A toothless threat?

From this morning’s online edition of Greenwich Time:

By Owner 75 Birch Ln. Ltd Time Opp. Custom Ctr Hall, Col., built in 2003 over 5000sqft, 4BR, 3 Full 2 1/2 BA, Cherry Lib., Designer kit., game Rm on LL, bonus Rm w/ home theater, pool. Beautiful 1.1 acre, Town water & Sewer. Too much to list! Call 203-252-1080 Serious inquires only. $4,750,000 Goes to brokers May 1st w/ higher price.

I have no opinion on whether $4.750 million is the correct price for this house: the town values it at $2.560 million, but the appraisers can be wrong as often as they’re right. It’s 4,100 square feet above ground, 4 bedrooms, 3 1/2 baths, an acre of land with pool. Birch has some nice houses on it but also a number of less pretentious 1954 homes which I assume were built when this land was first developed. That kind of mixture can adversely affect a property’s value but certainly Birch has seen a lot of new, larger homes go up in recent years.

But I do laugh, a little, at the threat that if you don’t buy now, it’s going to the brokers in a month and you’ll have to pay more for it. I understand a home owner who determines his price based on what he wants to net from the sale but that’s also a sign of a non-serious, or deluded seller. The market will tell him what his house is worth and couldn’t care less if he’s paying 5% of that to brokers. If you can’t sell it for $4.750 million on your own, no one is going to pay you $5 million to make up for the added expense of your selling expenses. And that’s just the way it is – sorry.

8 Comments

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8 responses to “A toothless threat?

  1. Anon E. Moose

    Is $1,150/sf even close to reality?

    • christopherfountain

      Not any reality I live in, Anon E. Moose, but as Timothy Leary taught us, you can choose whatever reality you wish.

  2. Cos Cobber

    In 2004/05 such tactics may have actually worked. In todays market it’s completely laughable.

  3. Birch Lane

    Lot of soggy soil here.

  4. Kidding Really??

    I bet it sells for a million less than 4.75m. For the owner who’s reading this… if you sell your home within a year for 3.75m or more I’ll put a dollar in your mailbox.

  5. Cos Cobber

    I just noticed, among the features that are too many to list: the house is located opposite of William Wagner’s and behind the place is Sam Bridge nursey.

    Would it be in poor taste to advertise who your neighbors are in a real estate ad?

  6. Cos Cobber

    Okay, I’ll make it crystal clear, William Wagner = Billy Wagner = NY Mets closer getting paid to sit home this year.