Price it, sell it?

17 Tomac Avenue (no picture – a reader just reported that the pictures are suddenly causing his computer to seize and so until I figure that out, just click on the link) was listed for $3.499 million in February, 2008. It dropped exactly $50,000 in the ensuing ten months and never attracted a buyer. The sellers extended their listing contract today for an additional three months but I suspect that, had they cut their price by a sum sufficient to draw buyers’ attention to the property, it would have been sold by now. It’s a nice house, so I’ve got to believe it’s the price that’s wrong.

9 Comments

Filed under Buying/Selling Greenwich Real Estate, Old Greenwich

9 responses to “Price it, sell it?

  1. Phil Grimm

    How long has it been since anyone lived there?

  2. xyzzy

    I was at an open house on this place a while back. It was a nice day so lots of people were out looking at the house. If I remember correctly the master bedroom looks over the graveyard next door and that seemed to be a deal killer for a lot of people.

  3. Liz Smith

    17 Tomac next to the cemetery- Quiet neighbors!!

  4. christopherfountain

    The trouble with graveyards is that, for people like me who couldn’t care less and in fact, as Liz says above, like the prospect of quiet neighbors, it’s hard to believe that one’s presence can hurt a home’s value. But indeed it does. I would estimate that 50% of potential buyers shy away from a graveyard, 1/2 because they’re scared of skeltons in their closets and 1/2 because, while they don’t care, they worry about resale.
    Yet the Tomac cemetary is really cool – it’s very, very old, by New World standards, and holds the graves of some of our earliest settlers and some Revolutionary War veterans. I like that: others certainly don’t.

  5. Anonymous

    Chris – Way back when I asked you a question about pricing per square foot. Your response was along the lines of “and interesting comparison point but too many other variables make it not terribly useful for us in Greenwich” . At least that was my interpretation 🙂

    Given the abomination that is the RE market these days are the lookers (doesn’t seem like there are too many buyers) or sellers any more focused on that measure?

    I ask because it is my first instinct to look at this at 646/sq ft and say…too high for todays market.

  6. christopherfountain

    No no, I don’t believe I dismissed the idea of comparing per square foot values (but I haven’t used the search feature on this blog so I could be embarrassed here). I know that I once compared some newly constructed homes in Riverside and noted that those that had sold were priced at something like, if memory serves, $485 sq.ft. and those that hadn’t sold were at $640. Or something – point is, the price per sq.ft. is an entirely legitimate tool. Obviously, a house on Field Point Circle might easily command $1200 per sq.ft. and a cottage on I-95 perhaps $250 but, apples to apples, it’s a valuable tool. Especially with new construction.

  7. John

    Hey Chris: What did that new house sell for at the corner on Tomac Court? I think the graveyard is its backyard. thanks

  8. christopherfountain

    It hasn’t sold – its builder moved his family in, but it’s still for sale, down now to $2.295 (from $2.950). I think it’s a great buy. especially if you do a little further negotiation, but, of course, there is that graveyard.