So let’s say that back in 2005, you renovate a house in a geographically challenged location in Cos Cob and list if for $1.850 million. It doesn’t sell, even though you drop its price (slowly) to $1.565 and the listing eventually expires. You blame your broker, of course, and use a new agent a few months later to return it to $1.850. Surprisingly, that doesn’t work out so well so you yank the listing in April, 2007. This past November you try again, this time representing yourself, and you know better than the previous two fools: you list it for $2.2 million. And once again, to your great consternation and utter confusion, buyers refuse to recognize the teriffic value you are offering. Today, you mark it down to $1.699, $134,000 more than it wouldn’t sell for in 2005, but that was a different market, wasn’t it?
Yes it was.