Some non-scientific observations

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.

3 Comments

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3 responses to “Some non-scientific observations

  1. Old Timer

    I think your price analysis is very interesting. I am very impressed with the 58 Ridge Street price, since this was once a working class neighborhood, and there’s a car dealership just below the back side of the house.

  2. dogwalker

    Yeah, when you line up some of those 3 point something sales, the Ridge Street sale does stick out. It stuck out before that. Yes, it was reputedly beautifully built in . . . 2009?, but I still can’t believe they got 3.7 . . . even considering the rumor that the buyers were from out of town.

    Old Timer, “downtown” and the car dealership are not as noticeable from the backyard of 58 . . . at least not as much as from 62. But, yeah, it’s certainly there.

  3. 58 Ridge is an extraordinarily gorgeous home. One of the prettiest and best done I have ever seen. Exquisitely laid out. Huge back yard and patio. Attached garage. And not once did I hear noise from the car dealer behind it. Never ever noticed it was there. The neighbor to its left is right ON you and the neighbor to the right has a home that is in much need of repair and will more than likely get sold and redone. Otherwise, perfection. I can see why someone paid the big bucks for this. They got their $$ worth, and more.