10 Shelter Drive, Cos Cob, was listed for $2,993,100 (?) in September, 2006. It finally sold today for $1,762,500. That’s a hideously long time to have your life disrupted, your house kept in showing condition and your move to a preferred location delayed, all to get such a small percentage of your first asking price. Why do it?
Yet sellers are still at it. A house came on today for $3.595 million, quite a bit more than the $1.895 million the seller paid for it in 1999. Other than two new water heaters and the passage of time, there’s no indication on the listing that anything of value has been added to this house.
If the pricing isn’t completely blind to current market conditions, how about trying to go cheap? Another listing today seeks $2.850 million, less than two years after the seller paid $2.675 for it. That’s fine, but if you’re reaching for a couple of hundred thousand dollars, must you really exclude the dining room chandelier or, worse still, insist that “flat screen TV in Fm Rm is negotiable”? My advice in this market is to install flat screen TVs and chandeliers in every room a buyer wants them and give them to him free. I suppose a chandelier can be expensive (though someone just told me of paying $1,100 for one in a going out of business sale on the Avenue, marked down from $11,000) but how much can a TV cost? Don’t be silly.