What are sellers thinking?

There’s a new listing posted today at a couple of hundred thousand (around 10%) more than the sellers paid for it in 2006. No mention of any improvements, so I assume that the sellers and their agent think we’ve bounced back from 2006 and are off to new highs. I bet they’re wrong.

6 Comments

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6 responses to “What are sellers thinking?

  1. Al Qaeda put hallucinogenic drugs in their coffee.

  2. The commenter formerly known as "Anon E. Moose"

    Apparently, thinking they have about 10% to give in negotiation to placate a greater fool who will thence cash them out of their apparent mistake. I hope they start counting — from this day forward — each and every dollar spent maintaining a home they apparently wish to sell, expense that could be avoided were there to simply abandon the foolish decision of pricing it too high.

  3. Burning Madolf

    1) We assume that they paid top dollar because it was the peak?
    2) The current price will most likely be knocked down at least 5, 10, 15%?
    3) After fees and commissions, this represents a loss. No?

  4. Anonymous

    Dow and Nasdaq are up over 20% from 2006 levels. Profits at New York Stock Exchange firms’ broker-dealer units were the second-highest ever in 2010, at $27.6 billion, behind the $61.4 billion generated in 2009 by federal bailouts, interest-rate cuts and proprietary trading.

    The Greenwich housing market is tied to Wall Street so it’s obvious given the data that sellers should be looking for premiums to 2006 prices. That or just sit on it. Good things come to those who wait.

    • I’ve seen no evidence that local housing prices are tracking the Dow, Anon, but if you have, hang on indeed.I’ve said for several years that if you don’t have to sell now, then don’t. That remains my advice.

  5. Sump Pump

    Some people are not actually looking to sell. It would seem, believe it or not, some homeowners take pleasure in proving that their home is “worth” $X, just by listing it. This listing, as have many others recently, will quietly disappear from the market in a few months once egos have been sufficiently stroked… Hats off to the current homemaker. It is a great house, wonderfully maintained that the current residents can continue to enjoy for years to come. Go see it if you are curious, just don’t bother making an offer…