Archives for the month of: June, 2011
Back and forth and back and forth – the latest headline in LinkedIn Real Estate headlines states: Freddie Mac Ready for Growth in Housing Markets

  • 9.1% unemployment
  • Consumer confidence is still low
  • Home values are down – still making people feel poor or poorer
  • Mortgage rates are low – but who’s lending?
The headlines on Linked In below indicate that not only is the market uncertain, the viewpoints are as well. One day optimism, next day gloom.
Pop icons change, but real estate is always real…it is what the market will bear – regardless of anything else.
Zsa Zsa’s 6700 SF Bel Air  home is on the market for $15m.  The views apparently are amazing. 
Earlier, her husband had indicated that he wanted to list it for $28m, to help defer the high cost of caring for his wife who is in poor health and has been for years. 

8 Husbands ago,  Zsa Zsa married her 9th – that was 25 years ago, with a pre-nup. Now the heirs are questioning whether he had the right to list the home at all. Nonetheless, it went on the MLS yesterday.

Zsa Zsa’s home built in 1955 – $15m

Quincy lives next door – FYI…

I know that it looks like a typo, since it started at $2,995,000 in 2008 then dropped to 2, 895,000, 2,495,000, 1,950,000 which was the last list price….after 1,199 days on market – whew! exhausting…but that’s what going on at the moment. This trend is not going away anytime soon.
It last sold in 2007 for over 2,700,000 – heartbreaker.
Most likely you have heard this before now, but there are some out there with their heads in the sand, or they are thinking that it’s not relevant to Greenwich. Think again.

Case Shiller indicates that home prices are now 33% below 2006 peak numbers – compared to 31% during the Great Depression! and there are striking similarities. There was a temporary rebound both then and recently, and then prices fell again by 7%. The peak after the Great Depression was not regained for 17 years. Are we more resilient today?

We have not yet seen the bottom, and there are economists who are predicting further drops this year through 2012. Paul Dales, US senior economist for Capital Economics indicates another 3% this year.

Predicted Drops for 2012

Paul Dales – Capital Economics – 5%

Patrick Newport – IHS Global Insight – 5%

Devi Aurora – senior director S&P financial institutions – 15% (worse case)
And there you have it – want to sell your house? 

Price it right, rent it out, or wait it out – this is going to be a long ride!

Devi Aurora – Senior Director S&P financial institutions ratings division – worse case 15%
On another subject – we must ALWAYS remember our military guys and gals….and this one is soooo easy! The organization behind this service will provides dogs to post traumatic stress disorder vets….

You just have to “Like” Dog Bless You on Facebook. From Memorial Day to Independence Day, will donate a companion or service dog to a war veteran. For every 5,000 “Likes,” the page receives (and for those of you who think this number is high – you haven’t discovered the power of the internet)…. the organization will provide up to 100 dogs.

Did you hear me? IT COSTS YOU NOTHING!
There had been some activity in the real estate market in Greenwich – not that the Greenwich MLS makes it easy for Mac users to pull photos to make articles more interesting …. but that a whole other story…

Here’s the re-cap for what happened over the weekend:

6 SOLD transactions:

3 condos (but really 2 (same address)

* 77 Havemeyer Lane – both sides
* 79 Putnam Park

3 Single Family

* 70 Laddins Rock – for $653,500 (LP $725,000!)
* 21 Verona Dr. Riverside – for $2,267,500
* 16 Chestnut St Cos Cob – $1,075,000

There are several in contract – executed 6 and 9 others

12 Price Changes

13 New Listings – 6 are rentals – priced from $2,200 – $17,000

On the subject of rentals, in case you have not read the 10 million articles that speak to the popularity of renting at the moment,  owners are being romanced into the rental market…. If you’re long on a house that you’re not occupying, why not give the carrying costs to someone else? Owners are now asking renters to pay for just about everything that they can think of, to make it turn key for them. Free commerce – whatever the market will bear.