Someone doesn’t get it, but perhaps that’s me

Perusing tomorrow’s broker open house list I notice that sellers are still holding firm, God bless them. 63 N. Maple, a house large enough to accommodate a family but on a road unfit for same, has dropped from $5.1 million in May, 2008 to $4.995 today. Further up the road on North Maple that spec house built sideways to the road is still asking over $6 million and an older house on Pheasant is touting its “huge price reduction”, from $4.295 to $3.994.

Sellers can do what they want and that’s what they’re doing, but just for the record, here are some numbers to consider:

Houses for sale priced over $4.795 million:   183

Sold this year:   18

Sold this month: 3

And for builders:

Spec houses for sale above $5 million: 57

Sold this year:   10

Sold this June:  2


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3 responses to “Someone doesn’t get it, but perhaps that’s me

  1. anonymous

    Perhaps hopes of sellers have been raised by talk about big GS bonuses for ’09 and imminent economic recovery

    A sucker is born every day…

  2. Anonymous

    The GS workers may get bonuses, but do you really think that they will stupid enough to invest big bucks in a “declining market”, as Greenwich has been defined?

    • christopherfountain

      If they want to buy a house to raise their family, they couldn’t do much better than Greenwich. If they want to make an investment, they should stick to their knitting and buy cdos or whatever it is they play with down on Wall Street. Greenwich is not a “declining market”, Greenwich is part of the United States, which is undergoig a prolonged housing slump. You still have to live somewhere and rent or buy, Greenwich is a good place to do it if you work in this general area. And there are some houses out there offering decent value. Onbly a fraction of all the houses out there, true, but some careful selection and they’ll do just fine.