Sales, price reductions

136 Cat Rock, that bank-owned flop originally listed in 2006 for $3.665 million, sold today for $1.505. I think they still overpaidm, but the 70% assessment shows $1.606, so perhaps the buyer did alright.

18 Baliwoods, originally listed in 2007 for $1.875 million, sold today for $1.125. Both these houses should serve as an example for sellers determined to hold out for their desired price. That’s what these owners did and ended up with far less (or nothing, in the case of cat Rock) than they could have had two or three years ago. Holding on for a better market does not guanantee that a better market will arrive.

Perhaps the builders of 6 Loading Rock Road in Riverside are learning this. They price3d thie project at $3.695 million in January 2008 when the market was already several months into its swan dive and have sat on it ever since. Today it was marked down to $2.650 million. And it still hasn’t sold, so there’s more room where that came from.

6 Comments

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6 responses to “Sales, price reductions

  1. anonymous

    Opportunity costs of illiquid assets can be onerous, esp for greedy/indecisive sellers…how appropriate

  2. pulled up in OG

    “Today it was marked down to $2.650 million. And it still hasn’t sold, so there’s more room where that came from.”

    C’mon Chris, give the poor slobs 2-3 days at least. :)

  3. dogwalker

    I’ve been away for a while so perhaps this has been mentioned, but I nearly fell over yesterday when I saw an ad in Greenwich magazine showing 56 Milbank Avenue at $4.9 million. Wow, a whooping $1 million drop! Don’t think it will help . . .

    And, I think it is No. 10 Ridge Street, originally listed at $2.9 or $2.999 was down less dramatically to $2.7.

    • christopherfountain

      If those are the two condos you’re talking about, then I agree. never, never never. None so blind etc.

  4. dogwalker

    The ones backing up to Whole Foods.

  5. Deb Haws

    A very wise long-time agent in my office calls it (as I do now) “losing money at the closing table.” Many, many sellers here in mid-FF County have turned down first offers only to regret it later when their property sells for far less than that original offer…or overpriced their properties, chasing the market, and finally selling for significantly less than they could have at the beginning of the listing.