Stanwich sale price reported

156 Stanwich

156 Stanwich

I missed this property’s reported sale last week. $2.450 million, which seems a lot better than its asking price a year ago of $3.685. Next time you’re insulted by what you consider to be a low offer, understand that it’s sales like this that encourage them. I usually don’t show houses when first listed if they’re grossly over-priced because the owners aren’t ready to hear a realistic bid and it just annoys them. My philosophy is, if someone else jumps at the first price, God bless them – I’ll have saved my clients from a serious blunder. Usually though, that doesn’t happen.

6 Comments

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6 responses to “Stanwich sale price reported

  1. xyzzy

    I’ve been meaning to ask you a question about low ball bids.

    I was having a conversation with a friend and discussing a home that I was interested in buying but whose asking price, in my opinion, is probably 30% above its true value. I was saying I’d wait till they started cutting their price before I’d even think about bidding.

    He said that his neighbor has his house on the market (not in Greenwich) and that he is just waiting for a bid. He doesn’t want to drop the price but as soon as someone comes a long with a bid he’ll negotiate and accept a lot less than what he is asking for it.

    Is this a one off thing, or have you found people in Greenwich with the same attitude?

    • christopherfountain

      XYZZY, that’s what’s so frustrating about the current market. There are indeed sellers out there who don’t want to “bid against themself” by dropping their listed price yet are perfectly willing to hear a bid 30% lower than their ask. Then there are others, probably the majority, who are convinced that they’ve priced their house fairly (often it’s a price based on what “they need to get”, as though that has some kind of logic to it) and are angered when a low bid comes in. And there’s no way to find out which is which unless you toss in a bid.
      This wouldn’t be a problem except it’s an unpleasant experience for a buyer to receive an unsulting reply to their offer and often, after making one or two bids that are rejected, refuses to place any more except on houses marked down to or start at a reasonable level. So the pool of buyers willing to take a chance that you’re one of those sellers will listen to all bids grows shallower, and your house sits there amidst the other over-priced listings owned by stubborn sellers. Buyers can’t distinguish between the two so they ignore them all.

      As an update, you may remember the tale of my buyers who made an excellent offer on some Round Hill property several months ago and were insulted twice by the listing agent, the second time because she feared her first effort wasn’t insulting enough. Well that agent still has her listing and my clients have thier land, purchased for $1 million less than they offered for the first parcel. Guess they learned, huh?

  2. xyzzy

    thanks, that pretty much goes with what I thought.

    I can’t see any of these over priced houses getting bids soon, but I don’t know if they are all going to be like the people at 55 Binney Lane (not a house I am looking at) who started their house outlandishly over priced and have slowly cut the price so that its now only extremely over priced.

  3. Accolay

    Here’s what I find most annoying: when the homes I put offers on in the past year were somewhat insulted by my realistic price offer and refused to seriously negotiate when these offers were well above what they paid for the property in the 80s/90s. All of the owners are still sitting on the market. Suckers.

  4. tom

    zillow had this at 2.35MM, so kudos once again to them. Maybe I should be their salesman! Clearly this house was overpriced at its initial offer – good call CF….

  5. concerned

    still way overpriced.