I was looking at sales this year in the $3-$5 million range (71, total) and noticed something interesting: homes that started off in the $3’s generally sold close to (within 15%) of their original asking price. There were a few exceptions but not too many. The real diversion from reality comes in houses that asked above $4 million – whoo boy.
390 Riversville: asked $4.3, got $2.790
34 Hendrie Ave (Rvsd) asked $3.9, got $3.078
546 North Street asked $7.995, got $3.025
250 North Street asked $5.750 got $2.1
58 Ridge, asked $4.7, got $3.7
38 Meeting House (Regis’s) asked $5.9, got $3.0
40 N. Porchuck, asked $5.950, got $3.6
89 Lower Cross asked $6.8, got $3.3
And so on. I’ll probably get around to a more thorough analysis this week but the contrast between asking and selling price is really striking in the higher end of our market. Not that, say, a $3 million sale is anything to sneeze at but when a property starts at $6 and “only” fetches half that sum, it makes me wonder who was crazy here, the agent, the seller or both.