Waiting for Ivan

He's late, damn it!

He’s late, damn it!

A friend/client and I were discussing the phenomenon of two houses on the market, same street, same year of construction, same size yard and house and of roughly equal quality. One started at well above $2 million and is still for sale two years later, priced at around $1.8. The other one – superior, to an objective eye, if not the $1.8s’ owner – showed up last month at around $1.4ish and was under contract in less than two weeks. The unsold one’s price remains unchanged.

My friend sent along this story, with the suggestion that the owner is waiting for Ivan to show up. I think he’s exactly right.

Ivan, a Russian oligarch meets Boris, his oligarch buddy. Boris is wearing a beautiful silk suit and Ivan asks – “Boris, where did you get this beautiful suit and how much did it cost”? Boris replies “I got it in Spantinskaya Square and it cost $8,000”. “You idiot”, Ivan responds, “I bought the exact same suit just across street for $13, 000!”.

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One response to “Waiting for Ivan

  1. Mickster

    Greenwich is full of buyers and sellers who know better than their realtors and the market. It’s not exclusive to this Town. The phenomenon is universal.
    BASIC RULES OF THUMB:

    Sellers, if you’re not getting showings, you’re much too expensive. If you are getting showings but no offers, you’re not crazy expensive but do need to reduce you price. This SPRING MARKET IS OVER.

    Buyers, don’t be waiting for 5% reductions in house prices while you mortgage costs increase by 15% – 25%