Lies, damn lies and statistics

Ken Edwards, real estate columnist for the Greenwich Citizen (they don’t put him on line so no link) reports that our colleague Gary Silberberg has prepared a statistical analysis proving that Greenwich real estate is a whiz-bang investment. According to Silberberg according to Edwards, the average Greenwich home price is up 5% over 2006. Wow, that’s great!

Except it’s hogwash of the highest order. Show me  house that was purchased in 2006 and sold this year and I’ll show you a homeowner who lost money, and I don’t care what Gary’s statistics say. Gary himself has had a spec house on the market since he built it in 2005. When, after a year or so, it still hadn’t sold he raised its price. I teased him about that and he responded by sending me pages of statistics “proving” that. per square foot, his house was the best value on the market and was actually worth more than he was asking for it. “If all that’s true, Gary,” I asked, “how come it hasn’t sold?” That was in 2006 – you can still find it for sale, although he has since dropped its price. 

I like Gary and appreciate his trying to put a good face on things but if he convinces sellers that the only problem, is, as he claims, “buyer skittishness” rather than the prices of our inventory of unsold houses he’ll just have helped prolong this moribund market. Or so I think. Gary Silberberg, obviously, disagrees.


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3 responses to “Lies, damn lies and statistics

  1. Walt

    Hey –
    Gary has a future at FFGG. We sell fantasies as well. But I would prefer Bar what’s her name, if you would ever come through.
    Off to reggae night!!

  2. pulled up in OG

    At least he wasn’t blaming crazed local bloggers.

  3. Anonymous

    HEY I have seen this place when it was 1st on the market . The inside was nice , nothing unusual or special, nicely done . I believe the problem was the yard, the pool was off to the side of the house not conveinent for a mom to watch the kids . it was awkward walking down the deck steps on 1 side walk across the yard to the pool. not good . this was not a wow place this was a real family house and i think the yard was the downfall. Sorry to say i think Gary will be sitting with this another few years unless he wakes up to reality and really drops that price.