Just because I’m bored

I looked up the histories of the 29 houses currently for sale in the $7-$8 million range. More time consuming than you might think because of the clever ways the GMLS rcords things like original asking price and days on market (DOM) but here they are:

Address                          Orig. Price           Current Price                 DOM

7 Little Cove                        $7.695                           $6.995                  664

487 North                             $6.995                          $6.995                  218

12 Taconic                            $6.999                           $6.999                   08

85 Butternut                      $10.500                           $7.195                  751

38 Cedarwood                    $7.750                             $7.250                 106

17 Woodside                        $7.295                              $7.295                 174

29 Pecksland                       $5.275                               $7.300               539

36 Dawn Harbor                $7.350                               $7.350                  15

 8  North Baldwin              $7.900                               $7.390                141

29 Beechcroft                      $7.950                               $7.400                363

14 Hycliff                               $7.400                               $7.400                127

11 Winding                            $9.975                                $7.450             1,052

504 North                              $11.795                               $7.495              1,161

  78 Doubling                         $7.495                                $7.495                   50

 55 Burying Hill                      $8.750                              $7.495                 261

Address                     Original Price         Current Price              DOM

186 Lake                     $7.500                           $7.500                       144

  1 Farwell                 $12.650                           $7.500                   1,469

25 West Way               $7.695                         $7.695                         173

170 Old Mill                 $7.795                          $7.995                          01

548 Stanwich              $7.900                         $7.900                         08

449 Round Hill           $7.950                         $7.950                        375

 26 Broad                       $9.250                         $7.950                       487

 78 Mayo                        $9.375                          $7.975                         613

 10 Lighthouse             $9.950                         $7.995                      1,107

  47 Round Hill             $8.995                         $7.995                         531

   27 Midwood              $12.750                         $7.995                         738

  2 Walsh LN                 $10.300                       $7.995                          343

 822 North                      $8.450                        $7.995                          267

141 Taconic                    $9.995                         $7.995                          139

21 Comments

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21 responses to “Just because I’m bored

  1. xyzzy

    Some old houses on that list. I keep wondering if the people at 7 Little Cove are ever going to just give up and take their home off the market.

  2. Did 29 Pecksland actually go up from $5.275 to $7.300 after 500 DOM?

  3. Anonymous 2

    less price reductions than I would have thought—particularly given your views on the market

  4. You bored? Never. Would love to use your work without compensation and put those stats on HamletHUb. May I? If not, that is more than OK.

  5. Anonymous

    Because there were only 5 sellers willing to give their houses away priced below market value. The gridlock continues.

    • Anonymous, I understand your point, sort of, but that still leaves the question of what all these houses are doing on the market with no real expectation that they will sell? If you’ve ever sold your own house then you know what a pain in the ass it is – keeping it tidy and pcked-up, leaving the house at odd hours for showings, weekends disrupted, and on and on. Why would anyone subject themselves to that for two years or more for nothing? It boggles the mind.

  6. Digler

    Those 5 sales are part of the price discovery that determines the new market value. Those old price points do not mean a thing.

  7. Riverside Dog Walker

    ‘….5 sellers willing to give their house away priced below market value.’

    I’m sure 90% of the houses on this list are owned by financial types who should understand that market value is what someone will pay you for something RIGHT NOW.

    BTW, I sure am glad I bought in 1994. Hopefully we won’t see those market values anytime soon.

  8. Anonymous

    Chris,
    Until you’ve been in the shoes of some of these sellers, you will be left asking the same question your repeat in every other posting, day after day, week after week. Some of these sellers have a lot of equity tied up in real estate (in some cases they have thrown everything they have into these dream properties), seen the market plummet, and know that they’re forced to sit tight until either the market picks up (long wait) or they get the kind of offer that’s going to bail them out of that mess. You can be waiting a long time for that much needed offer, but at least there’s a chance (albeit very small) that someone might just take it close to the asking price. It is not impossible, and whilst there remains a possibility, no matter how remote, some people are forced to hold out. Whilst it is a real pain in the ass to keep it on the market for months and in some cases a couple of years, there’s simply too much at stake to just stomach what can be crippling losses by heavy price reductions. That is the reality and it’s easy for you to scoff at it for self-serving purposes, but until you’ve been in that situation, you simply won’t understand.

    • Anon, I do understand. I understand, for instance that a price cut of even $50,000 can be a huge deal for a home owner while to an agent it’s nothing – commission on that extra $50 grand is just about nothing, so let’s get the deal done and I can get paid. So yeah, I do get it. But believe me, there’s no one out there who’s going to come along and pay you that premium over market that you’re looking for – no one. It’s not going to happen.

      there’s a chance (albeit very small) that someone might just take it close to the asking price. It is not impossible, and whilst there remains a possibility, no matter how remote, some people are forced to hold out.

      That’s pure delusion. There’s not a single buyer looking now in greenwich who’s willing to play along with a homeowner’s deslusion. So either give up, take your house off the market and enjoy the quiet, or accept reality. That sucks, I know, but those are your choices.

  9. Anonymous

    @ Anonymous 4:30,

    They have less equity every day for CF to scoff at. I guess that is the good news?

  10. Anonymous

    On the basis that you do not represent every buyer in Greenwich (based on nothing more than the fact that you’re posting on this blog day and night), your statements continue to be as sweeping as ever. Once in a while you get a buyer who will pay close to the asking (even with a little premium), because the house is simply worth it to that particular buyer. There are a ton of reasons why we each want a house, some rational, some completely irrational. What makes sense to you, may be crazy to another. So you can’t rule it out and I’ve seen it happen more times than would be expected. Step away from your computer for more than the time it takes you to think of your next self-serving post and you might just experience what happens in real life, albeit occassionally. And it’s the occasional moments that give you that rounded perspective and eliminate the reliance on sweeping generalizations. Just a thought……….you might even enjoy seeing the break from the norm……..

    • Well Anon, if you’re a Greenwich realtor and if you’ve sold your client a house that was above its fair market value then you are an unprofessional crook undeserving of the commission you took. And you have company among our ranks.
      If you’re not a realtor, then you’re dreaming – buyers aren’t irrational – sellers and their agents often are.
      I’ll give you this much, something we can both agree on:the fair market value of a house is exactly what someone is willing to pay for it. So if someone falls in love with a house, wants its particular location, whatever, then the price he pays is that property’s value, even if someone else – me, for instance – thinks it’s worth less. That’s what makes a horse race.

  11. Shoeless

    Anon = GAR Evil Princess??

  12. You're hilarious!

    “Buyers are not irrational” – don’t make me laugh!
    Like he says, step away from your virtual world, interact with people in the flesh, experience real life and you’ll find people buy houses based on all kinds of irrationality………..

    • Oh those irrational buyers! Just swarming through the pea patch, gobbling up all sorts of crazy-priced houses put out for sale by cagey, sane sellers. Boy, you sure showed me up, buster and I’m glad you did ’cause here I’d been thinking that the sellers sitting on their unsold houses were a bunch of deluded fools – now I see that they’re just waiting for the next batch of suckers to come along. Smart move – hope you’re one of them.

  13. Rude Poster

    Nobody is coming to anyone’s rescue any time soon. The stock market smells something nasty in the air (Greece, all of Europe getting wacked, Japan rolling over, China cutting their gdp predictions for the year, expensive energy, a possible war in Iran, USA govt. manipulating financial data and creating wedge issues to refocus people way from the economy,etc.). Most people (at least those that doubt what they read in the NYTimes) realize that things are not well in the USA and that we can not do well when the rest of the world is in tatters. So, they can sit back and play the waiting game which is much easier to do if you are a buyer rather than a seller. There are buyer’s markets and there are seller’s markets. We are clearly in the former. Anyone that thinks differently should get back on their meds and double the dosage.

  14. Anonymous

    To clarify the price of 29 Pecksland Road: Current price is $4,650,000 for #29 with home and 2.01 acres. Listing priced at $7.3million includes #29 plus the adjoining 2.15 acre lot at #27. Please see MLS 81011 and MLS 81012.