Low inventory = quick sales

24 Horseshoe

24 Horseshoe

24 Horseshoe, Cos Cob, $1.195 million, accepted offer, 14 days.

22 Nimitz Place

22 Nimitz Place

22 Nimitz Place, Havemeyer, $869,000, accepted offer, 4 days.

I’m not suggesting this as an iron-clad rule, but if you have a property in the $900,000 – $1.5 range and haven’t received at least one offer in its first three weeks on the market, you may want to reconsider its price.

UPDATE:

14 Bonwit

14 Bonwit

And another: 14 Bonwit Road, Riverside north of Post Road, $745,000, a/o. 7 days.

16 Comments

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16 responses to “Low inventory = quick sales

  1. Cos Cobber

    You weasle. You never told us you had a ranch/A-frame fusion home with a hottub and pool! Why are we just learning about it now – after it has a contract!

  2. Anonymous

    saw that horshoe place. weird!

    • I always try to remind myself that, just as that old bit of wisdom suggests, if there’s a word for it, someone’s done it before, a (used) house is being offered for sale by someone who thought enough of it to buy it in the first place. And presumably, someone else will too. Houses along I-95, strange A-frames, you name it, there will be someone whose tastes differ from yours or mine.
      Which is a great thing.

    • Cobra

      24 Horseshoe was constructed in 1966, which may explain it’s architectural eccentricity. Too bad the water beds and whole-house bong network have been removed.

    • InfoDiva

      Weird doesn’t begin to describe that combination of 1970s paneling, granny bedroom furniture, and acrylic master bath whirlpool worthy of a honeymoon suite in the Poconos.

      Just goes to show that you never know what lurks behind closed doors.

  3. D

    If you don’t have many acceptable offers in the first week – you know what’s wrong

  4. Anonymous

    “Whole-house bong network” PRICELESS!

  5. Mickster

    Yeah – under a million is going out the door – see last week alone:
    84325 CCONTR RES 44 MITCHELL PL GR 895,000
    84760 AOCTS RES 51 CAMBRIDGE DR GR 849,900
    84661 AOCTS RES 11 LAFAYETTE CT # 6-C GR 849,000
    84179 CCONTR RES 47 LAFAYETTE PL # 1 GR 769,000
    84514 CCONTR RES 62 HALSEY DR OG 759,000
    84584 CCONTR RES 4 HUNT TERR GR 749,000
    84646 AOCTS RES 303 RIVER WEST GR 700,000
    83935 CCONTR MUL 6 BOOTH CT GR 639,000
    83198 CCONTR MUL 141 N WATER ST GR 599,000
    84731 AOCTS RES 35 EDGEWOOD AV GR 589,000
    84774 AOCTS RES 10 ROCKLND PL GR 539,000
    84651 AOCTS RES 21 HAROLD ST CC 525,000
    84550 CCONTR RES 165 PUTNAM PARK GR 525,000
    81646 CCONTR RES 207 SHEEPHILL RD RV 499,000
    84264 CCONTR MUL 30 COMLY AV GR 495,000
    84580 CCONTR RES 333 PALMER HILL RD RV 489,000
    84262 CCONTR MUL 4 MORGAN AV GR 475,000
    83426 CCONTR RES 58 RIVERDALE AV GR 459,900
    84077 CCONTR RES 30 PUTNAM PARK GR 349,000

  6. Anonymous

    Better panic if you are not at sealed bids by week three šŸ˜„ Seems like the buyers are doing the panicking these days. I wonder if this will spread to slightly higher price ranges. The New Normal was right.

    • It will be interesting to see after
      May: will sellers think they missed the market because they priced too high, or will buyers figure they bid too low? My guess-and it’s only a guess, is that buyers will rightly conclude that anything that didn’t sell this spring wasn’t worth what the owners had demanded, and go after some if them with low offers. Whether owners will agree, or decide to wait and see what fall brings, is the question.

  7. Riverside Chick

    What do you think about the 2 houses on Summit Rvsd? Price ? They look move in ready –

  8. Anonymous

    Havemeyer Park – Here’s an interesting one (going by Zillow).
    11 Macarthur Dr Old Greenwich ct, currently on the mkt for $975k, zillow says it sold for $750k…..July 2012! Doesn’t look much diff. from pictures…perhaps a new kitchen? That’s one expensive kitchen! Curious to see if this sells as quickly as the others…..

  9. J

    Not only is it competitive if the price is right but it’s also getting dirty out there. We had an accepted offer on Nimitz and were later “outbid” by a higher cash offer with no chance to counter from the broker or owners. If the house is priced right it will go fast but just beware off fierce competition and dirty game playing.

    • It sucks when it happens, but remember that an “accepted offer” is completely non-binding. Only a contract signed by both parties is enforceable. That can be handy when it’s a buyer’s market and a buyer finds another house he likes better, but no fun in a market like this.
      If it’s any consolation, I’ve been reporting over the past few years every house that has resold since 2009 after the owner “won” in a bidding war back in the first half of the decade. So far, no one came out ahead. That may change, but bidding wars tend to cause some buyers to lose their mind.

      • J

        Thanks for your reply Chris. It does suck but it does happen and you are right – there was no signed contract yet. Just would have been nice to get the chance to counter. It’s tough out there but I’m confident we will find something. Hoping the market picks up and there is more inventory to choose from soon!