59 Old Mill Road came on for sale yesterday afternoon priced at $776,000. I knew the house: I had the listing back in 2005, and since it sold for $1.220 in 2006 and was then completely renovated, $776,000 seemed like a totally bizarre price, especially when it has around $2 million in debt on it. But what the heck, I emailed it to clients and I spent the first part of the morning trying to show it today at 10:00 AM. I have finally heard back from the listing broker and been informed that they were showing it all yesterday evening and this morning and have now received enough offers that they feel comfortable ending the showings and cutting off any further bids.
I find it strange that the seller would conclude that he’d achieved his maximum price when a property has been on the market for less than 24 hours, but that’s his business. Shows you, I suppose, what happens when you put a house on at half its expected value.