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.