Daily Archives: April 24, 2010
Reimposes stiff rules against furriners buying up real estate. Those Asians are flooding the country, driving up prices. Seems like a nice thing to happen for property owners, so why subsidize new home buyers at the expense of existing owners?
I’ve been out all morning with clients (and going back out in a hour), checking off houses that I did not recommend but which they wanted to see for comparison purposes. I won’t name addresses here but we saw one that, in my client’s opinion, was worth at best $4 million – and I agree – but that started at $12 or so and is still priced in the $10s.
Look: you can’t go cheap, cut every corner possible, and then try to get a ridiculous price for your project. Buyers at the high end are not only particular, they have usually already owned, perhaps even built, a high quality house, and they aren’t fooled. Yes, this is “Greenwich”, where houses can go for extraordinary sums, but you’d better have something to back up that price or you aren’t going to get it.