Just saw an interview with Mort Zuckerman who seems to know a thing or two about Manhattan real estate. Asked about residential properties, his advice to buyers was to wait at least six months because he’s convinced that prices have still farther to fall. Conversely, he advised sellers to sell now because prices will only get worse in the coming year. So how do you get around this if you’re a seller and buyers aren’t buying? He didn’t say but I would think that the answer lies in cutting your price now, dramatically, so that buyers will feel protected if prices around them do continue to fall (which they will). If your competitors are still holding out for 2006 prices and you’re down to 2003 or, better, 1999, you’ll stand out like a beacon, and buyers will appear.
Another point in a really low price – it will put the full power of Greenwich’s MLS behind you. Most agents I talk to are doing nothing these days (hey – they can’t or won’t blog). There’s nothing going on to excite their buyers and the agents are desperate to find something that will. If you, like 317 Stanwich, slash your price to the bone I guarantee you that every agent who isn’t brain dead (5? 10? Just kidding) will be emailing and calling their clients. They won’t be doing that for other listings.