Open house results

4 Middle Way in Lucas Point is pretty nifty, even at $5.1 million. Still gorgeous after a century and brought up to date with charm and quality. The yard will probably not appeal to a young family: there is none, as it’s been transformed into gardens, koi pond and a pool. You could, if you insist, dig up the beautiful specimen plantings and create a play area (why bother? Your kids will be inside playing video games or away at travel ball anyway) but if you do that you could ensure a warm welcome from your new neighbors by inviting them to come over and dig up what you don’t want. $100,000 or so of free plantings will endear you to the wiser people around you.

I saw another house (whose identity shall be omitted to protect the foolish) that was nicely updated and in good condition on a pretty good street. I thought it would be worth sending its listing to some clients of mine who are looking in the $1, $1.1 range but when I got to the kitchen where the listing information was I saw that it’s been priced at $1.5. Maybe it will sell for that much, but I’m not bothering to mention it to my buyers. I think it’s a stupid price.

9 Comments

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9 responses to “Open house results

  1. Cos Cobber

    Fine CF, but there is nothing i dislike more about a broker than when the broker hides listings from me. i want to see everything and show it to me with your honest opinion.

    • Good point, but it depends on the client – some don’t want to be buried with dross, others enjoy wading through the stuff to see for themselves. So I adjust my communications as necessary.

  2. D

    I agree with CC… but I’m a wader.

    Is your pricing comment about 35 Midbrook??

  3. Newbie

    Is it 35 Midbrook? I would be surprised as CF said he liked 15 Midbrook back in April, and that was listed at $1.39 (at the time). 35 Midbrook is nicer then 15 but probably not $100K nicer.

    • Well if 15 Midbrook doesn’t sell at its (relatively) low price in three months, then my opinion of what’s a good price for that particular street should be adjusted. As is pointed out to me all the time, and as I freely admit, I’m just one schnook among many and I can only guess at what price will move a house. Sometimes I’m right, often I’m wrong, but paying attention to market data usually cures the latter.

  4. D

    Yeah, not sure about relative pricing, but definitely safe to say they’re both asking too much. That street can’t push that far for renovated product. A little over a million in their renovated state is likely right given historical sales.

  5. Newbie

    Lack of inventory in the under $1.5M range that is move in ready may drive these Midbrook sales. Seems like a decent street and gives you the Old Greenwich address with a decent piece of property.

  6. xyzzy

    First price cut, too small if they haven’t gotten a decent bid yet.