Daily Archives: September 21, 2011

Fudrucker’s Advice

This Club Rd property sold for $5.3M June 2011

(Pictured above, CT Lottery Spokesman Frank Farricker)

Gideon Fountain writes:

Leaving aside the bitter, bitter irony of a CT Democrat like Frank Farricker advising readers to “hold on to their wallets”, what does Frank, or, for that matter, Chris Fountain, mean when they say I am “optimistic”? I can trigger this accusation from either of them by predicting a much higher sale price for a particular property than they can imagine.

Let’s consider my previous post about that Club Road property. It’s not on the market but based on a couple of recent Club Road sales, I confidently predicted that it would sell for as much or more than it sold for in 2007.  How do I know? Because unlike Frank or my brother, I have been in all three of these examples and I have shown them to real live buyers. I know what my customers bid, or would have bid, so I have better market knowledge in this price category.

If the Club Road property I used as an example (sold for $5,350,000 in 2007) actually did suddenly come back on the market, a typical buyer-broker, armed only with the “knowledge” that Greenwich real estate values are down 25%, would take out his little calculator, multiply $5.350M by .25, and proudly advise his client that the place “isn’t worth a penny over $4,012,500”. Great advice, he’s just saved his client $1,337,500!  But his client’s bid will not result in a sale.

This Club Rd property sold for $4.3M in December, 2010.

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On the Road Again

Off to do the people’s work in Hartford today (or the People’s work, for some of you), so I leave you in the capable hands of the most optimistic agent in Greenwich today (please sell our listings, Gideon. They are lovely homes. 1093 King Street – ML#79953 – is the nicest renovation I’ve ever seen in that range).

So watch your wallets until I return, and maybe think of this alternate house in Riverside. 10 Lake Drive South, it has all the best of Gideon’s house on Club Road, just a few million less – and closer to the train. These people seem to feel a downturn, because they reduced the price from a 2008 “ask” of $2,295,000 to a more reasonable $1,795,000. Seems that, like Rick Perry, Seller got religion. ML#80452 for all you Zillow-heads out there.

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