Tag Archives: Bidding war “winners”

Don’t do it!

I posted an article Saturday from the New York Times about bidding wars returning to the Manhattan market. One couple profiled there had several price opinions for $1.4 million but they heeded the advice of another broker and set it out on the market at $1.1. A bidding war broke out and they sold for $1.6. That’s an excellent result for them, of course, but some buyer obviously got caught up in the frenzy and over-paid. In this market, that’s nuts. Judging from recent resales of older bidding wars here in Greenwich, it seems that no one who won such a war back then is still a winner today. Here’s just such an example:

19 Indian Field

19 Indian Field Road

This bungalow on Indian Field Road, one of our busiest thoroughfares and close enough to Chicken Joe’s to be considered part of Cos Cob, was listed for $749,000 in 2005 and sold for $770,000 to a lucky buyer. Early this year he tried to undo his purchase by listing it back for sale at $799,000 but found no takers at that price. Friday it sold for $600,000 (assessment is $579,000). Out-of-town broker and buyer, by the way.

Lesson for today: if you find a bargain that you want, and others want it too, don’t go overboard.

 

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