Open house Thursday – ho hum

I’ll go out, reluctantly, but there’s not much new material awaiting. A couple of houses I haven’t seen, more that I’ve already toured and a handful so overpriced that they can await inspection until next year, when perhaps their owners will have come to their senses. There’s one house on today that has been on the market since May of last year and hasn’t dropped its price a penny. I did see it last May and I, along with all potential buyers, concluded that it wasn’t worth what it was asking. While I admire people who stick to their guns (Charlton Heston, e.g.), owners who defy the market and insist that they, not the buyers, are right, provide amusement only: I can’t sell their house and I’m not going to try.



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11 responses to “Open house Thursday – ho hum

  1. The New Normal

    Lance Armstrong stuck to his guns….until he couldn’t hold out any longer

  2. If you are looking for someone to provide a little amusement, I’ll raise my hand. A friend sent this to me yesterday. I laughed out loud!
    When I was in Wal-Mart and ready to pay for my purchases of gun powder and bullets the cashier said, “Strip down, facing me”.

    Making a mental note to complain to the manager about the gun registry people running amok, I did just as she had instructed.

    When the hysterical shrieking and alarms finally subsided, I found out that she was referring to the correct insertion of my credit card.

    I have since been asked to shop elsewhere in the future.

    They need to make their instructions to us seniors a little clearer! I really liked that store.

  3. ShedLessToolMan

    You will have to be more specific? There are just way too many over priced listings sitting around.. which brings me to my next point.. how do you define a “seller’s market?” I think if you have many sellers with unrealistic expectations and high offer prices and long days on market along with little new inventory and eager buyers and healthy demand.. well, that might be more of a seller’s market if viewed as a whole whether than just singling out one or two overpriced properties.. I am not saying it is here, but signs of it seem to be appearing based on comments and data.. moreover, sel;er’s commission seems to be heading towards 5.3 or 5.2% average.. usually between 5 – 6%.. but, when the balance of seller and buyer is out f whack and seller power increases and seller listings are harder to get than competition for these listings increases.. how can you get statistics on the average sell side commission rate?

    anyway, just a thought.. I see you point out over priced stuff all day long and there are very few priced right homes lately that move fast. and the only other explanation to me is that.. might be a seller’s market of sorts.. think 2006 with lower prices and tighter credit standards..

  4. GreenITCH

    Interesting that a few of the houses that sold .. think one on Hesuted in OG and the otehr on Marks in Riverside , that had been on the market for an extremely long time sold …i mean owners getting more realistic all if a sudden ? i mean its Jan houses arent supposed to sell until the spring

  5. Anonymous

    The key is competitive inventory b/c there is plenty of inventory. I am still amazed how much updating so many of these expensive homes need.

    • Agreed. Lots of overpriced, tired homes that have been picked over and rejected by buyers. A well priced new listing will always stand out in a market crammed with junk, but never more so than now.

  6. Anonymous

    People are sooo picky on these houses. Why does everything need updating? If it works and it is not falling apart, and also is in good condition, pretty much a waste of money for a buyer.

    On the other hand, would make sense for a seller to update if it vastly inflates the price of the house.

    Not sure how that works in Greenwich unless the whole house is renovated or the house is pretty new, like less than 15 years old or so. In NY City, one can do kitchens and baths, new floors and a little wiring and voila, big payoff for under $300,000 in a prewar six, eight or nine. In Greenwich, it probably costs a lot more (like $750,000) to get a big payoff in many houses. if your house is under 15 years old, you may be able to pull a NY City though for a reasonable price and make bank.

    • Anonymous

      Almost certainly dead money putting 750K in a 60s style home. Better off putting in modest improvements to your own taste and living in it almost as is. You can do a lot for 150K.

      • Anonymous

        On my street off of North Street, a next door neighbor spent $750 on an addition to a 1950s house and cleaned up. Got a huge return several years ago. Another house got a decent return on a big renovation to a 1950s house. It is hard to tell if these rebuilds really will pay off though if you are putting in that kind of money today. Quite risky. The guy across the street knocked down a shack and put up a whole big house for $750 several years ago. He has not sold.

  7. anonymous

    Marks could have had a deal a long time ago! They were about $50,000 apart from a deal last spring but they wouldn’t budge on their price and neither would the buyers. The buyers, of course, went elsewhere and ended up buying a better house for less. It will be interesting to see what they finally sell it for 365 days later.