MarketWatch: Weekly Real Estate Update for Riverdale, Bronx – 10/30/2023 – 11/6/2023

Did You Know?

* World renowned artist Robert Motherwell’s estate in Greenwich Connecticut recently went into contract with the buyer represented by COMPASS Greenwich/Nantucket super-star Shelly Tretter Lynch. The estate comprises 4 acres and includes a carriage house, art studio and guest house. The landscape was designed by Frederick Law Olmsted, famous for co-designing Central Park. Connecticut has been home to some of the world’s greatest artists including Alexander Calder,  Louise Bourgeois, Arshile Gorky, Joseph Albers, Marcel Duchamp and Helen Frankenthaler.

* Dissatisfaction is more likely when money is tighter, a 2022 study in the Journal of Consumer Research found. People feel worse about purchases of both things and experiences and write more negative reviews, researchers found. This regret often stems from thinking about all the other ways the money could have been used instead. (WSJ)

* A recent UBS study of those attending the original Art Basel – in Basel-  found that a large percentage of the 2,828 collectors surveyed—77%—are optimistic about how art will perform in the next 6 months, and that 54% planned to buy art in the next year, the same as in 2022. Nearly 40% of the ultra wealthy allocated 30% or more to art, the survey found. Maybe the recent revelations of the Wildenstein family’s ability to hide billions in (taxable) wealth via art has something to do with this?  (PENTA)

* Environmental Groups are fighting up-zoning claiming that the Minneapolis 2040 initiative would result in “increased noise,” “increased light and glare from buildings,” “increased stormwater runoff,” as well as “increased vehicle traffic and congestion” and “increased parking constraints.” So if you cannot build more densely and you cannot drive to houses built far away, I wonder where groups think people should live? Hmmmmm….. somewhere in between lies a balanced approach maybe?

Courtesy of Stephen Lascher, Wells Fargo