Tire Kickers

Just to follow up on the last post, here’s what I’ve learned from the buyers I’m working with – and I suspect mine are typical: they have absolutely no intention of offering full asking price, especially for new listings that haven’t had time to mellow. They (and I) shy away from listings with ridiculous prices; they don’t even use them for comparison purposes because they are comparable only to other over-priced houses, which is useless knowledge. But even you, wise seller that you are, who have knocked your price down by hundreds of thousands (or even millions) of dollars should not expect an offer that comes close to your desired price. It’s not happening.

Okay, that was the broad brush approach, and there have certainly been a few exceptions, but I hate to give you that out because, invariably, any seller reading this will say, “well I’m the exception!”. Chances are, you’re not – we just aren’t as special as we’d like to think we are.

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4 responses to “Tire Kickers

  1. Jake

    Yesterday’s NYT real estate section had a house in Greenwich being sold at a significantly higher price than asking and with mulitple bids. Unfortunately I don’t have the address handy, but did you see it and can you comment on it? What was special about that place?

  2. christopherfountain

    Isn’t that funny – I looked it up on the NYT site and it’s none other than 69 Rockwood Lane, which I wrote about just a few posts below this one (“Builders’ Follies”). It did indeed go in a bidding war, but back in April, 2008 and closed this past October 27th so the Time’s description of these transactions as “recent” is ridiculous. These days, what happened last April has no more bearing on what’s happening in the market than sales made just before the Civil War. What the Times doesn’t mention, but my posting does, is that the builders who bought this dump are now trying to get rid of it but naturally, as all builders do, they’d like a huge premium in exchange for you relieving them of their mistake. That doesn’t often work out, strangely.

  3. anonymous

    Gotta think Greenwich is one of toughest (and most intriguing) real estate mkts out there…

    Presumably, lots of financially savvy, creditworthy buyers who’d hate to be ridiculed by peers as a fool by over-paying, esp in a U-shaped, not V-shaped, long-cycle mkt like residential real estate

    And affluent sellers who can afford to sit in denial a few more mths than can the typical illiterate, innumerate seller in foreclosureland of FL, NV, CA, etc

    But agree, very few Greenwich properties exist, except perhaps unusually desirable land in BelleHaven, that are anything more than illiquid commodities w/a pricing stalemate for some months until seller distress kicks in….

  4. Towny

    “Presumably, lots of financially savvy, creditworthy buyers who’d hate to be ridiculed by peers as a fool by over-paying, esp in a U-shaped, not V-shaped, long-cycle mkt like residential real estate”

    Ridiculed by peers is an understatement. There is gonna be Overpayers Anon 12 step groups popping up all over Greenwich. Misery loves company.

    Presumably those financially savvy arent buying on West End Ave for 1.7 or Pond Pl for 995 or 400 other similar listings. Not now anyway…lol.

    Oh and btw, I have Townsend 9 phone numbers for sale. *note. If you dont know, dont ask.