On her way to the bank
A condo at 23 Orchard Street Place ( a decent street near Bruce Park but also near I-95, which detracts from the otherwise – bucolic atmosphere of the area) has returned once again to the MLS. I’m sure the unit is a fine one, but check its history; built in 2006 and priced at $1.745 million at the height of the craziness, it failed to sell until 2008, when the builder sold direct to the present owners for $1.4. They may or may not have added some geegaws during their ownership – the listing doesn’t mention any, yet now they want $1.495 million. Say what you like about where the Greenwich real estate market is headed – stabilizing, continuing to plummet like a rock or even poised to soar, it is a fact that so far, prices have not increased since 2008. Some sellers seem to think that they have and price accordingly. They’re doomed to disappointment because buyers aren’t buying into their delusion or their houses.
(In fairness, asking a tad above what they paid for it is not total insanity and does indicate some idea that the market isn’t what it was, but if you bought in 2008 you should be looking at a price well below what you paid, and not a break even bailout – ain’t going to happen)
Chris- The fascinating book Thinking Fast and Slow describes psychologists’ repeated observation that people overvalue their own possessions such as houses, relative to the possessions of others. This phenomenon, confirmed by science, is often commented upon in this blog.
Just a clarification. I think the address Orchard Place. Orchard Street is in the Magical Kingdom of Cos Cob.
Work done since it was purchased? Doubtful. There are tenants in this unit.
Dear Chris:
Regarding your comments on 23 Orchard PLACE, Unit A. Let me correct some of your information. The unit is larger than the rear Unit B which was purchased in 2008 by the current owner after a short minute on the market because they loved the convenience of the location and and quality of the finishes. Since you have not been in Unit A, which by the way has had offers, the tenants love it and have happily been there for 2 years. I would strongly suggest that you visit before you comment irrationally. Also most
importantly, there are only 8 units on the market in this school district, this is one of the least expensive. (close to town) and this Unit at Orchard Place is one of 3 under $1.5
Great blog, I read it regularly. I am familiar with this property, and I think there may be some confusion. The unit that was sold in 2008 is unit ‘B’, the rear unit. That unit is still owned by the 2008 buyer and is not currently for sale. The unit listed now is ‘A’, the front unit. ‘A’ is still owned by the builder and has been occupied by tenants. ‘A’ is a larger unit than ‘B’ (there is a 3rd floor), which may explain the higher listing price. Hope this helps.
Brava, Jean. I think you gave a reasonable explanation and defense of your listing and pricing, kudos. I wish more agents who disagree with Chris’ assessment of their listings would do the same instead of taking anonymous potshots at Chris or running to the board to complain.
If a prospective buyer should google the address and find this post and the attached comments, they’ll have two reasonable points of view to help them assess the property. Agents who run to the board or attack Chris anonymously here do nothing to protect or defend their listing and client.
You’re not the first to do it, I think Juan Sosa has that honor, but it’s refreshing and happens too infrequently.
-Just my anonymous two cents.