Swimmers Bitten In “Parana River”

You wade into Argentina’s Paraná River and, surprise, you’re bitten by piranhas!
Some advice: If the sign says “Shaurk Bay”, or “Snaeke Alley”, don’t go there, either!
From the New York Post:
http://nypost.com/2013/12/26/massive-piranha-attack-leaves-70-injured/

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Realtors Behaving Badly

Realtor Robert Lindsay (thanks, dude!)

Realtor Robert Lindsay (thanks, dude!)

Realtor Robert Lindsay, of Passaic County, New Jersey, is being sued by a client for supposedly “deliberately over-pricing the home in order to keep it available for trysts” with fellow broker, Jeannemarie Phelan.

Realtor Jeannemarie Phelan, object of desire.

Realtor Jeannemarie Phelan, object of desire.

Utter bull*&#@, of course, the real reason this bone-head is being sued is because the house isn’t selling and the owners, now armed with video evidence of him boinking ol’ Jeannemarie in their living room, can extract $50,000 or so from Coldwell Banker.

The lesson for Mr. Lindsay, Bill Clinton, and others: Always assume the presence of surveillance cameras.

(Here’s a nice little story about “Bob” Lindsay, in happier times)

40 Field Point Circle Sells For $24,000,000.

40 Field Point Circle, tear-down on 3.52 acres of waterfront on Greenwich's most expensive street.

40 Field Point Circle, tear-down on 3.52 acres of waterfront on Greenwich’s most expensive street.

40 Field Point Circle, a likely tear-down on 3.52 waterfront acres, overlooking the Belle Haven Club, has reportedly been bought by a neighbor for $24,000,000. This is one (over-size) lot in the 2-acre zone. Tragically, no brokers were paid for this sale, although several were brought in to advise on an asking price.

While it is safe to say that, in general, Greenwich’s high-end property sales continue to lag, clearly the ultra-high-end is looking very good right now.

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Former Griswold Estate Sells Again, This Time For $25 Million!

531 Indian Field Road (aka "Nipowin Lane") has sold again, this time for $25M.

531 Indian Field Road (aka “Nipowin Lane”) has sold again, this time for $25M.

Yep, it’s happened again, only this time, tragedy struck, no brokers involved! *

531 Indian Field Road is a fabulous Mead Point waterfront parcel.

Speculation is that the buyer is the owner of a well-known investment fund based in
Westport, CT. Could be true, who knows?

You’ll see on that old listing that the place fetched $18M in 2007, with “7.5 acres”.  In actual fact, while the entire Griswold parcel was 10.4 acres, an adjoining neighbor had made an earlier deal to acquire around 4.1 acres, so the Griswold house was sold with the remaining 6.3 acres, and that is the size of the parcel that just traded.

Interestingly, that “adjoining neighbor” recently spent $7.250M to protect his other side, buying up this place, which happens to adjoin this magnificent parcel.

One last interesting fact: The Griswold property looks over the former home of US Commerce Secretary Robert Mosbacher, property known as Nipowin Island.  Could it be that the current owners of Nipowin Island are, in fact, the buyers of the Griswold parcel? And will they build up there, or were they just looking for (unbelievably expensive) privacy?

* “No brokers involved”, meaning no broker paid! As usual, there was a broker involved, and though she provided expert advice on this deal, she was not compensated.

Sell One For $25,000,000?

555 Lake Avenue sells for $25M on December 16th. Only 15 days left of 2013, so it looks like the record for the year.

555 Lake Avenue closed Monday for $25M. Only 15 days left of 2013, so it looks like the record for the year.

555 Lake Avenue closed Monday for $25,000,000, making it the highest MLS sale of the year!

Like me, the first question you ask with big sales like this is, what’s the broker’s cut? Unlike me, you will think it’s “a million or two”, when in fact, it was probably more like $468,750.

Chump change? Hardly, but clearly not the millions that people outside my industry imagine. Here’s how it probably went:

Sale price: $25,000,000.

Commission: 5% (2.5% to selling broker)

Commission paid to selling broker: $625,000.

After broker’s office takes their cut, broker’s left with: $468,750.

This assumes the selling broker keeps 75%, his office taking 25%, but who knows, maybe he’s got an 80/20 split? If so, he pockets an even $500,000, very nice.

Ah, but let’s not forget about the broker’s other “partners”, Uncles Malloy and Obama. Those two sharks will skim off almost half of that money, thanks to Obama’s new 39.6% income tax rate, plus the new Medicare tax of 3.8%, plus Malloy’s theft of approximately 6.2%, all adding up to approximately $248,049.60.

Sound like a lot? Wait till the federal rate gets to 70%. (And then 90%, under President de Blasio!)