Some people must just like showing off their house

357 Stanwich, an antique farmhouse on the corner of Stanwich and Cognewaugh, has finally sold, for $1.5 million. It has been on the market since 2008, starting at $2.850 million and gradually working through three brokers and a slew of price changes until its final ask of $1.595. Nothing wrong with this house except its price but that was obviously way wrong. I can only speculate, but I’ll bet the sellers would have come out far better than they did had they priced the place more reasonably in the first place. At worst, they could have sold and moved on long ago.

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One response to “Some people must just like showing off their house

  1. Anonymous

    Reminds me of the tenacity of my neighbors who priced their place at $5, apparently under the guidance of their original listing broker (Jean Ruggiero) and then kept chipping away at that price for almost two years until they finally switched brokers and sold it in 2010 for $3.8, only a smidgen more than the $3.6 that they had paid for it in 2002.

    I went through a similar ordeal when I sold my house in another city in the early 1980’s. A realtor there convinced me (in a terrible market: mortgage rates 18%+) he could sell my house for an unrealistic price so that he would get the listing. I sat with that house for six months with no takers until his listing expired. A new broker put an honest price on it and I finally got rid of it, but it was still tough because it was “used goods” by then.

    I will not make that mistake ever again (or so I keep telling myself).