Overpriced houses don’t sell. And not because of blogs, either. This nice little Old Greenwich cape came on the market at $1.895 million. I showed it to my clients long after, when it had been marked down into the $1.4 range and they, unprompted by me, asked what the owners were smoking.
How could they have reached that conclusion? Because buyers, unlike many sellers, are realists. My clients had spent several weeks with me looking at houses in this price range and they knew as well as the most experienced agent what was a good price and what was just nuts.
In any event, they didn’t bid on this one – they’ve grown tired of being told they’re being insulting – and it sold yesterday for $1.180. Which was a good, sensible price.