Pricing decisions

718 North Street

718 North Street

This is a nice house, in need of renovation, perhaps, that was bought for $3.583 million in 2001, relisted for $4.350 in ’04 and slowly whittled down to $3.2 before being yanked today and put back on at $3.3 million. Okay by me, what the hell – nothing else seems to be working.

 

 

43 Doubling

43 Doubling

This optimist on Doubling Road paid $5.155 in April 2008 and has got it back on for $5.2. Nice house, if you like that front-loader-garage sort of look – I don’t, but that’s just my taste. I’m thinking that the market has declined since last year but again, no one says you can’t try. Perhaps the owner drove a shrewd bargain back last year.

 

Finally, another property that had dropped below half its original asking price suddenly jumped $4 million today. Why? Perhaps the owner has come into cash and can now afford to wait for a good price. Or, possibly, he’s setting up a short sale and is receiving too much traffic to convince a bank that he’s cooked. If the latter is the case, and if it works, look for massive price increases to appear all over town. Wouldn’t that be amusing?

7 Comments

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7 responses to “Pricing decisions

  1. Sanjay Bigglesworth

    What is the common thought on “in need of renovation.” 10 yrs? 20 yrs? Or do we follow the precendent set by Justice Potter Stewart in Jacobellis vs. Ohio. “I know it when I see it.”

    • christopherfountain

      I’d say 20 year kitchens are due for a serious update, as are baths. Of course, to those of us who did that kind of work 25 years ago it seems like it was just done but buyers tend to view them with different eyes.
      The Potter Stewart rule is always accurate though.

  2. HG

    IB’er is too much a gentleman to point it out, but even with the need for renovation, 718 North Street seems like a very supportive data point for those who are very bearish. Seems like a quality house, too.

  3. Ex-Realtor

    I believe the owner of the last property,
    whose price has increased by $4M is a
    founding partner of a local firm that
    describes itself as follows:

    “XYZ & Associates (“XYZ”), is a privately held merchant banking firm founded in 19xx.

    “XYZ pursues opportunistic investments in real estate (don’t think so!!!) and the global capital markets that can provide exceptional risk-adjusted returns(yeah, right!)”.

    …I think I’ll pass on his advice, thanks.

  4. Anonymous

    You can’t mean Marty Cheslock?

  5. Anonymous

    And 718 North Street is owned, according to town records, by Arthur K. Watson Jr., owner of Mercedes-Benz of Greenwich, one of the lovely guys who promised to help Del Zanette save his beloved Purdy’s Farm from foreclosure by investing in it and then took it away from him.

  6. Anthony Fountain

    XYZ’s use of “opportunistic” for “opportune” reveals (unintentionally I assume) all you need to know about the firm.