This is getting curious; the spring market should be upon us, yet there’s nothing coming on. Which indicates that sellers are not desperate and won’t sell in a down market, so so much for my theory of impending foreclosures, eh?
Whatever the reason, I’m saving on gas these days. I did travel up north to see why a house that sold new for $4 million in 2000 was now asking $8. The answer eluded me because, other than being ten years older, I saw no improvement. Another listing to forget about and revisit in a year or two. Other than that, nothing.
Looks like I’ll be doing my part to reduce my carbon footprint today. There’s just not much to see out there, at least so far – additions can show up for the next thirty minutes.
We have 38 Dairy Road, a 1960 builder’s colonial on 2 acres, asking $3.595 million; assessment is $2.417 and I’m with the assessor on this one.
14 Glen Road, a nice renovation of another builder’s special, is still at $2.150, an improvement over the $2.650 they were asking in 2006 but three years on, I’m still not enthusiastic.
15 Quail, on the other hand, is definitely getting there. It too started out in 2006, but at $6.250 million. It’s down to $3.9 million today, with an assessed value of $3.5.
In the new listing department, we have that old perennial 12 Mountain Wood Road making a return appearance, still at the same price of $9.750 million. Funny thing, that was the price asked for it way back in January, 2004 and it sold 500 days later, in 2005, for $8.4 million. It’s been asking $9.750 since something like 2006, I believe, while the assessor’s pegged it at $6.205. Your call – nice house.
Looking over the open house list I see little worth spending gasoline on. There’s 3 acres of land with a tear-down house on Lake Avenue, asking $5.6. I’m sure it’s nice land, but I’m also sure there is comparable land for $2 million less, so we’ll let this one sit for awhile. There’s a house way, way north that sold for $2.5 million in 2005, failed to sell at $2.795 two years later so has now been bumped up to $3.250. That might work, but not for my clients.
Then there’s 98 Glenwood Drive, in Belle Haven, which I do want to see. It’s right across from the club’s beach, which is either a plus or a minus or perhaps a little of both, but I’d like to view it at it’s new price of $12.5 million, rather than the ridiculous price of $16.8 million its first broker pegged it at in 2007. I’ve said this before, but homeowners should resist the impulse to label as “insulting” low bids, even if one of the most successful agent in town has set your price. If a mere schnook like me can walk into your house and figure out that it’s at least 25% over-priced, perhaps a buyer who has been seeing the competition has a better idea of your home’s value than your agent does. Perhaps.
UPDATE: contempt before investigation rarely pays off. The Lake Avenue land (471?) is really gorgeous. Three acres, on a lot deep enough to build back away from the road and make the traiffic of Lake pretty much a non-issue. Is $5.6 the right price? These days, probably not and I would certainly advise some hard bargaining but for someone looking for a close-to-town location (this land is just south of the Round Hill Road intersection), it’s a pretty special parcel. There is a house n it, by the way, and you don’t have to tear it down, but whatever this goes for, it’s going for its land value – the house is free, do with it what you want.
Yes, it’s Tuesday again (seems to happen quite frequently these days) so once again there’s an opportunity to revisit old favorites and see what’s new to the market. I will confess that I’m not particularly swayed by brokers’ notes on the open house list calling a new house right on North Street “an incredible value” at $8.995 million, or tired old, over-priced building lots, “a rare opportunity”. What’s a little bit scary is that in my darkest moments I think that the brokers actually believe their own nonsense, which would explain why we’re so far out of adjustment from reality. Oh well, it’s always fun to have a good chuckle before lunch.