Cognewaugh sale

326 Cognewaugh Rd

326 Cognewaugh Rd

326 Cognewaugh asked $1.275, sold for $1.250. This is a 20-year-old modular, cheaply finished, on mediocre land on a hard-to-navigate street. The fact that it sold in just 90 days, as I warned my own client it would, says something about the dearth of inventory at this end of the market. The listing broker wisely included no interior photos, but trust me: this house could use some serious upgrades to its amenities, including a new kitchen, respectable moldings and replacement of its one-piece fiberglass bath stalls.

On a similar discouraging note, today is open house day for all properties east of North Street and I can find nothing new or well-priced enough to lure me out despite having clients who are still eager to buy. There have been dozens of price cuts in the past week, but all to houses that were overpriced to begin with, so my reaction is “doh”, rather than delighted surprise. Besides, even with those price cuts I don’t think they offer value. I am not infallible of course, but my initial reaction to the asked-for prices has been borne out by the market reaction; we’ll see if I’m wrong this time.

As an aside to owners, the time to have lowered your price was last September, even August, when there were plenty of buyers looking to get into new homes by the start of the school year. You’ve let that market pass while you clung to your illusions and now all that’s left is a pool of buyers who are in no rush and under no pressure to overpay. Look for me on your doorstep over the coming months. As a guy who is (still) my friend said after I came with a client for his grossly overpriced house,* “here comes the grim reaper, but at least now I’ll sell it.”

And he -we- did.

* To be fair to my friend, he had, smartly, dropped his original “take-a-flyer” price rapidly and repeatedly by the time I showed up dressed in black with a scythe on my shoulder.

25 Comments

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25 responses to “Cognewaugh sale

  1. Patrick

    That’s a good amount of space in that house since with the basement you’re looking at 3,800-4,000sf. $200k can transform a house, particularly if it has good bones. North Street school district too. …not a bad price.

  2. LMNOP

    Zillow has photos of the interior; also shows that the owner tried to sell on own in July at $1.350. Hired realtor in September so it really didn’t sell in 90 days.
    http://www.zillow.com/homedetails/326-Cognewaugh-Rd-Cos-Cob-CT-06807/58788084_zpid/

  3. Midcountry

    The town assessor got the price right here. Kitchen does not look bad. One question is at what price point one should go for the built in fridgie and high end appliances. I think this is not it. In a house that is a litte more pricey, yes.
    One question homeowners face is whether to renovate an older house.
    Even with a full renovation but no design changes, renovations may not increase the value of the house.

  4. Midcountry

    The Zillow listing by the way does not get the same exposure as an MLS listing. You sell your house on Zillow at your peril – you may not get as good a price. I am not a realtor and not connected in any way to a realtor, but this is my experience.

  5. Patrick

    I sold my house in one week by listing it myself on the open MLS – for $389. This is more about price than exposure. In this market as long as you are paying the buyer’s commission and the house is priced right a self listing on the MLS should work.

  6. Patrick

    MLS listing fee was $389…house sold for $1.250mm

    • I wuz teasing, but congratulations, and I wasn’t kidding about my agreement with you: set the price right, offer a commission to an agent who brings you a buyer, and you’ll do fine, as you just demonstrated.

  7. James

    I went into the house and passed on it because the land was mediocre at best. Even with a 500k reno this would be a very difficult house to get $2 for in a few years. There is little privacy and a very small backyard.

  8. Fluid Grid

    For 1.5 you can have brand new in NOPO
    Ok, 1.8
    And you get better schools

    • Cos Cobber

      There is brand new in NOPO at 1.8? Maybe in 2012, but these days hasn’t it all moved into the low 2s for new, and maybe 1.8 for mod-rehab?

    • Anonymous

      And a tiny lot, with no privacy, and neighbors that park their cars in the front yard, in an ugly, inconvenient part of town.

  9. Fluid Grid

    But, there are a few tear downs full of weeds, dark, dismal and having nightmares of bulldozers.
    I’m sure they are about to strike, and we’ll watch the Pre fab madness get underway is winter just in time for a March 1 listing.

  10. Anonymous

    i’ve spent the past 6 years rehabbing various fixer uppers and it sucks ass. genuinely. never again. yeah i’ve added a lotta value and blah blah blah. but, i’ve aged. considerably. this latest round of city codes this and zoning that, forget it. i’m done.

    patrick’s comments about offering seller agent split is spot on. offer it and they will come, gmls be damned. that thing is archaic and only serves to benefit its own master, not that of the public market.

    next time i buy something, i’ll thank the sucker who did it for me in advance and is getting maybe 2/3 of their money back.

    • Midcountry

      I don’t agree. I think you get more exposure and the highest price going with the Greenwich MLS. That is not to say you cannot sell with a lower commission. It may not be at the best net price though if you go outside Greenwich MLS. You will never know.

  11. Anonymous

    I’ve dealt with rentals on GMLS vs. MLS, and the former adds absolutely zero incremental value. None, zero, zilch, nada.

    Maybe GMLS helps sellers in the $2MM+ range (I’m picking a starting point at random), because the buyers agents, with cash clients, in that price realm are just that much more snooty and even more lazy than most, unwilling to go the extra keystroke to see what else besides their listing office or GMLS feeds them.

    • Rentals are best left to Craig’s list. Generally, agents take them only as an accommodation to clients and buyers reps only look at them when they have a buyer who needs to rent before buying or while building. It’s as much effort to show 25 rentals as 25 homes for sale, and the payoff is zilch. So why pay a commission to an agent who doesn’t really care, when you can do it yourself for free? And do the agents a favor: we certainly have no desire to schlep out all hours and days of the week to show a rental that you can as easily show yourself.

    • Midcountry

      If you are a seller’s broker and you get an unknowing client to waive the Greenwich MLS by putting that piece of paper in front of them, telling them they do not need Greenwich MLS – clear breach of your fiduciary duty as a broker. I am not a broker or connected to a broker. I call that fraud because you are reducing the seller’s chance of getting the highest possible price.

      • Agent has a fiduciary duty to expose the listing to the full market. Not listing on the GMLS, which 100% of all Greenwich agents use and – just guessing here – 75% use exclusively, is not exposing the property to the full market. Readers may hate the GMLS, or may point out that truly industrious agents will check the Connecticut MLS, Craig’s List and the Bangor Daily News, but hate it or not, the bulk of the market is on the GMLS. If your agent / broker won’t spend $500 (or whatever) to list it there, he’s bullshitting you.

  12. Anonymous

    I disagree, or at least would like to point out that not every agent thinks that way. On 2 rental properties I once owned, the agents I dealt with cared about the long term relationship, and they made money off of me 3 ways: as my buyer agent, as property manager, and ultimately as listing agent.

    They desired to have that business, and they got paid well for it. Does it take more work than just waiting for plain ol’ buyer or seller clients to fall in their lap? Sure does.