To tell the truth
I got in trouble last fall when I took on a local real estate firm for falsely reporting a house on Thunder Mountain as “sold” for $7,500,000 (or somehere close to that figure) when in fact it sold, unfinished, for less than half that sum. The agngry brokerage firm (Greenwich Fine Properties, in fact – isn’t it fun not to have to worry about annoying advertisers anymore?) yanked all its advertising from my paper and explained that the larger price was what the builder estimated the value would have been had it actually been finished. Well his project next door, pretty much identical to the first one, just sold Friday for $6,495,000. Not a bad price at all, but if a selling broker had used the $7,500,000 price as a comp, she would have cost her buyer a million dollars. And wouldn’t she have looked stupid?

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  1. Anonymous

    The question is: does $6.5mln today buy what $7.5mln bought one year ago in Greenwich property?