Bored in Greenwich

A reader complains that the available houses for sale right now are boring and I agree. We’re not getting new listings, just re-treads, with new brokers, the same brokers and even higher prices. When something “new’ does come on, it’s usually like one that hit the market today – owners paid $5 million for it in 2006, updated the baths and have it back on for $6.8. They may find it exciting to contemplate a $2 million profit on a couple of hundred thousand dollars (I’m being generous here) of home improvements but I find it dull – just another high end house going nowhere.

I am convinced that a seller could break free of this ennui by really slashing his price and standing apart from the crowd of otherwise undistinguished offerings. The owner of a house on Lockwood Road in Riverside did that, dropping from $1.575 ( a decent price as is) to $1.350 and selling immediately for $1.3. So it can work, but Lockwood was a relocation sale, meaning the owner was probably protected from loss by his employer. Those who aren’t aren’t willing to take a loss, yet, so they stand pat – as buyers are.

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2 responses to “Bored in Greenwich

  1. Anonymous

    Chris..what’s interesting… is if you look at the Ownership of that particular $6.8 million new listing you will find that the same people have two other overpriced listings, in the same neighborhood, with the same broker…one that has been on the market for going on two years…another for almost a year now……can’t figure out why they think this guy is doing a good job for them…. they are running out of new product to list…guess misery loves company….!

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