June 27th
Some houses are selling, even at (especially at) the higher price ranges, by which I mean $11,000,000 – $7,000,000. I notice though that of the 10 sales reported yesterday all but one had sat on the market for 12-18 months, and almost all sold for substantially less than their original asking price. Hmmm there may be a lesson there. One exception: 56 Rockwood Lane, a teardown on a nice street, was listed May 12 of this year for $2,250,000 and went to contract May 20th. It sold yesterday for $2,610,000, showing that (a) you can still generate a bidding war if you price things right and (b)you can’t underprice your house, even in this market. If you undershoot the right price, there are still buyers out there willing to correct your “mistake” or your smart move. Forget Casey Kasin and don’t reach for the stars.

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  1. Anonymous

    I think you mean Casey Kasem.

  2. Anonymous

    Hi Chris,

    Have you thought of comprising a reference book of “For what its worth”. If so, please tell me where i love to own a copy.

    Thank you for your insight on Real Estate Matters.

    Angelica

  3. lars

    For What’s It Worth…

    A lot.

    I hope you will increase you posts on the R.E. market in Greenwich and you will consider broadening your observations to lower Fairfield County (comments on the market in places like Fairfield, Westport, Wilton, Redding, Weston, etc).