Catching up

While under the weather last week I missed a number of emails – here’s one that makes me proud:

Chris:

Remember when I wanted to make an offer for [XXX]  (asking price: 1.25, after several drops from 2.2), and you said it was not worth more than 1 million? You made the offer for 950K and the realtor from the seller rejected it explaining to you -in a very condescending way- all the reasons why the house was going to sell at its asking price, and soon.

At the time, I asked you to counter at 1.1 and you insisted we’d be losing money if we bought the house at 1.1, so you never did. (By the way, I always tell my friends this story because a realtor who convinces his clients not to buy a house because he sticks by his principles instead of just thinking of the commission in sight is something I’ve never heard of before).

Today I read on the paper that the house was sold at 975k this month, i.e. almost 1 year after our initial offer for 950k.

Needless to say, I’m glad you never submitted my 1.1 offer  – not only because we would have overpaid but also because patience paid off: we got to find a house we like much better.

I keep on thinking of the people who bought the house next door that was practically exact and paid 1.24 some months ago. I bet you their realtor told them at the time that they were making a great deal.

7 Comments

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7 responses to “Catching up

  1. Peg

    A client who appreciates a Realtor who truly looks after their best interests. I love it!

    Good for them for letting you know, Chris. They should let ALL their friends know, too!

  2. SlappedAss

    This must be 54 and 56 Havemeyer Lane, in Old Greenwich. Fifty Four just closed. In my opinion, both people paid too much. When the market drops another 15% in the next 12 months, and the huge number of pending foreclosures hits the market in early 2011, both these numbers will seem outrageously high. Unless of course, the buyers stay in those houses 10 years or more. This real estate correction has only just begun. As long as unemployment remains at 10%, and when the banking reform act hits wall street-and most importantly for this area, hedge funds, you are going to see a massive collapse of real estate values in Fairfield County. The upside is people who were previously unable to purchase homes in Greenwich will be able to. Hopefully the white only appeal that Greenwich has had for many years will be diluted by the rare combination of a massive real estate correction, and the current historically low interest rates. The people who used to come to Greenwich just to buy lottery tickets and to build stone walls could now be your neighbors. This will inevitably cause a further deterioration of Greenwich real estate prices. I would love to see a more diverse population in this town. The last time some of these Greenwich people saw a black person was then their grandparents owned one.

  3. Anon1

    What a great letter of recommendation for you, CF! Your former customer was very fortunate to have you representing them instead of the usual suspects.

  4. out looking in

    Just like Chris to suggest a XXX offer!!! There are some very good realtors out in Greenwich and Chris is one of the best (so is my pal Bonnie Novek)…not saying they are worth $1000ks, but if you have to pay it, then go with the best…

  5. cos cobber

    slapped ass, the town is headed quickly to 10 percent asian, I guess that doesn’t count.

  6. Anon

    Slapped Ass – Greenwich is the most diverse town of any of the affluent towns in ct which all have a higher concentration of whites – Darien(96%), New Canaan(95%), Westport (96%), Wilton (95.5%), Weston(95%). Greenwich at 90% is the lowest of all of these towns….

    Also, from an economic diversity perspective you will find Greenwich also has the widest range of incomes and the largest stock of affordable housing than any of those towns. So if your assessment is correct and lower prices means greater racial and socioeconomic diversity – bring it on. It’s a good thing. It also will affect all these affluent towns as the face of prosperity changes in america. Fact is, socioeconomic is no longer defined by race – so your reference to Greenwich being a white town – I’m not sure it applies anymore.

    People tend to pick on Greenwich because we house the largest number of billionaires and get way too much attention – but it’s just not what it all appears to be from watching the media alone.

    In the end, people will still pay more for Greenwich than port chester, stamford, bridgeport or Norwalk. It just has better amenities, is closer to the city, lower taxes, better education and Chris Fountain :)…all of these things will make real estate here more expensive than those surrounding towns….let’s see how this plays out, but I’m confident that Greenwich will always be a derivative of the surrounding town and will get a premium.