Pushing the envelope

Looking through the nine new listings announced today I’m impressed with the resilient optimism shown by so many sellers. We’ve got one house, two-years-old, in western Greenwich and asking almost $3.5 million. I’m sure it’s a great house but I would have thought this was not the right time to try for that sales level in that neighborhood. Shows what I know.

Some of the other listings might actually have been considered bargains a year or two ago but I don’t think they will now.

And reviewing the open house list for tomorrow, I continue to see houses that are, at least in my opinion, laughably overpriced and were so even in a stronger market. But these things used to sell, despite my own flawed judgment so again, what do I know? I went through last year’s sales book, distributed last week, from the cheapest sale to the most expensive and, while there were a number of houses that only sold after millions of dollars had been cut off their price, there were many that sold at or close to their listing price and even a few that went in price wars, even after the market had crumbled. One of these I wrote about last week – the new owner, winner of a bidding war, has put it back on the market for less than he paid for it and will be lucky to even approach his desired price.

Since none of the houses sold last year are worth that much now, I wonder what agents told their clients that convinced them to enter bidding wars? I mean, everyone knew that the market was plunging as early as January, 2008, didn’t they?

4 Comments

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4 responses to “Pushing the envelope

  1. Are you serious when you say “last week – the new owner, winner of a bidding war, has put it back on the market for less than he paid for it and will be lucky to even approach his desired price”

    Someone “won” a bidding contest last week and this week is putting it back on the market for less than they won it last week????? Seriously??

    • christopherfountain

      I was unclear, Polly – sorry. He “won” the bidding war last summer. Last week, his plans changed.

  2. gcds alum

    What is the house in western greenwich you are speaking of?