It may be February, but the market’s heating up

As it almost always does this time of year. If you’re planning to list your house this year it should be on the market now, not three months from now when the flowers are out but many buyers have already found what they wanted. In any event, as of 2:30 today, there are eight accepted offers reported. Two of interest are 11 Broad Road, “in the Belle Haven ‘neighborhood’ “, which usually means close but no cigar, asking $5.299 million, and 8 Bradbury Place, Riverside, asked $2.850 and gone in just four days.

11 Broad Rd

11 Broad Rd

11 Broad Road never dropped its price during its time on the market – it didn’t sell last fall but it has now, after 155 days. That’s back to normal for this price range.

8 Bradbury

8 Bradbury

8 Bradbury sold for $2.875 in 2008 and is gone this time, as I said, in just days. Asked $2.850, but did it go in a bidding war? I don’t know because I wasn’t involved, but that’s exceedingly quick even for Riverside. Highway noise, too!

Deferred bonuses vesting, pent-up demand; something’s stirring out there, but I’ll say it here for the first time: don’t overprice your house, because buyers are no longer counting on a rising market to bail them out of overzealous bidding, and they’re being cautious.  Price it right, sell it fast. Otherwise, you’ll sit. The good news for sellers is that the right price seems to be going up.

9 Comments

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9 responses to “It may be February, but the market’s heating up

  1. Anonymous

    This is the 2nd accepted offer on Broad- I wonder what happened to the first? “Belle Haven neighborhood” won’t get you into the club any faster!

  2. Anonymous

    The question is how fast the price goes up. If it is at the rate of 5% a year, Greenwich is in trouble.

  3. Bobbo

    Yes, the economy is improving under Mr Obama. But the GOP can’t admit it until the facts stare them in the face……

    • 2 million more people living under the poverty line than when Obama took office (he promised 2 million fewer) 50% increase in number of people living on food stamps, 14% unemployment, counting those who, permanently discouraged, have permanently left the job seekers ranks, and a wave of new regulations already drafted by his agencies and poised to be unleashed on the country, suffocating the economy. Those are facts, staring you in the face – yet you turn away, why?

  4. Mickster

    This Greenwich real estate market has been rocking since December and you know it.
    Like I’ve always said there are properties “on the market” and others “in the market”. You have spent most of your space criticizing the former while the latter are moving rapidly.
    These white elephants will always be out there, ignored by most brokers who know they’re priced 20%+ over market. By the time their owners realize it, the market has passed them by and they end up selling for 10% less than market.
    Anyway, its good to see this market flowing again – you short-seller you!!!

  5. The New Normal

    yes, price it low and make sure to leave a lot of $ on the table!

    • Oh for goodness sakes, Normal, silly people like you have been trying for years to impose their subjective opinion of their home’s value on the market and have been failing miserably. The mystery here is how someone financially sophisticated enough to amass the wealth necessary to buy a home in Greenwich can prove so ignorant about market forces when he attempts to sell that house? Are you all trust fund babies?

      • The New Normal

        if you list it for sale at 2.85mm and it sells for 2.875mm 4 days later, do you think the seller optimized his sale price?

        this of course assumes that there is no time constraint (moving due to job, financial insolvency, death in family, etc), in which case you just need to whack bids

        what negotiating leverage do you have if you price it low and someone comes in and pays your asking price?

        the best deal is one where both sides have to compromise a bit – psychologists have proven that if a transaction happens too quickly (either seller gets full asking without any haggling or buyer puts in an offer and gets hit immediately) then there it is not an optimal transaction – one side will have felt that $ was left on the table

        • I do agree with you, Norm, on the psych aspect of pricing, especially in this town of traders – they have to feel they’ve worked the seller down and of course, the trader-owners feel that they must work the buyer up. The trick is to price it so that there’s enough room to allow both parties to have a good gnaw while not pricing so high as to scare away offers. In my experience, it’s hard to underprice a home in Greenwich because there are so many buyers lurking on the sidelines that if a well priced home hits the market they’ll swarm in and bid the price to its proper level – picture bluefish honing in on a bunker when it suddenly appears – overpricing, however, just ensures that the property will sit for a long time, the stigma of unwantedness crusting it over until finally, eventually, it sells for less than it would have if it had been properly priced two years before.
          Or that’s how I see it, anyway. Judging from many house prices, the ones Mickster refers to as the “not for sales”, many homeowners and their agents disagree.