Saturday, June 28, 2003

The Commander’s Mailbox
A Father’s day tribute
Christopher Fountain

Friday night’s teenage party down the street was typical enough: exploding cherry bombs, ear-shredding rap music, and the merry tinkling of beer bottles shattering on the pavement where, the next morning, I’d be walking Casey the Wonderdog, our aging and shoeless Labrador. Just after midnight a group of future investment bankers piled into Mom’s Mercedes and screeched down our lane for a little impromptu mailbox smashing—they destroyed all five and then disappeared into the night, job done.
Saturday I dragged a pressure-treated four by four from under the deck and began its conversion into a replacement post. On the warmest day yet of this intemperate winter the sun baked my skin, the breeze whispered across my back and I decided to forgot the morons in their ninety-thousand dollar car and to reflect instead on my father, dead these past fifteen years, and his brilliant response to bored teens armed with baseball bats. My father, and our next door neighbor, “Joe R.”, took opposite tacks to a solution. Each got to his own destination, but my father arrived with no fuss, sweat or bother.
Joe and my family lived opposite each other on Gilliam Lane, in Riverside. That quiet little street attracted vandals like a dead fish draws hornets, and mailbox bashing was a vexing constant for every resident. Joe’s box was hit as often as ours, and Joe determined to defy these succeeding generations of mentally challenged youth. He purchased a stainless steel box, bolted it onto a four by four and buried the post in concrete. It took awhile—the noise woke us up across the street—but the kids got it down. Joe bought a heavier mailbox, and secured it to a larger post. He lost again.
As the years went by, Joe’s anti-vandal campaign grew more sophisticated. He embedded sacrificial posts to guard the main target (this after some teens gunned their motor and drove their car over and through one of Joe’s creations), he carted boulders from his back yard and dumped them around the sacred site, and finally, he built a protective concrete grotto (with reinforcing bar!) in which to nestle his heavy gauge steel plated receptacle. Presented with such a challenge, the kids responded, successfully, every time, even returning over several weeks to get the job done right.
My father had a more elegant solution. He, too, bought a post—as I recall, it was a six by six, much sturdier than neighbor Joe’s puny first attempt—and had one of us boys bury its end very close to the center of the earth. He nailed a plywood platform to the top of the post and then took our mailbox and rested it on the plywood, and went about his business. Over the years, the kids would careen onto Gilliam Lane, hop out of their cars, and attack. They’d topple our mailbox off its platform and onto the ground and, satisfied, turn their attention to Joe’s latest creation across the street. In the morning, my father would stroll down the driveway, lift our box back to its perch and wish a cheerful good morning to Joe, already busy at his own repair, struggling with wheelbarrow and cement mixer, preparing the next bomb—proof version of his quest.
So, was Joe a fool, a mere spitter in the wind? Not if his true goal was to war with children. But after thirty years of military service, my father had tired of battles, I think, and chose an approach that produced no “victories”, but kept his life free from disruption by vandals, and that provided its own satisfaction.
My father died in 1988, after old age and blindness robbed him of his serenity and eroded his will to struggle against anything, even life. I still miss him, every day. The kids in that Mercedes didn’t intend to, but they gave me a gift wrapped inside their malicious little act; a gift of a sunny, warm morning outside, and the chance to reflect on just one of the lessons I learned from “the Commander”. My own mail box is now set lightly on its post, ready to be toppled over and brought easily back to life.

Friday, June 27, 2003

The Elephant Graveyard Stirs
After a long winter of nervous apprehension, the top end of the market is coming alive. Until now, almost nothing in the $10,000,000 + range was selling. But Sharon Kinney’s listing at 524 North Street ($10.9) went to contract about a month ago and this past week three more big ones trundle d off to be sold: Shelly Treeter’s listing at 44 Close Road ($9.995); and David Ogilvy’s two listings, 89 Byram Shore Road ($12.750) and 124 Glenwood ($18,000,000). The prices cited are, as usual, the last asking prices and not necessarily what the houses actually sell for, but it’s always a good sign when the top of the market begins stirring. With the S&P up 24% since March, SARS ebbing and Saddam Hussein on the run, permanently or otherwise, it appears that some of the doubt and indecision plaguing the economy may be lifting. Speaking of Mr. Hussein, the New York Times notes that, despite 150,000 troops looking for the man, he has not been found. Isn’t this proof that we were lied to and that he never existed? Just a thought.
Casting Call
21 Lia Fail Way in Cos Cob has just come on the market (as I understand it, the original Lia Fail was a great standing stone which would roar when a rightful Irish king stood upon it. Lia, of course, is Celtic for wheelbarrow and fail means—well, when was the last time you heard of an Irish king? In any event, this Lia Fail is still standing). Six acres of hemlocks, oaks and meadows and a hand built home crafted with chestnut flooring and finished with beams and trim saved from the original Havemeyer mansion. The real surprise is hidden within an ancient hemlock grove: back from the house, built into a hill, sits a 700-seat marble amphitheater which was designed by the late Horton O’Neil and built with the assistance of Depression Era masons who, having completed the Lincoln Memorial and the United States Supreme Court, came north to Greenwich to ply their trade. The amphitheater served as a playground for the O’Neil children (one of whom, upon arriving at a new playmate’s house, asked logically enough, “where’s your theatre?”) and hosted any number of theatrical productions through the years. A very young Jane Fonda once shivered her way through a cold night’s performance of a Mid Summer Night’s Dream when she attended Greenwich Academy in a more innocent time, before Barbarella, Hanoi and the Atlanta Braves tomahawk chop. This is one of the last large blocks of land in Eastern Greenwich and offers the perfect opportunity to build the ultimate, magical family compound.
T(h)ree Houses
The marketplace has suddenly developed a liking for homes priced in the middle threes. Seven Desiree ($3.655, Lauro Jardim’s lisiting), 56 Frontier ($3.595, Pam Chiapetta) and 13 Ivanhoe Lane ($3.650, Sandy Shaw) all went to contract last week with Desiree and Ivanhoe going within a day or two after being listed.

Planning & Zoning vs. Byram
Once again, our P&Z has rejected the proposal to rebuild the Byram waterfront, despite the seemingly unanimous support for the project by local residents. I once spent a fair amount of time representing clients before the P&Z and found them to be proof that there are some people who will gladly trade a salary for the power to say “no.” This is not a political column and I try to stay away from election issues but Alan Small, running for First Selectman as an independent, has proposed new, interesting ideas for improving our government. The idea I like best is to televise the proceedings of the P&Z; if more citizens could see these puffed-up bullies in action, I think the roar for reform would be heard border-to-border.

Signing Off
The new owner of WGCH has fired all the local talent and is switching to an automated feed of business news from Chicago. The logic of a business plan that expects Greenwich residents to supplement the Wall Street Journal and Barron’s with canned business advice and current pork belly prices escapes me, but it’s a free country and everyone is free to fail. I do hope, however, that this savaging of our local radio outlet will stamp finished to the proposal to erect a WGCH tower on the North Street School grounds. Why would we possibly want to reward this gentleman by helping him extend the reach of his broadcasts?

Friday, June 20, 2003

Chicken Little Cometh

The Sky is Falling!
I heard a “financial expert” on the radio the other night advising listeners to sell their homes immediately and buy them back for “ten cents on the dollar” in the coming depression. I Googled the fellow, one Nick Guarino, and learned that he is best known for claiming that Bill Clinton was responsible for killing 51 people, including Vince Foster and, presumably, Judge Crater. Nonetheless, he has an audience, and I, think, a fair number of non-listeners who share his dismal view of the market. Anything is possible (although I have my doubts about the Vince Foster thing) but before you sell your Greenwich home I suggest that you read the New York Times’ Sunday real estate section and look at the prices of other properties in the Metropolitan area area.
For instance, the Times just profiled Jamaica Hills, a less than 1/2 square mile enclave in Queens. The average house there sits on a 30-foot-by-100-foot lot, has three bedrooms and not much else and sells for $450,000. It’s a forty-minute subway ride to Manhattan, the elementary school accommodates 800 students from 100 different countries speaking 40 different languages. Ten percent of high school graduates continue on to four-year colleges. The town has two parks of 9 and 4 acres, respectively.

Before Greenwich prices collapse the entire eastern seaboard market will precede it. I can show you houses in Byram, our least expensive neighborhood, that cost no more than those in Jamaica Hills, sit on larger lots, provide access to far better schools, beautiful parks and libraries, and have a much smaller tax burden. Most people, I suggest, would prefer to live here, rather than there, and as long as that holds true, as long as NYC keeps drawing young people from around the country who meet, marry, have children and then look around for a better place to raise a family, Greenwich will look like a good value.

Mianus Sewers
A reader has inquired whether the installation of sewers in her neighborhood has increased the value of her home and, if so, by how much. I seem to recall that Bud Dealy once researched this question and concluded that a ten percent increase was the norm. I trust Bud (and I’m too lazy to do my own research) so I’m inclined to agree with that figure. Of course for certain lots the ability to hook up to the sewer may mean the difference between having a buildable site and having very nice parkland, or a five instead of three bedroom home. In that case, a sewer hookup becomes very valuable indeed.
As an aside, there exists such a thing as an “engineered septic system” which, as I understand it, uses more active treatment techniques than the standard, passive, tank-and-leach field approach and thus consumes less than half the land required for the latter. Massachusetts and California approve their use; our own health Department says it has never approved one because no one has asked. That doesn’t mean you couldn’t use the technology, assuming you satisfied the right people that your proposed system worked. I suspect that there are a number of potential building lots in town which are presently unbuildable due to septic field constraints that, if served by an engineered system, could be built upon. That would dismay the neighbors, no doubt, but might be welcome news to the owners themselves.
Consigned to the Dustbin of History
Riverside’s first modular home, on Indian Head Road, has succumbed to the wrecker’s ball. The new owner of the home next door (77 Indian Head) bought this lot, too and has set about restoring some of the original grounds. I hated the house when it was delivered on site; I won’t miss it now.
Beating a Dead Horse Department
These are homes that all came to market recently and sold immediately: 11 Turner Drive, $1.425; 100 Sawmill Lane, $1.675; 24 Frost Lane, $4.1; 128 Weaver Street, $1.695; 107 Parsonage Road, $1.625. Which demonstrates, yet again, that there is a strong demand out there for houses that are fairly priced. Most Greenwich residents are not unfamiliar with the business world and would never consider pricing a product based on what some goofball in sales “wanted” or “needed.” The same market discipline that dictates the price of everything else for sale in our economy also applies to houses. So if someone has let his emotions dictate your home’s price, do what you’d do in business: fire yourself.

Friday, June 13, 2003

Cherry Valley Road
Francine Coby has somehow wrangled a listing from the owner of 88 Cherry Valley Road (off of Round Hill) and it’s a winner. Four acres of beautiful lawns that roll down to a pond where fish—sturgeon?—were jumping recently, and a separate guest house that is the epitome of the ideal country cottage—separate from the main house, with its own, private back yard. As for that main house, it’s beautiful. Although it was built in 1938 it feels much older, in the nicest sense of that word. A buyer might want to knock down a few interior walls to make some of the rooms larger but, since those walls weren’t plastered by this town’s famous runaway, Israel Putnam or any of his contemporaries, a remodeler could whack away without feeling like some sort of historical vandal. All the main rooms have just incredible views over the property and pond. This house is a treasure and is very well priced at $3,795,000. As an aside to you do-it-yourselfers, Francine, who has sold more houses than you (or I, in my lifetime) has placed her home on the multi-list. Tell you anything?
Starter Homes
275 Bruce Park Avenue, a very nice-looking home on the dead-end portion of the Avenue, has been reduced to $599,000. I think it is now the best value in this price range; you can walk to parks, the train and Greenwich Avenue, it has good street presence and a nice back yard. What’s not to like?
Further up town, 47 Round Hill Road has been reduced to $9,750,000. Although there is no pool and only 10,642 square feet of finished rooms, this well-built home does sport seven bedrooms eleven baths, seven fireplaces “four car garaging” and one elevator; that’s a good start. The young Wall Street striver can buy it now and while he’s in Club Fed Buffy and her interior decorator can keep busy decorating the additional 7,500 square feet of unfinished space. What a nice homecoming that will provide!
The Broker
Why do so many otherwise intelligent people over price their houses? I’ve never been present at the meeting where an over-market pricing is decided upon, but I imagine it goes something like this:
Our broker tours the home and then settles down on the client’s living room sofa, ankles delicately crossed. Is tea served? I think so. The broker sips from the bone china, leans back a little against the pillows and sighs. “How,” she asks, “does one price a Rembrandt?” Our owner is a trifle Rubenesque herself, so this reference to a classical master sends her spirits soaring. Here, finally, is someone with the refinement to appreciate what those other uncouth brokers did not. This one, alone in town, sees the hidden value in her Byram split level; this one can defy the market and dig up the one buyer out there who will pay a premium for a masterpiece like hers. It’s all so exciting! And so enriching! Our owner can feel all that extra money in her pocketbook already. “Where do I sign?”
At least, I assume something like that happens. And what happens next? Nothing. No magic buyer will materialize. The market place does not pay you what you want to receive, only what your house is worth. And no, Virginia, there really isn’t a special, super-sensitive, super broker with X-Ray vision who detects the value that’s been eluding the rest of us. What there are, in fact, are a number of very intelligent brokers with a keen insight into human greed and stupidity (well, perhaps “human nature” says the same thing more nicely) who tell homeowners what they demand to hear. I don’t blame the brokers; they’re in the business of securing listings and they’re only doing what is necessary to secure those listings. And I don’t blame Greenwich home owners; anyone who has ever read Charles MacKay’s classic, “Extraordinary Popular Delusions and the Madness of Crowds” knows that people’s economic irrationality is at least as old as the tulip bulb frenzy of the Seventeenth Century. My only observation is that, if you really want to sell your house, you’re going to have to give up your belief in the Easter Bunny. Sorry.

Friday, June 06, 2003

FAR Follies

Ding, Dong the Witch is . . . Dying
So here’s what’s happening with the town’s enforcement of floor area ratios: if, having researched your property’s history, you discover that it was once part of an approved subdivision (and who, besides the original Siwanoy Indians, doesn’t live on land that’s been subdivided?) you can climb the stairs from the land records vault to the Planning and Zoning office and ask to see the relevant zoning regulations in effect for the year of that subdivision; 1955, say. Then you file for permission to build anything you want that complies with those ancient regulations—P&Z will not try to impose its FAR limits on your plans. According to our P&Z, however, not all land in town is so blessed, and so they are attempting to enforce a patchwork quilt of FAR coverage; some houses yes, some houses no. This not only makes no sense it is, in my top-of-the-head, former land use lawyer opinion, illegal. As a taxpayer and someone who truly loves his town I hate to suggest adding to the financial burdens of my fellow residents but if I were a homeowner who wished to add on to his house and were stopped by the P&Z’s FAR limits, I’d sue. I think I’d win, too.
Milbank Doings
Now that (some) of the fuss over disappearing old houses has subsided, readers might want to check out the two new townhouses being constructed by Pacific Development Corp at 212 Milbank; they’re really quite nice. Built of brick, with slate roofs and top quality windows, each will be a two bedroom home with big kitchens, living rooms and a lower (that’s basement, to you) level with another fireplace. Each unit has a brick patio, an outdoor fireplace and a fountain-no household is complete without a fountain. As I’ve noted before, there is a trend afoot for a return to downtown, and this new construction reflects it. I like old homes probably more than most people, but rejuvenation of neighborhoods is a nice thing, too. These good looking townhouses are part of that process.
Ah Ha!
As predicted here, Wilson Alling’s $4.1 million listing at 24 Frost Road has gone to contract. That doesn’t mean that I’m particularly clever, but it says volumes about smart pricing. Owners of similarly priced, but unsold homes might want to wonder if just possibly ….
Old Greenwich Landmark
Bobby Hopkins has a new listing at 401 Sound Beach Avenue and it’s a real beauty. Wide planked floors, gracious rooms, three stories. The house was built in 1864 and was last renovated (with a Youngstown model kitchen, for people with very long memories) in the 1950’s. So there’s work to be done here, but careful updating will produce a great, great home. Its price of $2,695,000 reflects, as is proper, the existence of an approved building lot in the rear but anyone who carves up this 1/2 acre parcel should be seized by the largest members of the Historical Society and dragged by his heels through Old Greenwich. In my opinion.
Go Ahead, Spend a Little
I get to see a lot of new homes in this business and many of them seem to have been put up by builders who buy stock plans from the shelf. This may be a false economy, as the results are rarely as pleasing as those created by a thoughtful architect and, usually, the house lingers on the market far longer than one of better design. For instance, my brother Gideon’s clients just signed contracts for Shelly Treeter’s listing at Old Round Hill Lane, somewhere in the mid sixes (that’s millions, for us po’folk). The house was designed by Alex Kaali-Nagy and is a marvel: 10,800 square feet, yet so well proportioned that every room seems just right, neither too big nor too small. Many homes this size have master bedrooms the size of airplane hangars which is great for private jet enthusiasts but not particularly cozy for people who want to stay in bed on a cold winter’s morning. I can’t say with precision what extra value Mr. Kaali-Nagy’s careful work brought to the house, but it’s there.
Gone to Contract, Every One
Recent activity includes 77 Mallard Drive , $879 (last asking price); 18 Miltiades, $1.135; Karin Albrecht’s listing at 48 Lockwood Ave, a beautifully converted carriage house, $1.950; and 543 North Street (Sally Maloney), $3,650,000. So how’s the market? Those of us who’ve had a recent sale or two think it’s fine. Others are more discouraged but, as always, houses will sell, at the right price.