Death by a thousand cuts

69058_101_12This house on Silver Beech was badly in need of modernization back in 2005 when it was listed for $695,000. Naturally a bidding war erupted and the current owners ‘won” with a bid of $727,778. They proceeded to do a very nice renovation and in 2008 they put it back on the market at $845,000. Not an unreasonable price but the market was gone by then and the house sat. In response, the sellers sliced the price repeatedly by tiny, incremental amounts until they finally reached $750,000 in March and, today, it went to contract, probably for just about what they first paid for it. I don’t blame a homeowner for trying to preserve his capital and this poor guy certainly will lose money n the sale, but that was inevitable, really, when he first listed it for sale. A hefty price cut then would have spared him all the agony of keeping his house on the market for over a year, subject to inspections by strangers every day of the week.

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2 responses to “Death by a thousand cuts

  1. Aaaah, death by a thousand cuts is the BEST way to describe most of what’s happening both politically and, certainly, in real estate w/overpriced properties. I’ve been using it in my ad for a couple of months. I love it. I collect MLS closed sales where the owners lost huge amounts of $$ @ the closing table by overpricing in the beginning of the listing. Doesn’t say much for the broker either.

    • christopherfountain

      No, Deb, it doesn’t. If I were any meaner (if that were possible) I’d highlight some of these sales that were so grossly overpriced that they sat for literally years before finally selling for far less than they would have when fresh. Come to think of it, I already do that. I’d blame seller’s stubborness but I see so many listings come out at prices that are obviously the result of the agent’s having bought a listing that I tend to give the seller a pass.