What does it say when an insider can’t unload his stock?

  • Posted: November 30, 2014

The 111 East Chestnut Condominium Insider What does it say when an insider can't unload his stock?  There are fewer things that make Wall Streeters more nervous than when an insider sells. What do they know that you don’t. Better said, if the stock were worthwhile long term, why would they dump it? That’s depressing. Okay, add insult to injury: What does it say when an insider can’t unload his stock, i.e. what does it say when the marketplace doesn’t want it either? Arrrgh.

That in mind, 111 Board Director Glenn Greene has been vocal about wanting outta here. He’s had his condo on the market now for 130 odd days and counting. It’s become a running joke at board meetings. But regrettably, apparently no one wants it. Here we examine what that means, especially to the rest of us stockholders.

Before we do that, let’s be absolutely clear: “Insider trading” is a term that most investors associate with illegal conduct. Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty, while in possession of material, nonpublic information about the security. MAKE NOTE: that ain’t this. Actually, we are nowhere near that universe. What we are referring to is totally legal. Well, at least with what we know.

So here’s what we know:

– Last July, Greene listed his place with 111 real estate sharecropper and board insider, Richard Evans (MLS #08682109).
– No takers, last month Greene lowered his asking price.
– Now we’re 130 days out and still… nothing. Keep in mind, the 12-month average for M-T (market time) is 55 days.

Of course, one would expect a Winter sales slow down. But Greene, a finance guy, in the know, i.e. “insider,” surely would have the edge as to aligning price with marketplace demand. Still something is apparently out of sync. Is he asking for too much ($569,000)? Or, can the issue be found in what he’s been saying for months? Frankly, has Greene peed in his own bathtub?

9/12 – “[In light of our debt] when will we [the board] stop spending copious amount of money?
10/21 – “We [the board] are spending way too much time on a budget that’s status quo, but hey, I’m moving.
11/16 – “There’s lots of fat in this [2015] budget.

Also, there’s the elephant he’s kept quiet about. Greene is presently a defendant in two lawsuits brought by homeowners against the board.

It all reminds one of the old saw: “If your worst enemy is in Philadelphia and your best friend is in Hell, help the poor bastard get out of Philadelphia first.” A more poignant expression of that is in the recently released book, “Escaping Condo Jail.” The one thing worst that a bad situation is one you’re stuck in.

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STORY UPDATE 1/15/15:  After 174 days on the market, 14C was delisted.


  1. Ginny Hourigan · November 30, 2014 Reply

    If only our Board and Property Management would walk out the front door and look at the mess around our front door. Apparently none of them have heard of “Curb Appeal”.
    – Planters full of garbage, No holiday lights, No winterized fir branch blankets.
    – Cars parked beyond 15 min limit; change to Load/no Load zone.
    – 18th Floor on-going plumbing leaks with weekly air drying required.
    – Air vents not cleaned in 11 years causing dust in bathrooms and kitchens.

    Is this intentional in order to keep unit prices low for potential investor purchase?

  2. constantine trambas · November 30, 2014 Reply

    I have had several friends interested in buying in 111 but when they find out about all the bickering and pitiful behavior going on in the last 2 years they all say “No way 111 , it’s all drama” My recommendation knock it off with all the childish behavior And stop the accusations and work together. And get rid of this website that does nothing but demonstrated negative and resentful feelings about 111. This site is destroying 111 reputation . Very sad

    • a concerned owner · November 30, 2014 Reply

      Your frustration is misplaced. This site is nothing but a mirror. The “drama” has been created and maintained by the board.

  3. Anna Maria · December 17, 2014 Reply

    Looks like many condos have sold at high prices right now in off season. Pretty much negates the above

    • Your Neighbor · December 18, 2014 Reply

      Looks like 14C is now on the market 147 days. Hell, Vince Scott is a broker and his unit has been on the market 120 days.

      • Anna Maria · December 19, 2014 Reply

        Take a look at 44H contingent, 57F contingent, 47K contingent, 18H contingent all at market high prices

        414,500 449,000 739,000 364,000

        Looks like Richard Evans is a sales star

        • Your Neighbor · December 19, 2014 Reply

          First off, “pending price” is the list price. That’s not the actual sale price. Take 44H. It was first listed for $439,000, and pending then for $414,500. But the actual sale was/is just shy of $390.

          That aside, only two of the 4 you reference are listings by our Association board and management insider broker Evans. And 44H aside, well, anyone can discount to sell. 47K listed for $759,000, pending sale price is $739K. 18H listed in June for $375,000 and the pending sale price is $364,900.

          Now keep in mind, we’ve got a Board member Glen Greene (using Evans to sell his unit 14C), and a very experienced broker Vince Scott (selling his own unit 11A), who presently can’t sell to save their lives.

          Bottom line: 111’s growth/value is not aligned with the address let alone the market. And that’s totally a reflection of how our value is being (mis)managed by the board, as is chronicled on this site.

          But all that aside, if your argument is that “there’s a sucker born every day,” and Richard Evans is our go-to guy to facilitate that, well… you’re probably right. Good luck with that.

          • Anna Maria · December 20, 2014

            You are not looking at past sales and market trend. Sale prices are going up and that is a fact. Low tier units that have no view will always be hard to sell and unless they put their asking price in perspective. The low tier units are asking too much. Otherwise upper levels are at historic high prices.

          • Your Neighbor · December 20, 2014


            – “Sale prices are going up and that’s a fact.” No. Looks like the market is going up downtown while we remain “relatively stable” (said Scott). Some would characterize our prices as stagnant.

            – “Otherwise upper levels are at historic high prices.” No. That’s a general statement that isn’t necessarily happening here.

            Again, you are missing the disconnect between 111’s potential value, the market, and our actual nominal growth in value. We’re stagnant at best. But again, if you’re banking on sucker buyers, good luck with that.

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