I’m trying to write about real estate, believe me

There’s just nothing going on. It’s frustrating – I have real buyers, as I’m sure every other agent does, but sellers seem determined to believe that 2006 is coming back, maybe next month, and are clinging to prices that seem, to me, to be incredibly foolish. If my people offer five-and-a-half million, cash, telling me that you turned down ten million in 2007 just shows that you’re a fool, not that your property is worth that today. Sorry.

UPDATE: I haven’t spoken with any of my client/buyers today, but with the Dow down 260 points, I suspect they aren’t inclined to raise their bids. Yet we still have (or had) real bids out there, all cash, ranging from $2.35 to $6.7, not one of which has been countered except for one seller who told me where to stuff my head. Why do I think my next conversation about this property will be with the bank’s lawyer?


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13 responses to “I’m trying to write about real estate, believe me

  1. Going Broke Fast

    I can’t be the only reader who is watching the Dow slide 250+ points today and worry about the future – whether you are 60 or 40, losing money hand over fist is never a good feeling – and when my valued broker tells me this might be a good time to sell, our retirement years are going to be anything but golden – more like aluminum. Meanwhile Obama leaves for a big birthday bash in Chicago, then two+ weeks on MV, then on to Bali. He wants everyone to make a sacrifice – except himself!

  2. anon

    Not to mention the SP500 closed down 2.5% today – the biggest one day loss in a year!

  3. anon

    yeah – you got the software back up and running to upload photos!!! I’m too old and slow to do all that reading without pictures to help me understand.

  4. anon1

    If only. If only the seller took the market value offer in 2007, 2008, 2009, 2010….. It is hard to tell when seller capitulation is near. I’ve bought two properties from sellers who finally capitulated, but it took months of waiting.

    I am not in the market now. I think real estate values are going to fall much more.

  5. CatoRenasci

    Even before it became clear we were in the second dip of the depression, Schiller said early this year he thought real estate prices would fall (on average) another 20%. If prices are around 2006 prices now, that would take us back a few more years. I suspect that prices may fall another 10-20% on top of that.

  6. New in Town

    Is it normal for sellers to not even respond with a counter offer? Is this a Greenwich thing or does this happen in other towns? We have also made respectable offers in the last few months that have been completely ignored, and I am just shocked that we don’t at least get some kind of counter or response.

    • New in Town,there are sellers out there (and not just In Greenwich, I suspect) who think that they’re living in 2006 and can expect theirproperty value to increase 25% this year. There’s really not much you can do with them, except move on.

  7. shoeless

    Jp morgan revised 2012 gdp estimate from 2.7 to <1%. There goes the neighborhood.

  8. Milton Freidman

    There is still huge downside price possibilities with the current leadership in DC. Obummer passed Jimmy Carter as the most incompetent President in post WW II history in his first year in office. He has now eclipsed R.F. Nixon as the most detested President in modern times. It’s a tragedy that the Republicans have no credible opponents as declared candidates, but I think the voters who were seduced by Obozo realize that they elected someone who Peter Principled out when he became a “community organizer”. Maybe Bloomberg will get the balls to run as an independent.

  9. Sound Beacher

    This is off topic, but Greenwich news. From the beach to OG village counted 1/2 dozen blue bins out at the curb just now. Seems they don’t know about the single stream recycling. The blue bin at the curb is done, over, no more, nada, fini. Wonder how long it will take till people catch on?

    • Well, it’s new, Sound Beacher. I had to call my garbage service to find out the new pick up day (Thursday, no longer Wednesday) and I did wonder why they hadn’t bothered to inform me, but that’s okay – what’s a phone call? It’ll all sort itself out over the next few weeks, I’d guess and, long term, I think it will be a better process. But yeah, there are gonna be quite few blue bins out there for the next few weeks.

  10. Libertarian Advocate

    @MF Maybe Bloomberg will get the balls to run as an independent.

    The Nanny-Statist from HELL? Are you nuts?

  11. Anonymous

    Obama’s doing to the U.S. what Regan did to the USSR back in the 80’s: bankrupting them.

    What will save this country, I don’t know. Sure hope there’s some smart kids in college right now that are smarter than the 300 million+ Chinese students that are mastering English, science, math, and how to make a better life for them & their country.