3rd time the charm?

45 Upland Drive

45 Upland Drive

The builders of this place must hope so because they just dumped broker number two and have hired Mary Crist of Ogilvy’s shoppe to try and move it. Mary’s a pal so I wish her luck, but I’m sorry she couldn’t convince the seller to switch prices as well as agents. The price remains at $7.850 million, a level that so far has proved resistible to buyers. We’re into our fifth year of ownership on this project and the price has chased the market down from an original $9.250 million to $7.85. The land was purchased (via bidding war – heh) in 2004 for “just” $1.7 so there ought to be room here for the builder to cut his losses and run. I guess he’s got deep pockets and a will of iron.


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11 responses to “3rd time the charm?

  1. CEA

    I don’t know why you’d want to even BE the broker on a house with an unchanged price that did not sell in better times.

    $1.7 mil for land
    $2.6 for construction (7,500 sq ft at $350)
    $1.0 for financing ($4.3 mil borrowed at 6% for 4 yrs)
    $0.6 for commissions/fees/maintenance
    = $5.9 mil

    Am I missing something? Is he guaranteed by some powers of a $2 mil profit?

  2. christopherfountain

    It’s not the price that’s at fault CEA, it’s the agent. Get the right agent and she will work her magic with just the right words in just the right advertisement and buyers will rush to pay the seller’s price, no questions asked. I’m surprised you didn’t know that, you being a sophisticated Greenwich resident and a GA grad. Sheesh!

  3. Anonymous

    If you realtors can’t move a property then what the hell good are you? I am not being funny here…….what is your value-add besides having a monopoly on the MLS?

    • christopherfountain

      We price it, we show it, we negotiate the price, we handle all the niggling details you would have to, and, for our buyers, we save them an enormous amount of time by steering them away from houses that aren’t really for sale. That’s just a few things we do, but the one thing we don’t do, because we can’t, is persuade a buyer to pay more for a house than it’s worth.

  4. Owl

    well…when your husband is the architect….why not be the broker…”get em at both ends” as they say in the industry…..

  5. Chappy4me

    Smart builder to choose Ogilvy’s firm as new listing agent; they don’t believe in posting prices with their listings!!! 🙂

  6. Owl

    I agree with both of you….and Chris, I was not suggesting that the price was accurate!!! (But Mary is terrific)!

  7. Chappy4me

    But ask they should; maybe now that the market is so slow, old guard listing firms who believe in the “if you have to ask” adage will get real in 2009. When a realtor’s website doesn’t offer me what I want, I move on to another that does. It’s that simple.

  8. Anonymous

    I agree. It’s so tedious to get the prices for Ogilvy listings. The brokers make you feel poor and undeserving of their precious time. All they want is your price range and they’ll show you what you can afford. Such rubbish. They’re like those old school Italian restaurants that do without menus. “No worry. We make it nice nice.”

  9. VP Banker

    As a senior banker in Greenwich and life long resident, you may want to make a note that while there is all of this scuttlebut about the pricing time on the market etc, the house was off the market for a year while it was rented for $35,000 per month. It is really curious to me why these blogs are always so negative