Greenwich CT

2010 Asset Class Recap

Greenwich, CT wealth management firm Belray Asset Management has released their 2010 Asset Class Recap:

Global Public Equity (Stocks)

As they have historically done after previous recessions, small caps led other domestic equities for most of the year. The Russell 2000 almost doubled the gains of the S&P ; the Russell's eye-popping 16% in the last quarter alone almost equaled the entire 2010 gain for the tech-heavy Nasdaq. However, all four U.S. equity indices looked robust compared to the Global Dow. Though a fall rally rescued the global index from the negative returns that dogged it for much of the year, its 2010 gain was still less than half that of the Dow Industrials. Large US stocks have largely been ignored by investors and this appears to be one area of opportunity.The stock market rally doesn't mean individual investors got completely comfortable with risk, as they poured money into bond mutual funds for much of the year. Along with the Federal Reserve's determination to keep interest rates low, that helped send bond prices soaring despite massive new issuance by corporations, local governments, and the U.S. Treasury.

Debt (Bonds/Fixed Income)

However, anxiety about U.S. debt levels and the potential for future inflation paled beside European debt concerns, which nearly paralyzed global markets briefly during the second quarter. Investors worried that bailouts, which helped stave off defaults on Greek and Irish sovereign debt, might not be available in the future if larger economies such as Spain needed help. Treasuries benefitted during the summer from those concerns, but by the end of the year, bond yields were beginning to rise once again despite-or perhaps because of-the Fed's new round of quantitative easing. In November, money began to flow out of bond funds, especially from muni funds. The sharp decline in bond prices in this period gave us our first warning. Going forward this asset class is unlikely to produce the same returns that investors grew accustomed to over the past 30 years.

Real Assets (Commodities/TIPS/Real Estate)

Gold rose in tandem with anxiety about debt and currency stability. The spot price hit a new record high above $1,400 an ounce. Other commodities also did well; silver nearly doubled, and despite a dip during the summer, oil prices by the end of the year had reached $90 a barrel, a level last seen in the fall of 2008. Fears of inflation and the proliferation of ETFs have made these asset classes popular. Investors would be well served to carefully study their ability to hedge inflation risk before diving into them.

Absolute Return (Hedge Funds/Hedged Mutual Funds)

This assets class report late and will be addressed in a future email.Some content is contributed by Forefield Inc.

via: Belray Asset Management

This is the nature of stock investing.

Days like yesterday happen for a reason, however equity investors must be ready to accept short-term uncertainty in order to capture long-term performance. Like all investors I hate watching my assets decline, but I have learned to accept it is a part of the process.The fundamental reason why investors receive a return when investing is that they take on risk. There are many ways to reduce risk, but this also reduces returns. This is the nature of investing. For example fixed income assets offer a lower expected return than equity assets (stocks) over the long-term. However, this lower return comes with lower risk, which is manifested on days like today. (High grade bonds went up today.)Investors who flee the stock market for the safety of cash, after a day like today, may experience temporary relief from market volatility. But after leaving stocks, their anxiety may shift to concern over missing a stock market rebound while sitting in cash.An investor's job is not to predict bull and bear markets, but to be positioned to capture positive performance when it occurs. This is best achieved by holding a broadly diversified portfolio that reflects one's risk tolerance and investment time horizon.-Gregory Skidmore is the President and Chief Investment Officer of Belpointe Asset Management. Belpointe Asset Management is a wealth management firm located on 125 Greenwich Ave, Greenwich, CT 06830.

INTERESTING SALES in Greenwich Real Estate

29 Daffodil Lane - $1,395,000 (SOLD)

4 bed - 2 1/2 bath - 2,720 sqft - 2.04 acres - North Mianus School

Daffodil was listed on June 20th and had a fully executed contract on the 28th.  There is a ton of demand out there just waiting for the right opportunity and this was that opportunity.  The house could use some refreshing, but is in solid condition. What you are getting is the 2 full acres off Cognewaugh. Technically in North Mianus next to the Stamford boarder, this house has all lifestyle of living in back country Greenwich. The new owners will be footsteps from one of my favorite parks - Mianus.

409 Round Hill Road sold for $1,300,000

409 Round Hill Road - $1,300,000 (SOLD)

5 bed - 3 full 2 half bath - apx 3,200 sqft - 1.48 acres - Parkway School

If you want to come up with stories of how the Greenwich real estate market has dropped in the past couple years feel free to use this house/trade as an example. Priced originally at $2.495M in 2009 this Round Hill property wasn't exactly far off the market. In 2007 that would have been a fine number (my opinion) for one of the best addresses (street-wise) in the state.  Now add in a drop in prices and extremely critical buyers and this is what happens. The house sits on a non-conforming (NOT the end of the world) 1.48 acres in 4 acre zoning, meaning that you can only build up to approximately 4,000 sqft  on the lot. This house, while not officially stated in the listing, has been estimated at being around 3,200 sqft. Having this limitation on construction severely diminishes the property's value in today's market.  Over the past two years we have seen the asking price of 409 drop steadily until now the sellers gave it away for $1.3m.  My opinion is that this was a fantastic buy. I have a hard time believing that we'll ever see a true 5 bedroom on central Round Hill road, never-less a piece of property - (even if only 1.48 acres), trade for this low again.

28 Sound Beach Avenue sold for $855,000

28 Sound Beach Avenue - $855,000 (SOLD)

4 bed, 2 bath - 1,850 sqft - 0.18 acres - Dundee School

Buying southern (south of the post road/I-95) Old Greenwich real estate for under $1M is a hard thing to do, even in today's market.  There are some houses out there, but you have to be ready to jump if you find them or ready to bid and wait.  This is a good example of what's available for under $1m. Originally listed 9.14.10 for $995k 28 Sound Beach Avenue has always been in the sweet spot for pricing.  I can guarantee you that they had a ton of showings. While this house is in the Dundee Elementary School zoning it is in lower Old Greenwich. You can easily walk to town (OG) and Binney Park from here.  The main concern with this house was the busy traffic off Sound Beach Avenue, but for those of you moving out of the city that normally isn't the biggest of concerns. With 4 bedrooms, central air, walking distance from one of my favorite towns (Old Greenwich) in the country and a decent renovation I think this was a great buy.

17 Wynnwood Road sold for $6,500,000

17 Wynnwood Road - $6,500,000 (SOLD)

6 bed, 7 full 3 half bath, apx 12,800 sqft, 2.35 acres, Parkway School

The MLS says Wynnwood has been on the market for 582 days, but that's actually low. It was really originally listed about 830 days ago on 2/20/09 for $9.95m, taken off the market for a couple months and re-listed for $10.6m. There is a lot more to the story as serious work was done in that period completing the construction of the 2009 house. Anyhow, you're looking at the fall of a $10.6m after a couple agents.Off Clapboard Ridge Road / Lake Avenue the house offers a well position 2+ acres in central Greenwich. Though the current listing doesn't state a size, previous listings have stated that the house is 12,800 sqft.  Regardless, you have all the boxes filled (location, size, pool, quality of construction, etc..) and will have a hard time getting that for $6,500,000 elsewhere.

318 West Lyon Farm sold for $747,000

318 West Lyon Farm - $747,000 (SOLD)

2 bed, 2 1/2 bath, 1,704 sqft, Glenville School

Taking a month to sell, here's another quick trade. This unit in West Lyon Farm sits right on a pond. It has probably the best floor plan ("H") and while it doesn't have the most space, there is a ton of potential to make this into a great West Lyon home. We have seen 24 sales in Lyon Farm  in the past 24 months ranging from $610,000 (#407 with 1,900 sqft on 7.7.11) to $1.4M (#517 with 3,519 sqft on 7.27.10) showing a fairly consistent drop.  This development might be the best area for analytical review of Greenwich Real Estate right now as it has enough units to create a critical mass (sort of) with enough trades, yet it has been around for 30+ years and not much has changed. You are seeing a lot of empty-nesters move in here that don't want the pain of taking care of full estates, while not wanting to leave their ties to Greenwich. Feel free to contact me if you want more date on East and West Lyon Farm as I have everything.

190 Clapboard Ridge Road sold for $2,850,000

190 Clapboard Ridge Road - $2,850,000 (SOLD)

4 bed, 4 1/2 bath, 4,678 sqft, 2.68 acres - Parkway School

This one took a bit too. First listed in October 2009 as house, the "land" listing came on March 2010. As usual the MLS doesn't tell the full story as it says its only been listed for 428 days, but that's just for the "land" listing. This has really the market for about 2 years.  I'm not sure what the new owners are going to do with this house, but they have a fantastic piece of property. The house itself is actually pretty nice, though could use some re-configuring, especially if the buyers have kids. It's really a 3 bedroom with guest suite. I'm not sure where the "4,678 sqft" comes from as the house feels much smaller. Regardless, you get a fantastic piece of property for under $3m and if you can use the house all the better. Overlooking a great pond (I used to skate on it as a kid), the house provides all the feel of living well north of the Merritt, while being seconds from town.

49 Dingletown Road sold for $1,614,425

49 Dingletown Road - $1,614,425 (SOLD)

4 bed, 4 bath, 3,532 sqft, 2 acres, North Street School

If anyone out there is looking for a contemporary home PLEASE give me a ring (scott@elwell.com, 203.940.0444). There are so many opportunities in Greenwich right now and not a ton of competition from the buyer's side. 49 Dingletown has been on my radar for awhile now as both a contemporary house or land trade. This 2 acre lot sits in central Greenwich with North Street schools and actually has a great floor-plan for adding a floor (or two) and building up a house that could be completed in nearly any design (colonial, contemporary, French Victorian, you name it. 

 Scott P. Elwell - MBAFounder/Real Estate Agent - GreenwichCT.comAl Filippone Associates @ William Raveis45 Field Point Road, Greenwich, CT 06830Mobile: 203.940.0444scott@elwell.com 

 

How a Greenwich CT firm became 100% Mac.

How Steve Job changed a Greenwich CT firm.When Belpointe Asset Management launched I went out and bought 6 PCs. I'd always used Macs but unfortunately in 2007 the financial world was 100% PC.

At the time my staff had only used PCs and so I assumed the need to support them on PCs would be minimal. Boy was I wrong.

Normal usage resulted in six months of fighting corrupted files, viruses, unreliable network connections and the worst computing environment imaginable. Having come from Macs and never experiencing this before I was slowly going insane.

Keeping six PCs up and running on Windows XP was a full time job. I did not have this time. There was no way I could manage money and raise assets if I had to act as a full time CTO.

It was 2 am and I was surrounded by four down PCs when I snapped. Within fifteen minutes I spent just over $6,000 ordering a bunch of Macs. The next morning I got reamed by my business partner, but it was worth it.

The arrival of the Macs immediately saved me twenty hours a week in IT support. The Macs just worked and this meant I could get back to growing my company.

Thanks Steve. - Greg

Greenwich CT Real Estate Sales January 2012

Here is a list of all of the residential real estate trades that took place in Greenwich CT in January 2012. This includes homes that sold in Cos Cob, Riverside, Old Greenwich, North Mianus, Glenville, Belle Haven and Byram.

Jan. 3:

  • 39 Lancer Road : Richard L. and Lauren E. Lieberman to Ilya and Inga Skuratorsky; $840,000.

Jan. 5:

  • 275 N. Maple Avenue : Celine M. Stahl to Catherine C. and Stuart B. Nutting; $1,800,000.
  • 1465 E. Putnam Avenue , Unit 421: Josephine DiPalma to Robert A. Stevens; $305,000.
  • 33 Harold Street: Dominick M. and Marie Chiappetta to Yongi Hin and Wenqi Mou; $515,000.

Jan. 6:

  • 46 Locust Street: Greenwich Hospital to James F. Sun and Linda X. Lin; $681,5000.

Jan. 9:

  • 17 LeGrande Avenue , Unit 12: Maureen Shrahley to Helen Dillon; $650,000.
  • 25 W. Elm Street, Unit 43: Kathleen Conlon to Jocelyne Doll-Soulaine, trustee; $418,000.
  • 134 Cat Rock Road : Robert W. and Ann T. Rosenstock, trustees to Gordon J. and Susan J. Coburn; $3,237,000.

Jan. 10:

  • 57 Pemberwick Road : William Goodman IV to Pemberwick LLC; $530,000.
  • 0 Dearfield Lane: Curtis C. Wood to Dearfield LLC; $566,666.
  • 0 Dearfield Lane: Curtis C. Wood, trustee, to Dearfield LLC; $283,333.
  • 5 Hillside Drive: James T. and Susan G. Larkin to Karen and Charles M. Shaffer III; $2,950,000.
  • 201 Shore Road : Stuart B. and Catherine C. Nutting to Jeremy and Jessica Murphy; $3,800,000.

Jan. 11:

  • 54 Highmeadow Road : Norman F. and Robin G. LeBlanc to James T. Larkin; $2,150,000.
  • 1109 Lake Avenue : Deep Creek Lake LLC to High Lake Property LLC; $9,250,000.
  • 3 Elizabeth Lane: Grayson O. Brown to Newwork Development Co. LLC; $590,000.
  • 90 Maple Avenue : Lorraine Sykes to William Goodman IV; $1,130,000.

Jan.12:

  • 1353 King Street: R.K.D. Venture LLC to Congregation of Jevoha's Witnesses Inc., $1,000,00.
  • 1357 King Street: R.K.D. Venture LLC to Congregation of Jevoha's Witnesses Inc., $500,000.

Jan. 13:

  • Peter J. a132 Hamilton Avenue : The Castiglione Funeral Home Realty Trust to Greenwich Funeral Home Inc. LLC; $2,095,000.
  • 63 North Street: Peter T. and Andrea M. Brennan to Gloria Chambers; $2,775,000
  • 86 Round Hill Road : George S. Tsandikos and Kevin M. Ryan to William H. Pool; $1,800,000.
  • 8 Echo Lane: Estate of Maria A. Newton and John C. Newton, to Fredrick and Pamela Stoleru; $985,000.

Jan. 17:

  • 57 Grey Rock Drive: Helen A. and Joseph Augustyn to Abha Partners, FLP; $405,000.
  • 30 Riversville Road : Estate of Margaret Hoffkins to JC Merz; $345,000.

Jan. 18:

  • 25 Lismore Lane: Morris A. and Elaine F. Sandler to the estate of Rita K. Hillman; $2,900,000.
  • 28 Verona Drive: Londonderry Homes 28 LLC to William and Sarah Aaronson; $3,980,000.
  • 243B Hamilton Avenue : Paula and Brian Tobin to Peter Vitale; $695,000

Jan. 19:

  • 33 Scott Road : Sandro and Claudia Malagisi to Erjon and Mirsada Pacaj; $875,000.
  • 16 Walker Ct.: Patricia Ann Kristoff, trustee, to Jennifer and Anthony Socci Jr.; $515,000.

Jan. 20:

  • 2 Indian Knoll Place: Dev D. and Patricia Ann Panigrahi to Michael Bodson; $2,900,000.
  • 32 Cliff Avenue , Home site # 1: RMS Greenwich LLC to Jonas D. Slavien; $613,000.
  • 1031 North Street: Elia G. Gospodinoff to Sandro and Claudia Malagisi; $1,150,000.

Jan. 23:

  • 32 Cliff Avenue , Home site #3: RMS Greenwich LLC to Ashish Sharma; $675,000.
  • 50 Putnam Pk.: Dorothy White to Xiehnan Lu and Yuzhi Wang; $362,000.

Jan. 24:

  • 14 Meadow Road : Catherine B. Lepoutre to Peter B. and Barena B. Bailey; $1,200,000.
  • 59 LeGrande Avenue , Unit 14: Jean McCormick to Jeffrey D. Harris; $1,100,000.
  • 15 Street Claire Avenue : Gary K. and Michele G. Clarke to MCM Properties LLC; $1,657,500.
  • 460 North Street: Kenneth J. and Vanessa L. Savio to Drew Aaron and Hana Soukupova; $7,987,250.

Jan. 25:

  • 156 Taconic Road : Patricia S. Allain to Kenneth J. and Vanessa Savio; $1,600,000.
  • 15 So. Water Street: Western Greenwich Holdings LLC to Blue Mountain Partners LLC; $400,000.
  • 63-65 Pemberwick Road : Western Greenwich Holdings LLC to Blue Mountain Partners LLC; $472,500.
  • Jan. 26:
  • 318 and 320 Valley Road : Greyrock of Greenwich II LLC to RMS Valley LLC; $450,000.
  • 37 Ridgeview Avenue : Emily S. Lopatin to Rob and Meera Drelich; $1,087,500.
  • Jan. 27:
  • 213 Riverside Avenue : Kent D. and Nancy B. Holden to Matthew Emrigh and Felicia Schecter-Emrigh; $2,250,000.
  • 2 River Lane: Adriana Pena to Eduardo Pena; $335,000.

Jan. 30:

  • 18 Edson Lane: Damien A. and Ilona D. Kaali-Nagy to Scott F. Alderson; $5,850,000.

Jan. 31:

  • 425 N. Maple Avenue : Irene Soubry Revocable Trust to Benjamin P. and Lana E. Welsh; $1,750,000.
  • 11 Skyridge Road : Michael L. and Marian S. Yagemann, trustees, to Andrea M. Fraleigh, trustee; $13,000,000.
  • 59 Hillside Drive: Lydia Barberini to Brookside Properties LLC; $671,300.
  • 18 Rippowam Road , Unit 2B: Gina M. Pastore to Sasha Illingworth-Maloney and Ryan J. Maloney; $575,000.
  • 3 and 7 Juniper Hill Road : First Horizons Home Loans to Louis Zazzarino; $6,200.
  • 32 Lake Avenue : 32 Lake Avenue LLC to Jeremy E. Kaye, trustee; $860,000.

NEW LISTING - 42 Bote Road, Greenwich CT Real Estate

I am thrilled to announce my new listing at 42 Bote Road in Greenwich CT. I'll be hosting a public open house this Sunday from 2pm to 4pm if you want to take a look.

$3.95m - North Street/Central Schools, 8,224 soft, 6 bed, 6 full bath, 3 half bath.

This beautiful, generously scaled new colonial, built to the highest standards in a coveted neighborhood off Stanwich Road, offer luxurious comforts and state-of-the-art amenities for 21st century living. A grand double height entry hall with striking herringbone pattern oak flooring introduces the sun filled interior.The main floor layout with a splendid flow includes a gracious living roomwithmarble fireplace and bay window, handsome corner library with tall casement windows, elegant formal dining room with built-in china cabinetry, sensational gourmet kitchen/family room area with a fireplace and formal/informal powder rooms. French doors in the dining and family rooms lead to a wonderful covered terrace for seasonal al fresco dining and entertaining, while the kitchen opens to a delightful mahogany deck. There are six bedrooms served by six baths including a stunning master suite with walk-in custom closet and his/her marble baths, and a staff suite on the expansive lower level comprising two playrooms, one with a fireplace, a home theatre, gym and a powder room. Fronted by stone walls, the lovely, nearly one-half acre setting is just minutes from schools and town. Attached two-car garage and generator. $3,950,000 Exclusive Agent: Scott Elwell

Ok, Greenwich Real Estate activity IS up, but will it last?

To add onto my last post, we have had some activity in the Greenwich CT Real Estate market in the past week.  Over the past 10 days, 31 houses have either gone into contract or have an "accepted offer" on them.  This is a significant level of movement in the market, though I am not ready to call all of my clients and tell them that they need to come on out before everything is gone.

The reason that I am skeptical about this uptick in activity is that it is just that, a quick uptick in activity. We are now in February and the weather has been nice, so those that are thinking of a spring market purchase might just be poking their heads out early. This is normal and happens in Greenwich real estate nearly every year.  If we close out February with some solid numbers I may start to get a little bit more excited.

The second reason I'm cautiously optimistic about the uptick in activity in the Greenwich real estate market is because a lot of this activity is under "accepted offers," which is still a long way away from a contract and then a closing.  An accepted offer just means that the seller agrees with the buyer on the price the house should close at. The next step involves the buyer doing inspections, getting financing, working with their attorney on contracts and more. There are a million things that could go wrong and often do.

In the longterm, I see the market coming up, but I have no clue how long that will take. We are in an election year and pending any major news I feel we will be bouncing around this floor for awhile. That being said, it will be spring soon and family real estate in Greenwich, Cos Cob, North Mianus, Old Greenwich and Riverside will sell because families move and want to be in before the next school year.