So what were they thinking in 2007?

125 Pecksland Road

195 Pecksland Road

195 Pecksland Road has a new price, $3.685 million, and notes that it now sports “a fabulous new master bedroom suite” and a new kitchen.  That sounds very nice, and the price looks attractive, but if all that new stuff now makes it worth $3.7, what on earth was the justification for pricing it, pre-improvements, at $6.250 million back in 2007?

Another demonstration, if one were needed, that the authors of Freakonomics were wrong to conclude that real estate agents not only price their own homes higher than comparable homes, but get those higher prices.  In Greenwich, at least, agents are notorious for overpricing their homes, but they never get what they think it’s worth. Emotionalism beats objective assessment, every time, just as it happens so often with normal people.

2 Comments

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

2 responses to “So what were they thinking in 2007?

  1. LMNOP

    Odd set of photos. The new master bath is so new they haven’t hung up toilet paper or a towel and nothing is in the closet yet a couple of other photos lead me to believe they were from the old listing. Is the house yellow in the back?

  2. Stanwich

    Dare I say this house seems like a good value?? Or perhaps I am underestimating the discount needed to sell ’80’s construction?