Nice house, great back yard, but it sold in 2007 for $1.750 million, which was rich, even then, and wasn’t going to get anything like that when it reappeared last year at $1.595. Assessment is $1.453, today’s price is $1.439,000. Worth looking at, if you like this neck of the woods.
Another approach to pricing may be to grossly over-price your property and let buyers think they’re getting a real bargain when they bid a fraction of its price. It worked up on Round Hill Road, where a $25 million ask was bought for something like $19 million, when $12 should have taken it.
This Cos Cob house is assessed at $560,000 but priced at $970,000, and it just sold for $855,000. Someone is convinced he got a real bargain, and good for him!
Similarly, this home at 14 Augustus (I have no idea where that is) is assessed at $1.7 million, was priced at $3.850, and sold for $2.450.
So perhaps you should modify my long-standing advice and not price your house for what it’s actually worth: double that figure, then slash it in half and stand back while buyers collide on your stoop, waving fistfuls of dollars.
UPDATE: Oops! Of course I know Augustus Lane – I just didn’t recognize the picture. A very nice house on the approach to but not in, Belle Haven. $2.450 was a price that would have sold it long ago, but I’m glad for the owners’ sake they got it. Notwithstanding my somewhat tongue in cheek advice here, usually a horrendous over pricing results in a house selling for less that it’s worth, simply because it sits on the market so long that it looks distressed.