Well of course they are, but a salutary effect of new houses coming on that are priced intelligently is that they’re forcing owners of old, stale listings to do a reality check. Some owners are stubborn, of course and sit in their unsold homes scowling, “nobody’s gonna steal my house!”
Other owners are getting the drift. Just to cite two examples, 11 Mountain Wood, priced at $6.250 million three brokers and three years ago, is currently asking $3.3 million. It still hasn’t sold, but an agent won’t feel like a complete fool showing the place now.
34 Sheffield Way
The sellers of 34 Sheffield Way, off Round Hill, paid $3,475,750 for the place in 2004, paid Hobbs what must have been a fortune to renovate it and put it back up for sale in 2005 for $5.395 million, where it didn’t sell. Five years later it’s down to what they paid for it: $3.495, so all of that renovation is tossed in free. The house may or may not be to your liking, but the price is certainly reasonable.
And so it goes. If this keeps up, we’ll have a vibrant market again, I hope.
11 Mountain Wood Drive
That’s how today’s open house schedule describes the owners of this property, now marked down to $3.3 million, and well they should be, after 2 1/2 years of trying to move this thing. This was a nice house, custom built in the 1970s and completely obsolete by today’s standards. It’s on two acres off Lake and not too far from town, period. So where was it priced originally back in 2007? $6.25 million. No buyer is that dumb, but the price hung up there for years, through three different brokers. The owners tried Sotheby’s, then The David Himself, and now Raveis but the house wouldn’t sell, despite beautiful gauzy ads in Greenwich Time and Greenwich Magazine and salesmen who, to quote one illustrious broker, “sell our listings; they don’t ‘show’ them.” It was the price, stupid, and now that that is approaching the assessed value of $2.493, maybe this will finally move. No advertisement, no matter how beautiful, and no salesman, no matter how skilled, is going to sell your house for twice its value and if you’re told that’s not so, you deserve to wait, sucker. Time motivates even the most stubborn seller, eventually.
I’d say realism, in this case. 11 Mountain Wood Drive is back on the market, now listed for $3.750 million. It’s a 1978 house on two acres that was originally listed for what I thought the laughable price of $6.250 million in May of 2007, eventually changed brokers and was relisted for $4.950 in ’08, and now here it is again, still another million lighter. Original listing showed 4,072 square feet, now it claims 5,922, all without benefit of a renovation or addition. Gotta love those rubber rulers!
70% rule has it at $2.493 million, just if you’re counting.