Values may not be dropping but crazy asking prices are

63 Burning Tree

But oh so slowly. This house on Burning Tree started off asking $3.7 in January, 2008 and as of today is priced at $2.7 million. Assessment is $1.8. We have a lot of sellers who have clung to unrealistic prices in the mistaken belief that prices will improve. They haven’t, and I don’ think they will for a while yet – maybe next year?

My advice is, if you have or want to sell your house, get real.

4 Comments

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4 responses to “Values may not be dropping but crazy asking prices are

  1. Greenwich Ex-Pat

    2014. That’s when prices will improve. Maybe.

  2. Stanwich

    Again, not knowing much about the house except from the picture, I would say that this house will probably sell for a good bit more than the assessment. Burning Tree is a desirable location and this looks like new(er) construction so don’t expect to get it at that price.

    • christopherfountain

      It is a nice house, Stab, and now it’s a million dollars closer to market value. Aren’t you glad you didn’t buy it when it first came on?

  3. Greenwich Ex-Pat

    “now it’s a million dollars closer to market value.”

    When prices started to drop here in the South, buyers were still lining up at the Chinese drywall developments, begging for the shaft. Builders/developers were, of course, starting to sell homes for less than what they were selling for at peak and it was agony for those that bought at $300,000 to see the neighboring home go for $200,000. Wish I could find the link for this, but it was reported in one paper that a potential mark (er, uh, buyer) was concerned and anxiously asked one of the salesmen if they would ever sell homes in the development for less than “market value”. The salesman solemnly swore to the rube that they would never sell a home in the development for less than market value. Satisfied, the rube apparently signed a contract.