That was quick

 

4 Gisborne

4 Gisborne

4 Gisborne Place came on last week and nine days later has gone to contract. It’s a 1981 “meh” house, but at $1.775, on a dead end, it’s pretty typical of what’s available, and given the sparse inventory at this end of the price range, you buy it or stay in your rental. No back yard, but there is the golf course where, properly padded and helmeted, your kids can play.

16 Comments

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16 responses to “That was quick

  1. anonymous

    For the price of a one or maybe two bedroom apartment in a ho hum building on a side street in NYC you have 4brs on a golf course in Greenwich. Makes sense to me at that price.

  2. Reality of Riverside

    Good house; good price; good location.

  3. Anonymous

    Im ready to buy. Where’s the inventory??
    “Attention old people near Riverside School, Train, and EMS…we don’t care what the house looks like….just leave and we will fix it” Kids need to be enrolled in school for September ASAP” “Go To Florida Already”
    Rates are ridiculously low and we want in the district.

    • Reality of Riverside

      why are you so desperate to buy in riverside? take away the school and it’s a non-descript, insanely overpriced neighborhood with nice neighbors but absolutely nothing else to talk about. you should expand your horizons to other parts of greenwich which have far more to recommend.

      • Anonymous

        ROR
        Being a parent has made me crazy. I can admit that
        So, do you know any friends who want to sell their house that fulfill my requests?

    • Mickster

      Hilarious but I have several clents who feel the same way…

  4. The New Normal

    when a house sells in 9 days, does the seller have any regrets as to having potentially priced the house too low?

  5. InfoDiva

    What a great question. The real estate agents will all tell you that it simply proves the house was priced correctly, the first bid is often the best bid, yada yada yada.

    Yet the Freakonomics folks analyzed the behavior of agents when it’s their own houses on the market–and guess what? They keep them on the market longer, and are less inclined to lower the price.

    The truth of course is that a listing agent’s interests and a seller’s interests are far from perfectly aligned. An extra $100K in selling price puts $95K in the seller’s pocket, but something less than $2.5K in the agent’s on a typical 5% co-op commission deal. The listing agent, quite naturally, just wants the deal done–and does not care one whit about the extra $95K that you just left on the table.

    Just my thoughts, but I’m sure Chris will chime in to the contrary.

    • Agents are notorious for overpricing their own homes and the reason they stay on the market longer is because they’re overpriced. The Freakonomics data may have been accurate back at the time of rising prices (many dispute their accuracy, but whatever) because eventually the market caught up with the agent’s price and the house would sell. In a falling market or even a stable one, that doesn’t work.

      You’re quite right that the difference an extra $100,000 makes to an agent’s bottom line is negligible – if you’re under the impression that your agent therefore doesn’t care that you get that extra $95,000, you need a new agent.

      Finally, and back to the original question as to whether the seller feels remorse at “selling too low”, we do hear that, all the time – just as we hear that we priced it too high when it doesn’t sell. A seller has no obligation whatsoever to accept any offer, even if it is at or above the asking price. The law so states. And if a house is seriously undervalued, the market will correct that – the Greenwich market, at least – by producing multiple bidders who will drive the price to its appropriate level.

      • Riverside Chick

        With the low inventory in Riverside, have you come across sellers going directly to all of the builders scattered across Riverside? Upside , downside?

    • Real Torme

      Oh please. That Freakonomics example has been thoroughly discussed many times on this blog and others. Broker/owners overprice because they are only human and tend to overvalue their property just as anyone else.
      Owner/brokers need brokers too.

      • InfoDiva

        So let me understand this– my real estate agent is only human when she’s selling her own house (so she overprices it)…but absolutely angelic since she really, really cares, according to Chris, about the money I leave on the table when I underprice my house, even though her commission stays about the same either way.

        I don’t think you guys can have it both ways, but nice try on behalf of your profession!

        • In my lawyering days I discovered that people who lied, cheated and stole assumed that everyone else did the same, and thus lived in a hostile, suspicious world mostly of their own making. I’m not saying that you commit those bad acts, Info, but sometimes our perception of our environment is shaped by what we think others are up to, rather than who they really are. I operate on good faith and assume those around me do too. I’ve been disappointed from time to time and I feel like a chump when I am, but all in all, I lead a contented life.

  6. Anonymous

    Anonymous. I’m looking to rent my house for one year. Walking distance to riverside school. This might give you time to find a house. I’ll of course pay CF a commission.