Another dull day in Greenwich

Nothing of interest today – lots of price reductions – hooray! but no sales, one piddling contract and a bunch of “new” listings that are mostly retreads still priced at a level that indicates their owners think nothing has gone wrong for Greenwich or Wall Street since 1929. It must be nice to live in such a soft cocoon. What strikes me these days is the number of sellers who bought a house in 2004 0r 2005, spent maybe $75,000 on a new kitchen and maybe a whirlpool tub for the master and think that they should ask $190,000 (or whatever) above what they paid for it. I’m pretty sure that to properly price your house now you should forget the cost of those improvements and drop the price down to around 2002 levels. If you’ve done a nice job on that kitchen, you might get it.