You wouldn’t think this was so complicated but apparently it is. This house on Sheffield (off Round Hill Road) was purchased for $3.473 million in 2004 and put back up for sale 18 months later in 2005 for $5.395. Oops! Wrong number. It wouldn’t sell and for five long years it sat on the market, slowly cutting its price until last October it dropped to $3.495 and finally went to contract today. Assessment is $2.7 million so we’ll see how close to that number this sells for.
By clinging to too high a price, this owner road unscathed through the height of the real estate boom, riding it up and following it down. He probably lost a million bucks.
But there may be something wrong with this site, too, because, although the present owners made their purchase within 12 days of the house being listed, the previous sale, in 1996, came only after 1477 days on market. Ow.
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.
This very nice house on Sheffield (off Lismore, off Round Hill) was purchased for $3.473,750 in 2004, renovated by Hobbes in 2005 and listed by Ogilvy in 2005 for $5.4 million. A little more than four years and a handful of price cuts later, it’s marked down today to $3.495 million. That sounds pretty good.