LORY GAMBRILL put her colonial-style house here on the market in September, the day after the government announced its takeover of the mortgage finance companies Fannie Mae and Freddie Mac. At $1.75 million, it was considered well priced for the neighborhood, which boasts newer, larger homes — and Carlos Delgado of the New York Mets among the neighbors.
She expected it to be snapped up. “My broker told me it wouldn’t even make it to the open house,” Ms. Gambrill said.
Seventy real estate agents attended the open house in October, but over the next five months it was shown only seven or eight times, she said. She rejected an offer of about $400,000 below asking price. “It’s impossible — no one is buying anything,” she said recently. This month, Ms. Gambrill asked her broker to take the house off the market temporarily.
The article’s chock full of my optimistic colleagues like Bill Andruss, who sees a rush of buyers flooding the market. The only flood I’m seeing is would-be buyers peeing on our inventory, but perhaps Bill has a different clientele. An economist quoted says that “adjusted for deflation, prices haven’t dropped as badly as in other areas of the country.” Adjusted for deflation? Other than that, Mrs. Lincoln, how was the play?
UPDATE: Ms. Gambrill’s property may be this home on 34 Thunder Mountain Road, bought in 2000 for $1.125 million. If someone really offered $1.350 for it, rejecting that bid might have been a mistake.