Greenwich Time has a good follow-up article on buyers and sellers that were interviewed last summer. (Attn. readers: hare lip alert). There’s much of value here, including agent Max Wiesen’s contention that new listings are “shockingly overpriced”. I used to be viciously attacked for expressing that sentiment – it’s common knowledge now, I guess. But here’s a sad situation:
Timothy and Barbara Nolan’s home on Cotswood Road is still on the market after being listed for $2.99 million in August.The five-bedroom, 4,000-square-foot contemporary house on 1.13 acres of property has gone through two price cuts since then, to $2.79 million in mid-fall and then recently to $2.48 million.
Barbara Nolan, 77, and her husband, Timothy, 84, had been hoping to downsize to a smaller place in town, and also spend more time in Florida.Barbara Nolan said while she knew the market was down, the price cuts were still difficult to make, since she and her husband have loved the home they built together 33 years ago in a rural setting where deer and wild turkeys roam the property, but still very close to town.
“It really has very special qualities,” Barbara Nolan said. “I can’t understand why people wouldn’t love it as much as I do.”
The couple is also getting impatient — they want to start looking for their new Greenwich home, so they can enjoy their retirement without the burden of keeping up with a big house.”I want to know where I’m going to be,” she said. “I want to be settled.”
That’s sad because it is a nice house – but one that was overpriced to begin with due, no doubt precisely to the owners’ affection for their home. Objectivity is the key here, and that is provided by buyers, not sellers. If Dr. and Mrs. Nolan want to move on, they’ll have to let go of their idea of what their house is worth, and leave it to the market. And that must be very hard to do.