For the week: April 16-20

Here’re the week’s results and frankly, they’re weak results! Where the &%#@ are the big sales?  Except for some major waterfront properties, it looks like there’s no longer a market above $5,000,000.  Amazing.

38 Meadow Wood Drive, in the Belle Haven section, is among this week's executed contracts. Started at $6.8M in 2008, finally came down to $4.7M and...DEAL.

15 sales

11 executed contracts

19 accepted offers

9 thoughts on “For the week: April 16-20

  1. So what happened to the week of April 9 – 14? Were there any accepted offer? We didn’t see you commenting on that week.

    • Anon:
      That was tax week, where I gather together all my income/expense information, hand it off to the accountants at Arthur T. Allen & Co., then write a HUGE check (about twice what the Jaguar cost), and send that to the blood-sucking looters in Washington, DC, realizing once again that every dime I earn from January till the end of April is simply thrown away.

      (But ok, I’ll post results for that week)

      • Oh yes, I totally forgot about the tax week. Never mind then.

        It is very interesting to see an optimist like yourself say “it looks like there’s no longer a market above $5,000,000”. I totally agree with this statement, Greenwich buyers are scaling down both in house/land size and price. This is the new future!

      • Anon:
        I am indeed an optimistic person, as anyone in the sales business should be BUT, I can’t deny what I see with my own eyes, week after week, which is an almost complete lack of sales above $5M. Wealthy consumers “scaling back” is not a sufficient explanation since high-priced homes don’t necessarily have huge square footage. What we are seeing perhaps is a continued loss of confidence in real estate as an investment.

  2. This is definitely bad news for builders. It also explains why builders are focusing on OG and RVSD.

    Like Kaali Nagi buying Pinecrest for $1.5 and selling for $5, buying Marks for $1.6 and subdividing and asking around $3.5 for each of his 2 specs there. Otherwise, they would be making a loss.

    Compare that with 291 Stanwich, 2 lots and can’t even get $2.5 for 4.4 acres that close to town!

  3. the guy in backcountry who plays guitar and flies planes. or planes flies. I can't remember. on said:

    uh oh. good thing we don’t intend to move anytime soon.

    who knew you had this blog? I feel slighted.

    • the guy in the backcountry:
      Dude! Sorry, I should have sent you a heads-up! But yes, the market remains “slow to dead” above the $5M mark. Meanwhile, things below that are selling quite well.
      Another soft spot at the moment is high-end condos, which had done particularly well during the really rough years of 2009 and 2010.
      But I think relief is coming soon.

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