She wore an itsy bitsy, teenie weenie, yellow polkadot …

Price advisor

Price advisor

After nearly six months on the market, 45 Hillside Drive has dropped its price $100,000, and now asks $4.495 million. I suppose the idea behind taking such an itsy bitsy teenie weenie price cut is to signal that the owner is finally willing to at least listen to a lower offer, but the message I get is that, if he wouldn’t budge for six months and is barely budging now, he’s intransigent.

Which would be fine, if the entire market hadn’t been telling him since April that his price was wrong. I’ll pass.

8 Comments

Filed under Buying/Selling Greenwich Real Estate, Mid Country, pricing, Uncategorized

8 responses to “She wore an itsy bitsy, teenie weenie, yellow polkadot …

  1. Libertarian Advocate

    Please send your price advisor over to my joint for market evaluation.
    Like NOW.
    Thanks.

  2. Cobra

    Pun intended?

  3. I can understand thinking you’ll get a hand job for buying a Porsche, but now we are using Sex to sell HOUSES? Or should I say Mansions in my best Thurston Howell III nasal voice.

  4. KMA

    Dude–

    This house is way overpriced on an okay lot and mediocre building specs. Throw in the gal and maybe we can talk.

    your pal,

    Walt

  5. North St Owner

    Totally disagree. This is one of the most coveted locations nowardays, in-town and still a decent backyard for tractor driving lessons. A 0.72 parcel on a R-20 zone allows over 7,000sqft FAR. At the current ask price this represents abt $640/FARsqft. The market price in this area is currently approaching $730-750/FARsqft for a decent build, reason for the discount.

    Sorry this is not your home town overpriced Riverside, where your customers are paying close to $3 million on a no-back yard, no elbow space to the neighbours and a pretty view of the train tracks. I’m an assiduous reader of your blog, but with all due respect, your opinions here are misleading and bias.

    My $0.02.

  6. North St Owner

    Good point. I haven’t seen the property inside, maybe there’s a specific issue on that one, I don’t know. Maybe it has to do with mortgage rates going up over a full percentage basis in the last year or so. Maybe it’s the broker’s fault (isn’t it always? 🙂

    But on a strict comps basis, not even mentioning the unfinished 3,000sqft basement, the number should not be out of line by any means. Current house is “under-built” vs its FAR allowance, so that’s probably why prospective buyers are doing their comps and coming up with a $3.8-4.0M number. Just the land on that property should fetch $2.5M today, plus all building cost another $2.0M. Rest my case.

    However: Vox populi, vox Dei.