There went your selling opportunity but there’s always next year

Not much real estate activity these days, nor do I expect to see much until well past Christmas (that said, there are plenty of buyers out looking – they just don’t seem to be in a rush to commit). Today we have one sale: 63 Lancer Road, one of those built-on-a-slab houses that went up in the early 60’s on the farm across from North Mianus School, $874,000 on an ask of $1.125, and one contract, 9 Roosevelt Avenue in Old Greenwich.

Roosevelt offers yet another example of overpricing gaining a seller nothing. It was originally listed for $1.850 million, a ridiculous sum, and went exactly nowhere for a year. The next agent to take it on reduced it to $1.315 which was still too high but it attracted at least one offer, from my clients. That was rejected as too low and so the house stayed unsold. In October agent number three came on the scene and wrangled a price reduction to $1.195, very close to my clients’ offer of last spring. We bid again. lost it to whoever is buying it now, and we’re happy – found a better house, and they’re happy, so there you have it.

Assessment on the house is $1.027, so $1.2 was not a crazy asking price. $1.850 however, was, and that’s not my opinion, it’s the market’s.

5 Comments

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5 responses to “There went your selling opportunity but there’s always next year

  1. Stanwich

    I too bid on 9 Roosevelt in the Spring and was basically told to eff off because our bid was too low. So I did and bought a better house in a better location for less money a few months later. I felt vindicated when I saw that price drop, they could of sold it to me for very close to their last ask back in March. Oooops.

    I would be very curious to see what the final contract price was. Well, that’s if the sale goes through and the buyers do a thorough insepction….who knows what they’ll find.

    • christopherfountain

      Well there were indeed a few surprises that turned up in our own home inspection, Stan, and I’d imagine the ultimate buyer found them too. But yeah, the “eff off” approach is not a particularly smart response by sellers to a bid they don’t like, but it happens all the time. Which makes it fun when you see what the house ultimately sells for.

  2. whatacountry

    chris,

    perhaps they just don’t want to sell it to you?

  3. whatacountry

    apparently not there are 685 homes you say and low balls being thrown and according to you not many takers…

    i don’t know…i don’t care one way or the other…I just read the blog