Shhh! Do you want to know a secret?

1 Benjamin Street

1 Benjamin Street

Overpriced houses don’t sell. And not because of blogs, either. This nice little Old Greenwich cape came on the market at $1.895 million. I showed it to my clients long after, when it had been marked down into the $1.4 range and they, unprompted by me, asked what the owners were smoking.

How could they have reached that conclusion? Because buyers, unlike many sellers, are realists. My clients had  spent several weeks with me looking at houses in this price range and they knew as well as the most experienced agent what was a good price and what was just nuts.

In any event, they didn’t bid on this one – they’ve grown tired of being told they’re being insulting – and it sold yesterday for $1.180. Which was a good, sensible price.

8 Comments

Filed under Uncategorized

8 responses to “Shhh! Do you want to know a secret?

  1. Buyers do have a better sense of the market than sellers because they’re the ones out there walking through houses. The last time I sold a house my agent was smart enough to actually visit the listings I was competing directly against.

  2. Stanwich

    I looked at it too and even that seems high given that the house in tiny, the lot is tinier, the layout is funky (bedrooms on two levels) and the kitchen and baths are obsolete. This house needs at least $250k in upgrades and even that won’t change it’s location on a very busy corner on a tiny lot.

  3. pulled up in OG

    Chris – You’re not the only realtor with his lips zipped today.

    “exceptional fisherman’s cottage” . . . “not to be missed”

    http://news.bbc.co.uk/2/hi/uk_news/england/kent/8282368.stm

  4. Chris K

    Was just reading an article about smaller cozy homes being the trend right now: http://www.nytimes.com/2009/08/16/realestate/16wczo.html

    Not surprised to read that owners of smaller homes price them more realistically. Value’s always in the eye of the beholder though.

  5. Anonymous

    what is the assessed value?

  6. Anonymous

    It sold for $1,140,000 in 2002.

  7. Anon

    I think the point Chris is trying to make, and I fully agree, is that someone (perhaps even his clients) would probably have made an offer for 1.1 several months ago, if it wasn’t because the gap between asking price and realistic price was too big to bother. Was it worth to have the house sitting for so many months in the market to end up selling it for so much less than the original asking price? Probably not.

    • christopherfountain

      Exactly. This could have been sold to my or probably a dozen other buyers a long time ago, priced right.