Is there a rule that says real estate agents have to overprice their own property?

(Photo by EOS)

198 Milbank, a new condo, is up on stage today at a price of $5.995 million. I haven’t seen the place – even pictures of it haven’t been posted yet, but going solely by what other condos on Milbank and East Elm have sold for, I think this one will be around for a while. Just guessing, of course, and maybe this will have sold before I even post on it. Time will tell.

20 Comments

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20 responses to “Is there a rule that says real estate agents have to overprice their own property?

  1. The New Normal

    ask $6mm, then drop it down to $4mm in a few weeks

    33% price drop – enough to attract some unknowing out of towner to pay an above mkt price

  2. Darn, I was hoping I’d get the photo credit!! :-)

  3. PS: at the bottom of that listing, the sellers put in a link to the property website. The background music is worth a few Friday morning chuckles!!

    http://www.198milbank.com/

  4. dogwalker

    If it is a single unit on that property, which I believe it must be at that price, how is something a condo rather than a one-family house?

    And if it is a single unit, the thing is huge. Buildings of some form or another (house/garage/guest house/heaven only knows) cover just about every allowable inch of approx. a quarter of an acre.

    I look forward to your report, if you do go look.

  5. Stanwich

    While you might be right, you realize that it is comments like this that make you highly unpopular among the real estate glitterati in Greenwich. I still like you though.

  6. G

    I can’t tell you how annoying it is to open a website and have music automatically play.

  7. Anonymous

    I will be very curious where all those Milbank and East Elm condos trade down the road. Maybe the rich downsizers will keep that market supported, maybe not? Certainly been a huge transformation over the last 10 years.

  8. Anon

    This week has been too quiet in accepted offers. We may break the record for the lowest number of A/Os per week in a spring season.

  9. Anonymous

    Superb workmanship, very well done

    • Not disputing the quality – although I haven’t seen it, I would expect nothing less at that price – but the price itself. It seems high, to me, for any condo – certainly those Steamboat Rod ones flopped, but heck, someone who’s just sold his Back Country place for a large fortune might want to “downsize” here. Only problem with that scenerio is that no one’s been selling their huge, Back Country mansions lately, but one can hope.

  10. Anonymous

    two mini mansion units dog. crammed in a single lot. quite nice inside. crap location though. 6m woulda been a a dream in ’05 let alone now. unless sandy weill is looking for a home for his maid, forget about anyone paying even 50% of that asking price

    • Well Anonymous (and I do wish folks who want to trash houses would identify themeselves) someone obviously disagrees with you – I refer you the the owner/agent.

  11. Anonymous

    cf 11:35
    i post -and or troll here, using 15-20 or so monikers, i get em confused with the personalities of each one. so its anonymous from here on out.
    ps. i think i’m due royalties as i’m probably resposible for a million or so of your 8 million site hits.

    pss. since we are both ex disciples of the dreaded ‘bullett head’, i feel a kinship, even if you are the only dry one.

  12. jeremy jones

    Well, I typically feel like the optimist in a sea of CF-induced grumblers. On this property, I agree wholeheartedly with CF. From the pictures, the quality of construction looks nice, reasonably consistent feel through the house, and reasonable taste. However, no one is going to pay $6mm for 6k feet with no land in a so-so location. Just never, ever going to happen. I will take the under on $4.25mm on this one . . . (and the “over” on sitting on the market more than 365 days).

  13. anonymous

    Broker/Owner. She should work for a big firm where she’d receive the input of other agents in a competitive firm. Then she’d realize that she’s living in a dream world. The list price is so unrealistic it’s sad.

    • Judging from the prices I see out there, working for a big firm is no guarantee of intelligent pricing. And given all the crap that comes with working for a large corporation (Realogy for instance, owns Century 21, Sotheby’s, Coldwell Banker and Martha’s Pretty Good Rentals), I see nothing to compensate for surrendering one’s soul to the suits. That said, this lady does seem a bit removed from reality.

  14. Anonymous

    Some brokers will agree to anything to get a listing

  15. Anonymous

    So, if you want to live in town, then where is the best location?
    A place to live where driving is optional.