(Gideon Fountain writing for Christopher Fountain)
Super-broker (or is it Uber-broker?) Steve Archino, has been heard to say, upon leaving a first-time open house of a particularly over-priced property, “If that place sells, I’m leaving the business.” Similarly, when a house seems under-priced, Mr. Archino , having exited, reaches the driveway and mutters, “If that place doesn’t sell, I’m leaving the business.”
Have no fear of Steve hanging up his little Greenwich MLS name-tag because, as mentioned in the previous post, the over-priced ones never sell and the under-priced ones never fail to sell.
Brokers really do know, after just a few minutes of walking around a house, whether the price is good or bad. Occasionally we’re perplexed, like when the house is very close to being over-priced but not quite. Then we look at each other and go “Well? What do you think?” And we’ll each start naming recent comparables to justify our own opinion (we’re simple folk). In cases like that, the house usually ends up selling for a bit below ask. The reason we get a little panicky is that, while we trust our instincts, we want them to be validated by the market, and we are anxious to see what the market will do.
Along these lines, when I walked out of the first open-house for 5 Dairy Road , off Clapboard Ridge Road, (listed by Carol Clarke of Sotheby’s) back on March 2nd, I was so sure there would be a bidding-war that I e-mailed the listing to Christopher Fountain with the subject line “This will be gone in a week.”
Imagine, then, my disappointment, when I called Carol Clarke a week later and she said “Nope, still available.” “Lots of showings, though,” she added.
I saw her today at my open house on Club Road, Riverside, and this time she said, “Gone. Bidding war.” Phew!