situation buyers in this price range rarely encounter) contacted the seller directly and offered to top the winning bid. The seller reneged on the first deal and accepted the loser’s offer. Not nice, perhaps, but certainly entirely legal – in real estate, no deal is final until both parties have signed a contract. But now the property has been returned to the market so I presume something went wrong. I wish no ill to the seller or his buyer (who is rumored to have forfeited a $700,000 deposit) but the original wining bidder could surely be excused some small measure of shadenfreude here at other’s discomfort. Morals of the story are one, curb your enthusiasm and, two, if you’re dealing with people who don’t like playing by the rules, don’t be too surprised if they walk. Good faith goes a long way in this business.

Market Conditions

I just reviewed this May 1- June 14th’s sales activities with the comparable period from last year and, all in all, I think sellers should be reassured. We’re not in any sort of boom but neither are we slumping. In essence, sales activity is just about where it was last year. A couple of exceptions: thirty-three houses went to contract for under a million dollars compared to twenty-five last year; sixteen went in the $1-$1.5 this year, thirty-three last; and ten went for $2-2.5 vs. only five last year. Other than that, there is not much difference. A total of one hundred ten houses went to contract in the past six weeks compared to one hundred nineteen last. Top price this year was $18.750 (asking – originally priced at $44,900,000!). Last year, $15,000,000 (from an original price of $25,000,000). Neither a bubble nor a bust, in my opinion. And as always, well-priced houses move quickly, pie-in-the-sky houses linger.

Case in Point

510 North Street was originally placed on the market September 30, 2002 for $11,500,000. After a long series of price reductions and a change in brokers it was finally marked down to $6,850,000 and was sold (by Diddle McCalister of Round Hill Partners – yeah, Diddle!) for $6,550,000. September ’02 to June ’05 is a long time to keep your house in showing condition, in my opinion.

Beechcroft Road

A friend of mine who lives on Beechcroft Road recently showed me three neighbors’ houses all of which are scheduled for or in the process of being replaced with larger homes. At least two of the projects are being done by the owners themselves, who have rented elsewhere for the duration. I think these are smart people. Beechcroft is a very nice street with a great location: far enough off North Street to escape the noise, close enough to town to be really convenient. In effect, the street’s value has grown past the houses originally placed there in the 1950s.

Where’s Herbie?

The retirement of Herbie Salamon from our police force removed the last traffic cop who was willing to yell at errant pedestrians. This is too bad, for a number of reasons. One is that I miss the street theatre – nothing more fun than watching Herb bark at breezy jaywalkers. Another reason is more serious – when I’m in a car and am directed to proceed across the Avenue by a cop, I don’t (or didn’t) expect to encounter any obstacles in my way, like mothers pushing their kids in strollers right into my path. But they do so now, without so much as a harsh word from the cop controlling the intersection. I really don’t want to run over a small child and I wish we’d get back to enforcing street crossing rules.

Do It Yourself

I see in the paper that the owner of a small house in Riverside sold it himself for $665,000.00. That move saved him from paying a real estate commission, but I wonder how pleased he’d be if he knew that his house was worth, at least in my opinion, somewhere close to $750,000? We’re hardly geniuses in this profession but what we can bring to the game is experience and knowledge. If you’re tempted to sell your house yourself, at least make a diligent effort to learn what comparable houses are selling for. Owners can over-price their property just like Realtors, and then the house will sit, unsold. But if you under-price the place, then, unlike what happens to a house exposed to the market on the Multiple Listing Service, someone will snatch it for a bargain price. And you’ll never know it.

Summer Market

69 new listings came on the market last week, 57 houses dropped their asking price and 26 listings went to contract. That's pretty slow, compared with earlier in the year. But the market's not quite dead - I hear that 272 Riverside Avenue, property that can be split into two lots, is going to sealed bids on Monday noon. Asking price was $3,000,000 and presumably it's going to sell for more than that.

For Sale By Owner
I saw in the paper yesterday that 21 Thornhill Road, in Riverside, sold for $665,000. The seller did it himself, by God, and saved paying a commission. That's nice, but his property was probably worth $750,000 for its land value alone. If so, then our seller saved $37,500, but lost the $47,500 extra a competent broker would have netted him. His choice, of course, but I think it was a bad one.

For What It's Worth - June 17th


Caution: Geniuses at Work!

Our Legislature racked up a surplus of $700,000,000 this past year due to a recovering economy. Some people would interpret that as a sign that the tax rate was too high, and would advocate adjusting taxes so as to return the surplus to those who over-paid. “Some people” are not the folks in Hartford. They didn't return any money. They didn't hold spending at its current. Instead, they committed the entire surplus to brand new spending in the coming year and, not content with such small potatoes, whooped through another $700,000,000 in new taxes. Besides prolonging the "temporary" business profit surcharge, they reinstated the inheritance tax which had finally expired this past January and, while they were at it, jumped it to a whopping 16%. Sound scary? Does it seem that the lunatics have taken over the asylum? Well don't worry, this is all aimed at those people Howard Dean's labeled "Fat Cats" - rich, white Republicans who all look alike, to Dean and the yahoos in Hartford. Own a house in Greenwich? Have a life insurance policy? Then welcome to the ranks of Fat Cats. Next year, the “millionaire’s tax” – you’re one of them, too.

In a news story concerning the new business taxes a Verizon executive was quoted as saying that Connecticut is already one of the most expensive states in which to do business. If people can't afford to run businesses here and can't afford to die here, I wonder where the Legislature will find the wherewithal to fund all its magnificent new spending? Connecticut is rapidly becoming a kleptocracy, an oligarchy of thieves that preys on Fairfield County and treats it with contempt. I'd say that we deserved better but, since we keep returning these pirates to office, I suppose we don't.

And Yet Another Einstein

Finished with ripping off citizens, our leaders turned their attention to another serious matter and banned the use of hand-held cell phones. Our own representative, Bill Nickerson, pressed to distinguish between the distraction caused by eating a Big Mac and speaking on a cell phone, pointed out that when you press a hamburger against your ear it is really messy, so the distraction won’t last as long. I have absolutely no doubt that Mr. Nickerson made this observation from personal experience but I do wish that he and his colleagues would at least occasionally depart from enacting laws based on anecdotal evidence and try using informed fact, instead.

We've all been annoyed at some idiot on a cell phone cutting us off or wandering across traffic lanes but every study that has looked at the matter has concluded that it is the distraction itself that causes accidents and not the source of that distraction. That is, arguing with your kids in the back seat, tuning your radio, even stuffing hamburger patties in your ear a la Nickerson are all equally likely to cause an accident as a hand-held phone. This is known. But knowledge and the Connecticut Legislature rarely intersect.

And Finally

Did you see that our friends in Hartford passed a law exempting their email from disclosure under the Freedom of Information Act? Did it in the dead of night, tacking it onto another bill. They claim it’s a service to their constituents who will now feel free to communicate personal problems to their representatives. Right.

Rant Over, Back to Real Estate

So much for the legislative summary (it’s been a slow week in this business). You ask (I do, anyway), what’s the best value on the market? Perhaps it’s Joan Epand's listing at 20 Interlaken, off of Taconic Road. This is a 9,000 square foot contemporary on six acres of land that includes a separate lot of three acres, a pond with canoes racked and waiting on the shore, a guest/bath house with a huge fireplace (I'd be content living in just this structure alone) and a great pool. The house itself is of beautiful design and in very good condition so I'm a bit irked that it hasn't sold - the Greenwich market just whacks contemporaries. Its price has been reduced from $5,999,999 to $4,300,000 – that’s the value of the two lots. You could sell off one lot and get yourself a terrific, huge house for just the price of the land it sits on. Free house - an unusual opportunity in this town.

Also On the Market

I liked Jim Foote’s listing at 24 St. Claire Avenue in Old Greenwich. It’s a six bedroom 1950’s house renovated ten years ago. Not the quality level you’d find in, say, Conyer’s Farm, but decent enough, and the resulting house is bright, airy and roomy. $2,695,000 – which I think is in the ballpark for this area and this house.

I-95

44 Riverside Avenue sold yesterday for $890,000, down from its original price of $1,290,000. Why? Because, although this was a very nice house, you could practically reach out your window and pat the tops of trucks rushing by on I-95. What I find impressive is not the low price but rather this demonstration that, at some price, anything in Riverside will sell, regardless of its location.

Price that puppy right!

510 North Street finally sold yesterday for $6,550,000. I'm sure the owners are relieved. They originally listed it, way back in September 2002, for $11,500,000. When they dumped their broker and priced it better (last asking price was $6,850,000), it sold. Quell surprise.

Revenge of the Buyers!
A few weeks back the owner of 20 Partidge Hollow Road conducted a bidding war for his property. One buyer won, others lost, but one of the losers called the owner directly and offered to top the winning bid. The owner accepted that offer and reneged on his deal with the winning bidder. Well, something must have gone wrong because the house has been returned to the market today. I don't wish ill on the owner but the people who engaged in that bidding war in good faith surely must be feeling a certain smug satisfaction. And who can blame them if they hope that the house lingers all summer, now that the spring market has ebbed?

Market Conditions

I've just finished toting up the number of houses that went to contract between May 1 and June 14th of this year and comparing the result with last year's sales activity during the same period. We're about even. 110 went to contract this year vs. 119 last year. 33 under $1,000,000 in 05, 25 in '04. 16 between 1 and 1.5 this year, 33 in '04. All the other price ranges are just about equal for both years - 3 houses in the $6.0 - $7.0 range this year, 5 in '04, 2 in the 8's this year, 0 last year. Top price this year: $18.75 (last asking price-originally priced at $44,900,000). In '04, $15,000, again down from an original asking price, in 2002, of $25,000,000.

So, if we're not booming, we don't seem to be cratering, either.

From a recent listing "FINE QLTY FINISHES ADDS TO THE IMPORTANCE OF THIS RESIDENCE THAT MUST BE SEEN TO BE APPRECIATED". I have no idea how the quality of finishes adds to the "importance" of a house nor am I sure I want an important house but someone did - the house sold very quickly for more than $4,000,000.

Another sale that surprised me was 15 Rockland Place in Old Greenwich. Came on asking $1,075,000 which, given its location next to the Old Greenwich Gables, its limited space (1670 sq.ft., 3 bedrooms) seemed a bit high to me. Wrong! Sold in a bidding war for $1,260,000. Go figure.

More Follies
I found an interesting article on the web (click on "Link", below) detailing what our legislature's been doing with all our money. Not surprisingly, they've been busy spending it. When then Governor Weicker rammed through an income tax in 1991 (a flat 1.5%, in those days) the promise was that it would make for better financial planning. I guess it did. The budget that year (1992) was $7 billion. This year it's $15.86 billion and counting, an increase that's 2 1/2 X inflation. We have the highest paid state workers in the Union, and the most per capita. Yet our leaders "had no choice" but to raise taxes again. Sort of depressing.

Mischief Making

I've just heard on the radio that our "representatives" in Hartford have enacted a bill that will shield all of their email communications from the Freedom of Information Act. The purported basis for this is that it will free constituents from worrying about the public release of private information and allow them to write to their reps with less caution. Uh huh.

Fellow Writers

It's probably bad form to attack fellow writers on the same paper, but Patricia McCormack is an editorial writer posing as a reporter, and I dislike it. I refer specifically to her latest article that claims that "oil company greed" is to blame for high gasoline prices in Greenwich. There are a number of alternatives which would explain the price discrepancy between Greenwich and, say, Stratford - higher real estate values come to mind, for instance - but the main point is that the word "greed" has no place in what purports to be a piece of objective reporting. If I denounce builder Steven Hatch as an unwashed vandal who tears down historical houses like a boy pulling wings off flies, fine; it's an opinion piece. When McCormack writes, she does so as a reporter - that's quite another thing, and she should curb her enthusiasm.

June 10th, 2005

For What It's Worth

Rockfields

Sally Maloney of Greenwich Fine Properties has just listed the Stillman Rockefeller estate on Indian Spring Road, and it's pretty neat. The house was built in 1929 and if it was ever updated I didn't notice, but here's your chance. Fourteen thousand square feet, seventeen bedrooms (including all the servants' rooms), the place is practically a museum of Rockefeller family memorabilia. The oar used by Rockefeller to win the gold medal in the 1924 Olympics is mounted next to other winning blades, and there are photographs, paintings and other depictions of this family's life spanning all of the last century and longer. The house itself seems to have been built by a high-rise construction company, with concrete between each floor and a steel endo-structure that should hold the place up for another five hundred years.

Which is what I hope is what happens. While the house is sorely in need of a massive renovation (a builder who is familiar with such projects estimated a total cost of $5,000,000) it is well worth the effort. All rooms but the servants' quarters are beautifully scaled, with twelve-foot ceilings and large, but not daunting dimensions. The bedrooms all have fireplaces and three have sleeping porches to make up for the lack of air conditioning (and who needed that when you had summer places scattered about the country?). Interesting (to me, at least) the family bedrooms all connect to each other: in an era that saw the Lindberg kidnappings, the Rockefellers would make certain all the children were in bed and then set a security alarm to seal off the sleeping quarters. I suppose that the recent kidnapping of Eddie Lampert demonstrates that the world hasn't gotten any safer. There are eleven acres (from an original fifty) of lawns and a series of secret gardens, a pool and adjoining bathhouse. It's priced at $26,000,000, which gave me pause but at some price (high teens?) this place will make a magnificent home base for the next tycoon of this era. Of course if that's you and you really have that kind of money at your disposal you're probably also one of those people who doesn't like to wait, so why not jump on it now?

Marking to Market

Julie Church's listing at 47 Alpine Road was originally listed (in April, 2002) with another agent at $8,750,000. As construction progressed its price was increased, first to $9,250,000 and then to $9,750,000. With no sale, the builder dropped its price back to $8,750,000 again and then in a fit of pique increased it to $11,000,000. Even this strategy failed, surprisingly and 2004 saw, besides Julie as the new agent, a series of price reductions: $9,300,000; $8,500,000 and finally, $7,995,000. It sold last week for $7,250,000, a little more than three years after it was first offered for sale. That's a pretty tortuous course just to determine the market price for a building project.

Selling It By The Pound

Or in this case, by the square foot. Using 47 Alpine as a model, let's break down its costs and profits. Sales price was $7,250,000, of which approximately $5,000,000 reimbursed hard costs (land, $900,000 in 1999, construction costs of, say, $400 sq.ft. X 9,000, or $3,600,000, commissions of $362,500, state and local conveyance taxes, $82,625). Our builder is left with about $2,250,000 to pay for site development, carrying costs, architectural fees and profit. But did he earn much profit? I hope so - the point of this exercise is not to wish ill on a builder but rather to demonstrate the perils confronting builders of big houses. At $11,000,000, the builder would have received $1,200 for each of his house's 9,000 square feet; when he sold it last week he got $800. Out of curiosity, I researched the selling price, per square foot, of twenty-six houses built in 2003 and later with a minimum size of 8,500 square feet. The average was $609, with only three houses fetching more than $800 (and none, excluding a house in Conyer's Farm - different animal) reaching $900. For the sake of argument, if you pay $2,000,000 for land and incur $400 per square feet in construction costs, you'll have to sell your project for $622 per foot just to get back where you started and, after adding site development costs etc. - figure a third more-you need $809 to stay in business. The averages say that you won't get it. All of which, if I were a big box builder, would make me nervous.

Grade Inflation

I notice that those little yellow plastic caution signs parents place in their driveways now read "Alert, Children!" I used to threaten my own kids that I was going to put up the then-current sign, "Slow Children at Play" whenever they brought home a bad report card but I guess that no longer happens in Greenwich.

Summer Doldrums

Only nine new houses were added to the inventory yesterday, balanced by nine price reductions. The hot weather is upon us and the market is settling down for the summer. If you're a buyer, this is a good time to shop for bargains. If you're a seller, you have a choice: wit until September or be open to low offers.

Zoning by Litigation

An Old Greenwich couple, Sarah and Michael McNulty, have finally received approval from our P&Z to build their new house in Shorelands. This approval came not because the P&Z saw the error of its ways when they turned the couple down, repeatedly, over the years, but because the McNultys sued the town and then settled. I attended one of the P&Z hearings on the matter about a year ago and, as a former land-use lawyer, was appalled. The McNultys were fully within their rights to build the house they wanted but our commission turned them down based solely, it seemed, on neighborhood opposition. No one likes change and we all react badly when change is thrust upon us but the P&Z simply cannot base its decisions on who is for, and against a project - the law won't permit it. Yet again and again our zoning decisions are founded on the commission's personal predilictions or neighbor's challenges. This results in law suits by aggrieved property owners - law suits which they win. Examples include the Starbucks in Cos Cob, the Whaba brother's marina/condominium project in Byram and now, the McNultys. This is a stupid, and expensive way to manage land use. We as a town deserve better.