Talk about a financial haircut. The Black Rock waterfront home that 2018 gubernatorial candidate David Walker purchased in 2009 for $1,550,000 has sold for about one third less. The latest listing price was $1,049,000, but the final sale price could be less based on the accepted offer at the upcoming closing.
Walker confirmed on Thursday the sale of his 4,494 square-foot gem that offers sweet vistas of the harbor. He said he and his wife plan to move back to Alexandria, Virginia full time in mid June. He will become a part-time professor at the U.S. Naval Academy in August. He added that he’ll have more to say about his Connecticut departure in the coming weeks after the official house closing. He had been spending most of his time in Virginia after the 2018 election.
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Walker, the former U.S. comptroller general, became a visible presence in Connecticut upon his arrival 10 years ago as a fierce critic of state and local taxing policies. Last year the tax bill on his house was $38,407. It will reduce to $38,138 for the budget year starting July 1 based on the recently approved city spending plan that calls for a small cut in the tax rate. Update: Walker reports “I recently won a second appeal of my property taxes. It resulted in a est. $6,000+ decline in our annual property taxes before the projected modest mil rate decrease.”
The house has a long line of distinguished residents. Walker purchased the home in 2009 for $1,550,000 from former Republican Congressman Chris Shays who sold it after he was defeated by Democrat Jim Himes in 2008. Shays purchased it from David Carson, retired chief executive officer of People’s Bank, who bought it from Betty Pfriem, former publisher of the predecessor papers to the Connecticut Post.
Walker had listed the house for several years at prices much higher than the latest sale price. In 2014, after losing a Republican primary for lieutenant governor, Walker listed it for $1,675,000.
The Beacon Street house was returned for sale after Walker fell short of the 15 percent delegate support necessary at the GOP convention to wage an August 2018 Republican primary for governor. At the time Walker texted OIB that he had planned to downsize no matter the result of the campaign.
I wish David Walker the best in his next step at the U.S. Naval Academy, l think students could really benefit from his life work and experience. I for one never thought that elected politics was right choice for him because he has much more to offer and the Republican Party in Connecticut didn’t really get behind him to tap into his experience.
Ron, Thanks for your comments. You are correct. My dad said that I had too much integrity for elective office. It clearly is not a merit and integrity based endeavor. You are also correct the the CT GOP is badly broken and out of touch with what it takes to win statewide and federal races in CT.
Chris Shays bought it from David Carson for a shade under 500k.
Your acumen in finance will be surely missed. Who else but a financial genius could buy a home for $1.5M from someone who paid $500,000 for it and sell it for $1.0M. Genius. Pure genius!
Bob, I paid what the house appraised for in 2009. Poor leadership and failed policies at the state and local level have resulted in significant declines in property values and an exodus from the state. That is reality.
Bubba, real estate is driven by the market, the market changes as the economy changes. There’s no magic bullet when buying or selling, nor does the real estate marlet care how much financial knowledge any individual has. As a seasoned real estate professional, I learned a long time ago that only the market decides what a property is worth at any given cycle. I’ve been involved with hundreds of buys and sells over 24 years in the business, we don’t sell a property, the market does, we merely facilate the transaction as professionally and knowledgeably as possible. Real estate is as complicated and changing as politics, the difference is we are mandated to follow a code of thics, if we don’t we lose our licence. Mr. Walker tried to test the market over the past few years, it didn’t cooperate, so he cut his loses. I wish him luck as he goes forward.
It’s just a 30% Ganim drop!
Hey! every house in Black Rock has a The big G-drop!
I thought the G-drop was the $270 drop in taxes with Ganim latest tax cut.
$270 on a $38,000 tax bill. I am sure the b
Black Rockers will have a special way of saying Thank You Joe.
Lennie, I recently won a second appeal of my property taxes. It resulted in a est. $6,000+ decline in our annual property taxes before the projected modest mill rate decrease.
Thank you for update.
I have post this a number of times over the years and it is something that is very valuable from David Walker and to me it’s the reason that why David Walker talent is a waste in elected politics. I would like to know what Dave’s opinion is now in 2019 with the current President.
Here is the 2007 interview “David Walker 60 Minutes”
David Walker on 60 Minutes discussing our National Debt and Entitlement Programs. Mr. Walker describes it as a “Issue of Immoratlity.”
https://youtu.be/U19_OkPRggE
Ron,
Both political parties are fiscally irresponsible at the federal level. The last fiscally responsible President was Bill Clinton and the last fiscally responsible Speaker was Newt Gingrich. Ross Perot had a major impact on both of them.
Message to Dave Walker:
James Bond’s got nothing on you.
Dave, base on you being a part-time professor at the U.S. Naval Academy I guess that you won’t be able to speak out as you did in the 60 Minutes interview especially now with the country being on a fast track to what you have been speaking about.
Ron, I will be able to speak out and I plan to publish another book in 2020.
Sad to see him go he lost a really close election in 2014. He is one Republican I respected I wish him all the best. I’m also thinking about leaving this state to fl or ga. This state has a big income inequality it has become unaffordable to live here. It seems you cant find working cllass nice African American neighborhoods here but in ga and fl they are all over.
new Bestseller:
Seeking Segregation
how I found joy, happiness and income equality living in an exclusively Afro-American neighborhood a thousand miles from where I used to live.
I say good for him. The tax and spend policy’s of CT are atrocious. With tolls coming the people stuck here will be the hardest hit.
It will take one good company , like maybe Stanley to say if tolls come we’re out of here. It may put a pause on Tolls but I dought it . Plus I assume the political class will have the tax payers step up and pay their tolls to and from work.