So much for sale to ask ratio

79-west-brother-drive79 West Brother (Milbrook) was listed October 6 of this year for $2.495. Once upon a time that would have been considered a fair price for this address and this house, even if it was an untouched-since -1929 project in waiting. But the seller must have recognized what was happening to the market because on October 31 he accepted an offer and the house sold yesterday for $2.060 million – not chump change, by any means, but only 82.5% of the asking price. Time was, that kind of reduction took years to achieve. These owners were smarter and got out when the going was still (relatively) good. Remember that old statistic that realtors used to show a purported 96% of asking price sales ratio? It was always nonsense, because realtors used the last asking price, not the first (a practice I’ve railed about here before, so don’t tell me you’re surprised) but until this year, it was at least a vaguely-in-the-ballpark figure. I’m seeing 20% and 30% off now, and that’s where I think the market is.

2 Comments

Filed under Buying/Selling Greenwich Real Estate, current market conditions

2 responses to “So much for sale to ask ratio

  1. can't fool me

    I believe they listed at $2.5 intending to get $2 or $2.2. Not really a new tactic, both come away rubbing their hands. Does this mean list price is now the new “make me an offer 30% below and we have a deal”?

  2. christopherfountain

    Not for many sellers, yet, but let’s see what happens after January 20th when Obama’s ascending the throne fails to produce a new world of peace, harmony and economic prosperity for all. I think we’ll have some discouraged people around town.