“That” might have been the spring market we just saw flash by. No contracts reported today, only 3 this week and, given the low price range of those it’s a safe bet that they were actually signed several weeks ago, dependent upon financing and only just received the okay from the banks. We’ll see more transactions, I hope – certainly I have a number of bids out there and I’m sure other agents do, too – but it’s possible and I think likely that the flurry of activity the past few weeks represented the demand of buyers who wanted to buy last fall and waited until now before deciding that prices had begun to stabilize and it was safe to commit.
If I’m right on this, I look forward to pushing the deals I’m working on to a conclusion, successful or dead, and then heading out west for the summer where the trout have never heard of subprime mortgages, staging or FAR.
You sellers should relax too – there’s always next fall.
So what was highest sale to-date in ’09…the $25MM ask spec on RHR for ?$17ishMM?
How many >$7MM sales YTD vs inventory?
The GMLS has gone down so you’ll have to wait a bit for exact numbers but figure two houses sold in the 6s and the monster on Round Hill at $17ish and that’s been it all year. So one >$7 million this year compared to, I dunno, *?10? in 2007. Things are slow.
Slow indeed during the eye of the storm
BTW, didn’t the Andrews Farm spec sell for ?$9MM?
You’re right – $8.2 ish, I think
Saw that, after yrs of legal wrangling vs “preservationists”, Steve Jobs finally got a demolition permit to tear down a 17K sf POS on 9 acres in Woodside, so he can build a 6K sf bespoke house
Amusing how divergent is Woodside permit process from Greenwich’s relatively easy, cheap teardown/building process
And Steve’s choices are perhaps indicative of the size of newly-built home, amidst ample land and privacy, many billionaire titans in Woodside or Greenwich may prefer
No mysteries as to the cause. Even if you have kids and must move for schools in the fall, better to wait for prices to drop another 20% or so between now and the fall to make your purchase.
And by then that house at 175 Round Hill might be available. Owned by Walter something-or-other . . .