Price It, Sell It

Doug Fainelli’s listing at 25 Shore Acre Drive, which I wrote about last week, had an accepted offer within days. Why did this house sell while yours hasn’t? It was priced right – yours isn’t.

The Market

Not a huge amount of activity recently but we have seen some notable houses go to contract; notable because of their high prices. 147 Round Hill, $12,000,000 (Jean Ruggerio found the buyer), 140 Indian Head Road (my brother Gideon’s listing) $6,500,000 15 Stillman Lane, $5,525,000 (Jan Milligan had the buyer), and 67 Club Road (Jan Milligan’s listing, Barbara Cioffari’s buyer) $4,595,000. And, defying conventional wisdom, a beautiful contemporary at 33 Sherwood, priced at $3,750,000, went to contract in twenty-one days. Contemporaries usually take far longer but I suppose in this case, the right buyers showed up early. Cate Keeney found them. So all this is encouraging, but read on for what I consider to be some daunting news on inventory.

Selling it by the Pound

Or by the square foot, actually. I recently looked at the selling price of all twenty-nine new houses that have sold this year and, dividing that price by the square footage, determined what they sold for per square foot. Tossing out the lowest (Byram, $287) and the highest (Round Hill Road, $1,005) I reached an average of $591. I then looked at the sixty-three newly-built houses that have not sold this year and, because I’m lazy, picked thirty-six at random. Again tossing out the lowest (Sawmill Lane, $433) and the highest (Khakum Wood, $1,030 – when it was originally put on the market it was priced at $1,667 per square foot, and its builder was angered when I suggested that that was a stupid price), and calculated an average asking price of $668. Is that enough of a difference to explain why these houses haven’t sold? I don’t know but, if I had a new house to sell, I might want to calculate its price by square foot and, if the result is wildly out of line with the $591 average, either reduce the price or come up with an excellent explanation for why my product is different. Of course, like all statistics, you should take these with a grain of salt. Doug Fainelli’s listing, mentioned above, was priced at $837 per square foot. Ah, Old Greenwich! The most expensive real estate, per square inch, in town.

What a Difference a Day Makes

In running those numbers I stumbled upon one house that, in July, sold for $629 per square foot. The buyer placed it back on the market three months later priced at $670 per foot. That seems a steep premium to pay for the honor of her brief ownership, but ….

Mega Price Tags

Of the sixty-three new houses built this year that haven’t sold, twenty are priced at over $6,000,000, compared to nine in the $5-5,999,999 range, nine in the $4’s, thirteen in the 3’s and six in the $1-2,999 range. If you add in houses that were built in 2004 and remain unsold, the $6,000,000+ total is increased to twenty-three. So just about half of the un-sold, new house inventory is priced above $5,000,000. I wonder if the bankers are nervous?

Arbor Day

If you buy property near a noise generator like the Merritt Parkway the time to plant trees, shrubs and the like as a noise barrier is when you buy the place, not twenty years later when you are getting ready to sell. It seems, from viewing a number of houses along highways, that the owners quickly grow used to the noise and ignore it. But buyers aren’t used to it, and an effective wall of shrubbery and mature trees will mitigate that perceived drawback.

What Not to Write in a Listing

While reading the “Sold” catalogue for the past quarter I was struck by one listing that proclaimed, “a house that others will clamor for”. It must have been a very faint clamor, because the house took nearly six months to sell. Oops.

Speaking of Noise

If the state proceeds with its plan to replace the Indian Field Road bridge with a bigger better brighter one, the perfect time to sell your house on that street to an unsuspecting out-of-towner is while the bridge is closed. Without the steady flow of I-95 commuters rushing down the street, Indian Field will appear to be a bucolic country lane. Snicker.

Danielle Claroni

It’s Danielle who is the tireless volunteer at the Boys & Girls Club, not her lazy son Daniel (just kidding, Daniel). Anyway, no thanks to my original mistyping, now you know.

Buyer’s Market? No, A Return to a Normal Market

Year-to-date, sales of residential units in town are down 6% from 2004 but cash volume was up 1.6%, for an annual appreciation rate of 7.6%. Nothing awfully alarming here, but there’s another statistic that ought to give Greenwich sellers pause: the “wishful appreciation” gap, or the difference between what new listings asked for this year (17.7 % higher than 2004) and the actual appreciation of 7.6%. In other words, home sellers over-estimated the value of their house by 10%. Until that is acknowledged, houses will linger on the market (inventory is up 16.4%). If yours is one of them, you know what to do.

The Market has Moved Online

A recent analysis by Real Trends reveals that, for every marketing dollar spent by the real estate industry, 39% goes to newspaper advertising and only 11% for online marketing. The company suggested that the industry model reduce newspaper advertising to a mere 10% and bump online expenditures to 52%. I think they’re right; more important, so does my employer, who is already all over the internet and committing to more. Homeowners want to see their house advertised in print, so we all do it, but it’s not an efficient way to distribute information to buyers. The current model for advertising in Greenwich is this: each house is showcased, in a cycle, every few weeks, for one day each time. Open houses are advertised in row after row of small photos and the consumer must wade through them all to find houses in her price range that appeal to her. If she could instead specify a price range, click a button and immediately find every relevant open house that day, with directions, or every listing, wouldn’t that be easier? That’s why the industry has moved online and that’s how your house is going to sell. It’s all about price and accessibility of information; not about how beautiful your house looks in print.

Contra Dancing Right Here In River City

Although the history is murky, the name “Contra Dance” probably began life in 17th Century England as “Country Dance”. The dance form was adopted by those cheese-eating surrender monkeys, the French, who changed the name to contre dance and tried to claim it as their own. Ha!
Or so says the Oxford English Dictionary (sort of). Regardless of the difficulty in tracing its name, however, the dance itself is rather simple to describe: dancers form a series of lines next to each other, males alternating with females. A “caller”, backed by musicians –a fiddle, often a clarinet or accordion and other instruments, depending on the style of the band – explains each new dance’s moves – usually four different moves to a cycle, or about 30 seconds spent with each partner. The dance couples practice by completing the moves – the final is a spin - and then switch partners, with the male moving down the line, the female up. When everyone is somewhat confident that they know what they’re doing, the caller strikes up the band (which plays reels and jigs) and the dance begins.
Often, there is a lot of confusion at first, especially when the lines are filled with inexperienced dancers like this writer. But by the time everyone has worked through the line, their moves are less awkward and fewer mistakes are made. So, moving back down the line a second time the dancers really begin to have fun; they don’t have to think so carefully about what they’re supposed to do and can just enjoy the music and the movement. Of course, when that dance finally ends, everyone has to learn a new series of moves for the next one. Life is like that.
Its fun, great exercise (you’ll be sore for days), a teens-to-octogenarian activity and you can find it right here in town at the Round Hill Community Church where they’ve been holding such dances the second Saturday of every month since 1974. By tradition, and because many of the earlier dancers were Brunswick and Daycroft grads who wanted to see their friends, there is also a Thanksgiving weekend dance, tomorrow 8:00, with a beginners’ class at 7:30 (there’s an “experienced dance” from 4-6 but if all this is new to you, you probably aren’t going to that). Cost is usually $10 but it’s $15 tomorrow, which covers the cost of the band, use of the hall, etc. You’ll spend more than that at your Lotte Berk class. Come as a single or a couple – you switch partners after each dance, women and men ask each other to dance and age, size or pulchritude is irrelevant, lucky for me. Www.Roundhill.net for further information.

Thanksgiving

While there isn’t much going on in the real estate world this week before Thanksgiving, a lot of people associated with the industry are showing their gratitude. The Greenwich Association of Realtors, no slouch during the rest of the year in raising money for, among other organizations, Greenwich Red Cross and Kids in Crisis, has raised something like $25,000 for hurricane relief. Considering that many agents had already contributed independently, it’s an impressive sum. The Realtors in town are really good about giving back. My old firm, Round Hill Partners and the people at Shore & Country participate in “Christmas in April”, fixing up houses for those who can’t afford to. My new firm raises (a lot of) money for the Breast Cancer Alliance as well as being a soft touch for just about every charitable organization in Greenwich. Other firms are just as generous. My point here is not to blow my horn (too loudly) for the wonderful folks in real estate but rather to suggest that, just like so many of their fellow residents, they appreciate their good fortune to live here. Besides the high-society fund raising parties (which, wisely, no one invites me to), a lot of people in town work in the trenches: Dr. Rob Michler and his volunteer team who travel to Central America to perform heart surgery on children; drivers for Call A Ride and Meals on Wheels; Red Cross volunteers, and on and on. Despite our image around the rest of the country and excepting access to our beaches, we are a generous town.

Green Demolitions

Here’s another organization I like. Steve Feldman, its president, came up with the idea of homeowners donating their (soon-to-be-demolished) kitchens and baths to his non-profit charity which in turn sells the countertops, appliances, whathaveyou to the general public and building trades. The proceeds benefit a non-profit organization, The Answer to Addiction, which claims a very high (no pun intended) success rate. What do you, the homeowner, get out it? Plenty. First, a nice tax-deduction based (your choice) on your own assigned value or, because Green Demolition keeps meticulous records on every item contributed, its actual sales price. You save on dumpster fees which are about $700 per these days. You save on your contractor’s labor fees because Green Demolition uses its own trained, insured workers do the demolition. You help keep things out of landfills, as well. And, of course, you’re doing a good deed. Not bad, when you can have a feel good experience and put money in your pocket at the same time.
This is not a call for someone’s twenty-year old Kenmore range, however; there has to be a resale value or it doesn’t work. It would shock you, though-or perhaps it wouldn’t – to know how many nearly-new, top end kitchens and baths are tossed out by new owners who want to start anew. In fact, you may be more interested in buying what your neighbor threw out. Either way, Steve is in Riverside and can be reached at (203) 969-4345. Greendemolitions.org.

Blue Grass

One of the projects Green Demolitions supports is a blue grass band, Basket Landing, comprised of five young people 15-30 years-old. They’re playing a repeat performance at Arcadia Coffee House in Old Greenwich November 25th. I missed them the first time through but they got rave reviews then and will presumably do so again. 7:00 pm, admission five bucks.

Real Estate, Finally

There is still some life in the market, of course. Thirty-two houses went to contract last week, including 11 Red Coat Lane which I liked very much. Thirty-eight price reductions, one price increase (20 Church Street – there’s a contrarian!) and sixty-six new listings (even if a lot of those are retreads showing up with new agencies). So if you’re already bored with holiday preparations, go house looking.

25 Shore Acre Drive

This new listing of Doug Fainelli, our former beloved school principle now working at Shore & Country, was my favorite of the week. It’s a small cape just right for a single person or a couple, on one of the nicest streets in Old Greenwich. Very private back yard with pool and, if you must, expansion room for more bedrooms upstairs. $1,795,000 which, for Old Greenwich, is probably about right.

Would You Buy a House From This Man?

So an associate of mine is selling her Stamford condo and the buyer brings in a house inspector. Former cop from Stratford, for what that’s worth. He’s inspecting away and comes across the alarm system. “What’s this?” says he, and he pushes the “help I’m being attacked and set on fire so send the SWAT Team, firemen and EMTs” button to see what happens. What happens is just what anyone else would have expected so, as the alarm shrieks and the response teams gear up, this former cop rips the wires from the alarm to stop the proceedings. That works no better than his first attempt, naturally, so everyone shows up at the party. Don’t know whether the buyer paid him for his time.

Different

We realtors all get a little bored (well I do, anyway) touring what is essentially the same house: massive new construction, identical floor layouts, etcetera so I took real pleasure from seeing Suzanne Wind’s listing at 250 North Street. This is a five-year-old house that has been on and off the market for almost all of that period but I somehow managed to miss getting inside it until now. It’s a neat house, carved into a steep hillside (with a perfectly adequate, flat back yard atop the hill) and completely different from ordinary new construction. Twenty-five-foot high floor-to-ceiling windows, sixteen different kinds of wood used for flooring and trim, a huge kitchen, fireplaces everywhere and a master bedroom shower that will accommodate forty of your closest friends. It is quite obviously a house designed to suit the tastes of its owners (one agent, who liked it very much, said it was “a guy’s house” and I suppose she may be right) and that may account for why it hasn’t sold before this. Another reason, of course may be that the original asking price was as steep as the cliff the house sits on but that has now been corrected and, at its new price of $4,750,000, I think it ought to go. The quality of the finishes in this house is astonishing and I doubt you could duplicate it today for anything close to this price. Close to town, totally different, go for it.

The Market Gets Ready for Bed

Buyers are still around (twenty-one listings went to contract last week) but the annual Thanksgiving-to-late-January lull approaches. There were fifty-eight price reductions last week, compared to fifty-five new listings and I suspect that that ratio will grow as the holidays get closer. It’s a good time to shop for bargains because, while many owners remain adamant that their pricing is correct, others don’t look forward to heating and maintaining a vacant house over the winter. So, in honor of the holidays, go shopping.


Alex Kaali-Nagy

Summers during college I worked for a Russian contractor who built miserable houses in Greenwich. My suggestion that he might improve his product if he used the services of an architect met total scorn. “Waste of money – I have plan book, cost me hundred bucks”. That builder’s long gone (although his houses, sadly, are not) but his spiritual heirs live on, building ever larger, ever uglier houses. So when I saw that one of my favorite architects, Mr. Kaali-Nagy, had completed his latest effort at 13 North Street, a brick Georgian, I was happy to tour it. This man does beautiful things. He consistently nails the proportions exactly right and every one of his houses is just exactly the right size. This one is no exception. $5,395,000, Ed Mortimer listing.

Thomas Sowell

“People who decry the fact that businesses are in business ‘just to make money’ seldom understand the implications of what they are saying. You make money by doing what other people want, not what you want.” Mr. Sowell was not referring to house sellers but his insight into how the marketplace works is nonetheless applicable to this business, no?

Boys & Girls Club

The Greenwich Board of Realtors sponsored a tour of the newly renovated clubhouse recently and I was thoroughly impressed both by the facilities themselves and by the club’s Executive Director, Bob DeAngelo. The club charges kids just $20 for an annual membership and provides in return a huge, brand new swimming pool, two gyms, a hokey rink, after-school homework assistance, tutoring, countless sports teams, and on and on. For that same $20 membership families can show up for weekly family swims and free-skating sessions. (Adults, by the way, can get an annual swimming membership for $250). This club does so much good in town that we might all want to support it. How? By volunteering, like Daniel Claroni – the club needs coaches, tutors, mentors, you name it; by financial contributions, like David Ogilvy (who spearheaded the $15,000,000 fund raising drive that paid for all these improvements); by renting the facilities for private parties- Bar Mitzvahs, say, or pretty cool corporate parties – here’s your chance to body check your boss off his skates and into the boards- or even donating used sports equipment (not junk, please, kids will be using it) like baseball gloves and skates. Presumably you know where the club is located (104 Field Point Road) but, if it’s easier, drop off equipment at Raveis’s 30 Milbank Avenue branch and we’ll deliver it the rest of the way. Here’s another thought: the club runs a summer camp, Camp Simmons, off of Riversville Road, and charges $50 for a week’s attendance. You could help a kid enjoy a unique experience for a pittance of what you’ll be spending to send your scion and heir-apparent to professional soccer camp.

Statistics

A total of 260 single family houses sold in town this 3rd quarter, compared with 299 in the same quarter last year. Once again, nothing was sold (or available) for less than $400,000 – surprise! On the other hand, we saw a significant increase (28 vs 20) in houses sold for more than $5,000,000. In the $2-3 million range, 41 houses sold this quarter against 53 last year (there are 8 more that went to contract but have not yet closed this quarter). You might think that inflation just bumped more houses into the next category, but no: 26 in the $3-4 million range this year compared to 24 last. Go figure.
So is a 14% drop in houses sold significant? Probably – not quite the headline grabbing news mainstream media would have us believe, but certainly evidence of a cooling market. So price your house right and don’t count on a rising market to help you achieve your dream price.

Smart House

My former law colleague turned builder Peter Thalheim is putting the finishing touches on a new house at 151 Riverside Avenue and I’ve been enjoying watching his progress (even if he did list it with our mutual friend, Bill Fossum). The house itself is gorgeous, with Brazilian cherry floors, coffered ceilings, six bedrooms and all the trimmings but something else sets this house off: Peter designed and built it to be super energy efficient. It’s been qualified in the CL&P “Energy Star Program” which, in return for a builder installing and employing all sorts of energy saving devices and construction techniques, provides some fairly modest cash credits and certification to the building’s buyer that he’ll continue to save money over the years. Peter used the Icynene foam insulation system (link on my weblog) which is a vast improvement over fiberglass batts because it fills every nook and cranny and, unlike fiberglass, can’t be cut, pulled out and shoved aside by the trades when they install plumbing and wiring. So no drafts or air leaks, plus sound-deadening qualities and no mold. Energy saving is estimated by Icynene at 50% and nothing I could find on the web contradicted that; in fact, all the articles I could find praised the product and its performance. Peter has installed two, two-speed Carrier furnaces (they don’t have to run at full speed when its not necessary) which carry an efficiency rating of 90+ % (old furnaces were 65%), a tankless hot water heater, low “E” argon filled windows, etc. etc. All of these features cost extra money and when I first toured the house last spring I applauded the effort on environmental grounds but wondered customers would consider them a selling point. Now that we’re facing a 50% increase in heating and cooling costs, Peter is looking pretty smart.

Pricing

Many sellers seem to establish the selling price for their home by looking at their basis, deciding how much they want to net and, after building in all the transaction costs like taxes and commissions declare “voila!” and a price is born. That’s fine but, sadly, their desires don’t dictate price: the market does. All the color brochures in the world and all the full page advertisements in the paper will not sell your house for more than the marketplace decides it’s worth. This simple truth, so easily understood in general, seems forgotten in the emotions churned up by selling something so personal as a home. But it’s true, all the same so, if you want to sell your house, work with a realtor who is thoroughly familiar with market conditions and follow her advice. Of course if you really don’t want to sell but just want to open your home to a (steadily diminishing) stream of lookers, then you just set that price anywhere you want.

Get it Right
I was behind an SUV in Riverside the other day and noticed that its license plate frame proclaimed the driver to be a “University of Connecticut Alumni”. As a graduate of that fine university’s law school and the nephew of the last man to deliver Yale’s Valedictorian speech in Latin (Dr. Gerard Fountain, Yale 1936? ), I was a little embarrassed for my school. Unless both the driver and his spouse were UConn graduates, the plate should read “Alumnus”. Which is all the Latin I know.

Gazoomping

A pricey house in Riverside recently came on the market and almost immediately had an accepted offer. The owners then received, and accepted, a still-higher offer and told the first buyers to pound sand. In real estate, of course, buyers and sellers are perfectly free to go back on their word until signed contracts are in hand (although I find it interesting that so many people who do this are from Wall Street where, my father told me, “your word is your bond”). But there is a danger in doing so: buyer’s remorse. Everyone likes to think they’re getting a bargain or, at worst, paying no more than a fair price for something. When a potential buyer in a flush of enthusiasm bids way over an asking price, he then spends his weekend wondering if there’s a “Chump” sign flashing over his head and on Monday, calls his broker to kill the deal. That’s what happened in Riverside and, when the seller went back, hat in hand, to the original buyer, guess who was told to pound sand then? If you want to sell your house to the highest bidder, and who doesn’t? then, if you are lucky enough to have more than one person interested, conduct a bidding war – sealed bids, contracts picked up at your lawyer’s office, whatever. Don’t do it piecemeal, accepting, then discarding a succession of bids. If you do, you’ll anger a lot of buyers who may never come back and you stand a good chance of accepting an offer that, a day or two later, vanishes in a puff of smoke. You’ll be burned, and perhaps appropriately so.

Scum-sucking Bottom Feeders

I received an offer on one of my listings the other day that was so low (1/3 of asking price) that my officer manager burst out laughing when I passed it on. My reply (oh, I do love this job, sometimes) was the following letter: Dear (Ms.X):
A formal reply to your clients’ offer on the above property will be found in next week’s (October 28th) column but, while they are waiting to learn yea or nay (hint: its headline reads, “Scum-sucking Bottom Feeders”) I thought to pass along to them a map of Red Star, Arkansas, population 20. I think that Red Star’s inbred, shallow gene pool might prove a more comfortable atmosphere for them than they’ll find here in Greenwich. Of course, I also admire their threat to rent until the end of the world comes next spring, and I look forward to monitoring their progress in buying a comfortable little place in Conyer’s Farm next May for, say, $450,000. Keep me posted. Best, etc.

Making readers laugh out loud is effect I strive for in my novels; it’s not what you want when you’re bidding on property. Low ball bids of that magnitude are just stupid – they’re the mark of unsophisticated yahoos who, year after year, wander into town determined to find a “real” bargain. It is a complete waste of time dealing with these people, either as a seller or an agent because they never, ever buy. Where do they go? I assume they get sidetracked into one of those “real estate with no money down” schemes out in Oklahoma but I do know this: they don’t find what they want in Greenwich. Want to negotiate a price? Go ahead, it’s the American way, but if you want to be taken seriously, make a serious opening bid.

But Having Said That,

Here’s a note to sellers: price your house right, which means, for today’s market. Interest rates are rising, inventory is growing and buyers are looking more and more like tire kickers. If you wanted last spring’s price for your house, you should have listed it then (and if you did, and it is still unsold, you over-priced it). Prices have flattened and you aren’t going to get your pie-in-the-sky dream price. In short, don’t base your asking price on “what I’d love to get” but on what comparable houses are currently selling for. You will still make a tidy profit, but not necessarily as much as you would have in a stronger market. So don’t be so greedy that you can’t sell your house, eh?

Third Quarter Results

The Greenwich MLS has just sent out the third quarter book. I’ll discuss that data next week (“nothing to see here, move along, move along”) but I did find it amusing to see a number of houses that finally sold at prices ranging as low as half of their original listing price. Of course, the listing agents don’t like to reveal their misjudgment so openly; these houses, some of which were on the market for literally years, are yanked from the MLS and then relisted at a sensible price so that the record will show, say, 15 days on the market, selling for 96% of the list price. Uh huh.

Eastern Building Glut?

Out of curiosity, I checked the number of new houses built this year and currently for sale in Riverside and Old Greenwich. Turns out there are fifteen, ranging in price from $1,894,500 (north of the Post Road) to $4,950,000 (Club Road). The Riverside/Old Greenwich market has already absorbed (sold or under contract) fifteen new houses this year with several more, I hear, close to contract. I think builders in the eastern end of town can still feel confident that their projects will find buyers.

Ignorance is Not Bliss
I encountered yet another agent the other day who was surprised to learn that our town is divided into different classes of zones, each with different lot size requirements. The concept of allowable F.A.R., and that its calculation depended on lot size, were also beyond her ken. Never has my maxim that there are no barriers to entry in this business been more vividly illustrated. Look: you are certainly free to go house hunting with your neighbor with the newly-minted real estate license; her kids go on play dates with yours, it’s nice to avoid awkward situations, and she’s probably got great experience as a yoga instructor, but do try to determine whether she also has at least a basic understanding of real estate. Otherwise, you could end up with an under-sized lot with a F.A.R. that won’t let you add a friggin’ tool shed. You may also acquire a viable malpractice suit, but that’s small consolation. If your neighbor/friend insists that you use her services, ask her whether she’s ever sold a house other than her own – that should eliminate half the agents in town. Ask her how many square feet are in an acre (43,560, the average amount of land one man could plow in a day, awhile back- a bovate, on the other hand, is the amount an ox could plow in a year. You’d have to go to Conyer’s Farm to use that measurement). If she passes those tests, ask her to obtain a copy of your plot plan and calculate your property’s FAR. If she manages to return from Town Hall, plan in hand, hire her.

Sandy Shaw

Or you could skip all that nonsense and just use someone like Sandy. An unexpected bonus of moving up the street to this firm is that I get to work with this lady. She seems like she’d be useful in a bar fight, broken beer bottle in hand, covering my back but the only side of her I see is a very funny person with tons of knowledge. She gives me great advice, all the time, and I’m sure she does the same for her clients (and, having profited from her counsel, have I fed her a portion of my commissions in gratitude? Nah, all she gets is this in-print version of a cheap Tee shirt). So far as I know she no longer has children of an age suitable for play dates nor did she teach yoga but if you can overlook those deficiencies, you couldn’t work with a better agent.

Sam and Silo Strike Again
In 1936 (or so) our police chief insisted that the death of a gas station owner was a suicide. He changed that opinion to “murder by an unknown person” after an intrepid local reporter got a hold of the autopsy report and thought to ask how someone could shoot himself in the back seven times with a six-shot revolver. Martha Moxley’s murder was finally solved (or not) by the State Police, not our locals and Matthew Margolis’s murderer remains at large. Observing this sorry trail of ineptitude our state legislature has taken pity and enacted a law creating a crime that even our force can solve: the hands-free cellphone act. Our police are loving it.
After a full day of instruction learning what a cell phone looks like and where on the head the human ear is located our gendarmes rushed out to the street and issued dozens of tickets. “It’s not nearly as difficult as we feared,” gushed a sergeant from the traffic division. “Turns out, the ear is pink and cell phones are silver or black – who knew? – so pow! We’re busting folks right and left.” One poor soul had purchased the now mandatory handsfree gear and showed it to her arresting officer, begging for a warning instead of a ticket. “No way,” the sergeant recounts. “Our guy popped her upside the head a few times for her temerity and issued the summons. If we observe a crime being committed we have a duty to this town to stomp on it, hard. Besides, its fun to finally be able to arrest criminals, eh?”

Letters that are fun to write

My response to an offer that amounted to one third of a property's asking price:

Dear [ ]:

A formal reply to your clients’ offer on the above property will be found in next week’s (October 28th) column but, while they are waiting to learn yea or nay (hint: its headline reads, “Scum-sucking Bottom Feeders”) I thought to pass along to them a map of Red Star, Arkansas, population 20. I think that Red Star’s inbred, shallow gene pool might prove a more comfortable atmosphere for them than they’ll find here in Greenwich. Of course, I also admire their plan to rent until the end of the world comes next spring, and I look forward to monitoring their progress in buying a comfortable little place in Conyer’s Farm next May for, say, $450,000. Keep me posted.


Best,


Christopher C. Founta

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.