Price that puppy right!

510 North Street finally sold yesterday for $6,550,000. I'm sure the owners are relieved. They originally listed it, way back in September 2002, for $11,500,000. When they dumped their broker and priced it better (last asking price was $6,850,000), it sold. Quell surprise.

Revenge of the Buyers!
A few weeks back the owner of 20 Partidge Hollow Road conducted a bidding war for his property. One buyer won, others lost, but one of the losers called the owner directly and offered to top the winning bid. The owner accepted that offer and reneged on his deal with the winning bidder. Well, something must have gone wrong because the house has been returned to the market today. I don't wish ill on the owner but the people who engaged in that bidding war in good faith surely must be feeling a certain smug satisfaction. And who can blame them if they hope that the house lingers all summer, now that the spring market has ebbed?

Market Conditions

I've just finished toting up the number of houses that went to contract between May 1 and June 14th of this year and comparing the result with last year's sales activity during the same period. We're about even. 110 went to contract this year vs. 119 last year. 33 under $1,000,000 in 05, 25 in '04. 16 between 1 and 1.5 this year, 33 in '04. All the other price ranges are just about equal for both years - 3 houses in the $6.0 - $7.0 range this year, 5 in '04, 2 in the 8's this year, 0 last year. Top price this year: $18.75 (last asking price-originally priced at $44,900,000). In '04, $15,000, again down from an original asking price, in 2002, of $25,000,000.

So, if we're not booming, we don't seem to be cratering, either.