But I want it!
I’m not saying that home sellers also confuse their needs with market reality, just that their carefully thought out pricing decisions oddly mirror that process.
10 Glen Court, for instance, has failed to sell for $1.295 since July 2010. Pulled from the market last November it’s back again , but with the same price. This time it will be different.
And over in the east 8 Arnold Street, which sold for $871,50 in 2006, did not sell for $969,000 or even $949,000 so the owner has fired his broker and has relisted it with a new one at a new price, $929,000. I don’t think that’s enough but, given his mortgage situation, he certainly “needs” to get what he’s asking. I hope he does, but I doubt he will.
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I’ve got news for you. Every guy I know who works in the financial services biz is getting paid half what they got last year. A significant amount are losing their jobs. And a lot of the compensation on Wall St is being deferred in larger proportions – i.e. Merrill is paying out 70% in deferred stock.
So there’s less demand to buy real estate from Wall St, which means prices won’t go up any time soon. Unless there’s some other significant force to change that dynamic
anon,
TRUE DAT
Been to see 10 Glen Court because I really love the street (plus good friends live next door!) House needs A LOT of work and has a strange flow. It wasn’t in great shape a year and half ago-can’t imagine it’s much better now.
Both the Glen Ct and Arnold St links point to the Glen Ct property.
yeah, but if you scroll (arrow on top) from the Glen Court listing you’ll get to Arnold’s. Or that was the idea, anyway.
If nothing else, the new realtor has taken some nice clear photos that show the house off to advantage. Before your explanation, I searched and found the old listing on Trulia with 8 horrible photos. Fuzzy, bad angles, the house looked completely blah and cramped.
http://www.trulia.com/homes/Connecticut/Old_Greenwich/sold/30078-8-Arnold-St-Old-Greenwich-CT-06870
The 20 new photos are crisp, taken from very good angles, and make the house look interesting and well done via the remodel. Kudos to the new agent!
One of my favorite lines in real estate: “but we NEED $xxxx for our house!”
I always feel like replying (to the owners who have a home on the market for $500K and they’ll be fortunate if it sells for $425) – “Well, forget $500K – let’s ask $750K…. better yet, let’s ask for a couple million – and just tell buyers ‘we NEED it’”!
Ludicrous.
In fact, Peg, it’s about the same as those arguments for raising the minimum wage: if $10 is good, isn’t $1,000 better?