So said a noted realtor recently when asked how business was. The lack of results for all that activity (on everyone’s part, not just this one broker) may be explained by the reluctance of sellers to acknowledge the new reality of the market. From time to time, I like to point out examples of where the market is today and here’s one more:
200 Lake Ave
This beautiful old (1889) house was purchased for $1.975 in 2003, extensively renovated in 2004 and placed for sale in 2006 for $2.850 million. It hasn’t sold, despite its charm and now, three years later, it’s back where it started, pre-renovation: $1.995. This is reality, the rest is just clouds in your coffee, as Carly Simon once sang.
392 North Street
This is a great old, 1900 house that’s been renovated over the years. It sold in 1999 in just 24 days for $2.650 million. The new owners added a pool and maybe some other things and sold it at full price in fifteen days in 2003 for $4.2 million. Nice work, if you can get it. Those buyers, in turn, tried tacking on a bit more profit and offered it for $5.850 million in April, 2007. I thought that was a ridiculous price but who cares what I think? Buyer’s opinions do count, however, and they must have giggled up their sleeves too, because despite the finest Greenwich Time advertising money can buy, it didn’t sell. (There’s a lesson there, if you’re interested.)
It’s been kicking around for awhile with a new broker and today, freshly shorn of yet another $500,000, it’s back as a “new” listing, for $4.495 million. That would seem to be very close to its 2003 price, by my math.
566 Riversville Road has just been reported as “pending”, which is a little short of “contract” – there are probably some contingencies still outstanding – but encouraging all the same. The sellers bought it for $3.5 million in 2003, performed some renovations and put it up for sale again in May, 2008 at $5.295. This past February they dropped its price to $3.695 and, as noted, a buyer has appeared. Not a home run, but a sale’s a sale or, as some wise person once observed, “when ya gotta go, ya gotta go”.