2 years ago
Tuesday, April 26, 2005
Al Small, creator of Concerned Homeowners of Greenwich, emails regarding the status of their suit against Greenwich concerning FAR regulations:It was scheduled to finally come to trial on May 11 but has been delayed again. So we'll have to see when it is next assigned. Should be soon. It takes a while just to go through the procedures. Our last case took from 1998 to 2001 and this one 2001 to 2005 just for procedures. I have been meaning to put the briefs up on the website but havent gotten to it yet. ...
Also now watching the P&Z with their clever disguise of major policy change as mere "housekeeping" and "definition changes". They will be hearing 75 changes tomorrow night as a continuation of a prior hearing with too much to go through. A big item you may want to tell your clients to watch is the deduction of any water body over a certain size from lot area for FAR purposes. Anyone who has a pond or other water on their property could lose if this one is passed. I have had calls from homeowners who stand to lose 1,000 sq. ft. buildable area if this is passed. Also proposed change from grade plane measured at ten feet out from foundation to add measuring next to home and if "at any point" more than x feet would have to include basement in FAR. The bldg inspector said this could preclude underground garages and french doors out to a patio. They are doubling up on regs because they are again not working and the P&Z just tries to layer one reg on top of another until homeowners and architects are left rolling on the floor crying. No sense doing it correctly the first time, instead just heap regs on top of regs until no one knows what they can do.
Also watching the lot split definition that was passed by RTM recently that appears to be illegal in it violates town charter 101c (procedure for amending subdivision regs) and other general statutes possibly.
Lots going on and trying to keep up with it all.
Also now watching the P&Z with their clever disguise of major policy change as mere "housekeeping" and "definition changes". They will be hearing 75 changes tomorrow night as a continuation of a prior hearing with too much to go through. A big item you may want to tell your clients to watch is the deduction of any water body over a certain size from lot area for FAR purposes. Anyone who has a pond or other water on their property could lose if this one is passed. I have had calls from homeowners who stand to lose 1,000 sq. ft. buildable area if this is passed. Also proposed change from grade plane measured at ten feet out from foundation to add measuring next to home and if "at any point" more than x feet would have to include basement in FAR. The bldg inspector said this could preclude underground garages and french doors out to a patio. They are doubling up on regs because they are again not working and the P&Z just tries to layer one reg on top of another until homeowners and architects are left rolling on the floor crying. No sense doing it correctly the first time, instead just heap regs on top of regs until no one knows what they can do.
Also watching the lot split definition that was passed by RTM recently that appears to be illegal in it violates town charter 101c (procedure for amending subdivision regs) and other general statutes possibly.
Lots going on and trying to keep up with it all.
Monday, April 25, 2005
What's this?
A friend of mine received a solicitation in the mail from something called the South Street Group offering to buy his house immediately, as is, with no commission. It was a mass mailing, so neither my friend nor I took it particularly seriously but I checked out the group anyway. It seems to be a "hard money" lender-a source of quick cash for people who are, say, being foreclosed on, as well as a realty brokerage. Can't say much about their lending business but as a resource for potential home buyers, the company's a bust. A search request for homes in Greenwich produced old, stale MLS listings:5 Irvine Court, for instance, which sold 9 months ago; Terrace Avenue, which not only is not for sale, it lacks the "waterfront" that South Street Group says it is on. Unless you count the storm drain that runs in front of the property.
A friend of mine received a solicitation in the mail from something called the South Street Group offering to buy his house immediately, as is, with no commission. It was a mass mailing, so neither my friend nor I took it particularly seriously but I checked out the group anyway. It seems to be a "hard money" lender-a source of quick cash for people who are, say, being foreclosed on, as well as a realty brokerage. Can't say much about their lending business but as a resource for potential home buyers, the company's a bust. A search request for homes in Greenwich produced old, stale MLS listings:5 Irvine Court, for instance, which sold 9 months ago; Terrace Avenue, which not only is not for sale, it lacks the "waterfront" that South Street Group says it is on. Unless you count the storm drain that runs in front of the property.
It's 9:15 in the morning and I've been in the office an hour, waiting for clients to show up and sign a lease. It's not a huge deal-I usually come in early, but these people specifically requested an early meeting and now, an hour later, I'm still cooling my heels. I find that annoying. This is not going to be a long-lasting relationship.
Saturday, April 23, 2005
For What It’s Worth
April 22, 2005
Showing Houses
The most dreaded code in our real estate book is “LBACC”, for “listing broker must accompany”. It is hard enough to juggle a showing schedule around our time requirements and those of our customer and the various homeowners whose houses we intend to show. Add the schedule of the listing broker into that mix and it’s a mess. The other weekend I had seven houses to show, all LBACC, and it wreaked havoc on the day. It’s nice to be able to plan a logical route, showing houses in the Back Country, say, before ending up in Belle Haven. But we did a lot of doubling-back that day and missed a few houses entirely when we couldn’t coordinate our schedule with that of the listing agent.
It’s understandable that an owner would want her own agent present when her house is shown. The owner has come to trust her agent, knows that she knows the house and, most important, probably won’t let the cat out and will lock up as she leaves. Sad to say, this is not always the case when a house is shown by just a buyer’s rep. But the point is to sell your house and the best way to do that is to show it to prospective buyers; anything that limits that process is hurtful. My advice is, usually, to forego the luxury of having your listing agent accompany every showing and hope for a quick sale that ends your torment as soon as possible.
(Really) Big Trees
Years ago while out on Washington’s Olympic Peninsula I saw a steady stream of logging trucks, each carrying just a single, huge log on its bed. It seemed a shame that such magnificent old trees were being carted off to the sawmill but I was an Easterner and didn’t consider it my business. In Greenwich, these days, we seemed to have reversed the process and I now see a steady stream of trucks coming the other way: they each carry a single live tree on their beds, headed for installation in the Back Country. At $20,000 to $50,000 a tree, that’s an interesting phenomenon.
Price it Right
Even expensive houses are selling quickly in this market if they’re priced correctly. Renee Gallagher (Round Hill) put 18 Cedarwood Drive on the market last week at $5,695,000 and it was gone instantly. The house was a real beauty and impeccably renovated but it’s always helpful if a house is priced just low enough that buyers see all its merits and not its flaws. As my brother Gideon likes to point out, a high price affords buyers an opportunity to focus on their objections: too low ceilings, too close to the road, etc. and they often turn away from a property. So don’t reach for the stars in pricing your house.
Jump On It
This sordid business can occasionally be incredibly gratifying. I’ve been working with a family now for some time and we were all despairing at ever finding a house that met their needs. A house finally came on the market last week that, while not meeting every single criteria they wanted, approached perfection close enough to justify moving quickly, which we did. Because these buyers had been looking for so long they had a huge advantage over those just beginning their search. They knew comparable values, they knew what neighborhood they wanted and they had lined up their financing. The latter is most important when reaching for a popular house because it allows buyers to present a clean offer, free from contingencies. The result? The sellers are delighted that, after just three days, they could stop showing their house and they buyers are relieved that their search is finished. Sunday saw buyers and sellers happily chatting away, the buyers’ children busy picking out their rooms and a swarm of neighborhood kids on the house’s front porch, waiting to play with new friends. Pretty neat, and I’d be remiss if I didn’t mention the yeoman efforts of Jean Ruggiero in holding the deal together. Jean was merely filling in for the listing agent in her absence but she treated it as though it were her own deal and was incredibly helpful, way into the night. Jean’s a real professional and a pleasure to work with.
Does This Mean We’re Getting the Transamerica Pyramid?
Until now, my favorite real estate ad was one describing twelve-foot-high mahogany doors opening “into an intimidating foyer.” But last week a new listing on Bonwit Road described the house’s location as “a neighborhood in a mist of gentrification.” I haven’t the foggiest idea what that means, but perhaps the area behind Caldors is being transformed to look like San Francisco.
April 22, 2005
Showing Houses
The most dreaded code in our real estate book is “LBACC”, for “listing broker must accompany”. It is hard enough to juggle a showing schedule around our time requirements and those of our customer and the various homeowners whose houses we intend to show. Add the schedule of the listing broker into that mix and it’s a mess. The other weekend I had seven houses to show, all LBACC, and it wreaked havoc on the day. It’s nice to be able to plan a logical route, showing houses in the Back Country, say, before ending up in Belle Haven. But we did a lot of doubling-back that day and missed a few houses entirely when we couldn’t coordinate our schedule with that of the listing agent.
It’s understandable that an owner would want her own agent present when her house is shown. The owner has come to trust her agent, knows that she knows the house and, most important, probably won’t let the cat out and will lock up as she leaves. Sad to say, this is not always the case when a house is shown by just a buyer’s rep. But the point is to sell your house and the best way to do that is to show it to prospective buyers; anything that limits that process is hurtful. My advice is, usually, to forego the luxury of having your listing agent accompany every showing and hope for a quick sale that ends your torment as soon as possible.
(Really) Big Trees
Years ago while out on Washington’s Olympic Peninsula I saw a steady stream of logging trucks, each carrying just a single, huge log on its bed. It seemed a shame that such magnificent old trees were being carted off to the sawmill but I was an Easterner and didn’t consider it my business. In Greenwich, these days, we seemed to have reversed the process and I now see a steady stream of trucks coming the other way: they each carry a single live tree on their beds, headed for installation in the Back Country. At $20,000 to $50,000 a tree, that’s an interesting phenomenon.
Price it Right
Even expensive houses are selling quickly in this market if they’re priced correctly. Renee Gallagher (Round Hill) put 18 Cedarwood Drive on the market last week at $5,695,000 and it was gone instantly. The house was a real beauty and impeccably renovated but it’s always helpful if a house is priced just low enough that buyers see all its merits and not its flaws. As my brother Gideon likes to point out, a high price affords buyers an opportunity to focus on their objections: too low ceilings, too close to the road, etc. and they often turn away from a property. So don’t reach for the stars in pricing your house.
Jump On It
This sordid business can occasionally be incredibly gratifying. I’ve been working with a family now for some time and we were all despairing at ever finding a house that met their needs. A house finally came on the market last week that, while not meeting every single criteria they wanted, approached perfection close enough to justify moving quickly, which we did. Because these buyers had been looking for so long they had a huge advantage over those just beginning their search. They knew comparable values, they knew what neighborhood they wanted and they had lined up their financing. The latter is most important when reaching for a popular house because it allows buyers to present a clean offer, free from contingencies. The result? The sellers are delighted that, after just three days, they could stop showing their house and they buyers are relieved that their search is finished. Sunday saw buyers and sellers happily chatting away, the buyers’ children busy picking out their rooms and a swarm of neighborhood kids on the house’s front porch, waiting to play with new friends. Pretty neat, and I’d be remiss if I didn’t mention the yeoman efforts of Jean Ruggiero in holding the deal together. Jean was merely filling in for the listing agent in her absence but she treated it as though it were her own deal and was incredibly helpful, way into the night. Jean’s a real professional and a pleasure to work with.
Does This Mean We’re Getting the Transamerica Pyramid?
Until now, my favorite real estate ad was one describing twelve-foot-high mahogany doors opening “into an intimidating foyer.” But last week a new listing on Bonwit Road described the house’s location as “a neighborhood in a mist of gentrification.” I haven’t the foggiest idea what that means, but perhaps the area behind Caldors is being transformed to look like San Francisco.
Subscribe to:
Posts (Atom)
Posts
