New York Condos
The New York Times recently reported that new condominiums at the former Plaza Hotel are selling like hotcakes at prices beginning at $9,500,000 for 2,000 square foot units. Now I realize that mid-Manhattan across from Central Park is very much not Milbank Avenue in Greenwich, but still, Greenwich appears to be a relative bargain. For instance, if you'd like a bit more space than is afforded at the Plaza, you could trundle off to 230 Taconic Road and purchase Heather Platt (Cleveland, Duble & Arnold)'s new listing: Hobbs built, four plus acres and 14,000 square feet, not including a restored antique guest house, all for a mere $10,500,000. Go for it.

Or, as an Alternative
Kaye Lewis (who has gone out on her own as Kaye Lewis & Associates) has just listed 14 Sunshine Avenue in Riverside for $975,000. I liked it a lot. Very nice back yard, some renovations on a quiet street. Three of the kids bedrooms are tiny, reflecting the house's 1921 heritage, I suppose, but the owners have architectural plans available for a large expansion. Most buyers today shun building projects but if your funds are limited, buying and expanding will produce far more house than one that's already been finished. That's the case here, I think.

On Second Thought
Two weeks ago I wrote that one of the more meaningless statistics compiled by the Realtor's board was the "sales to last asking price ratio". In fact, that ratio (96%, average) does provide some important information because it shows that, contrary to what many sellers believe, an asking price that's too far above what a house is actually worth will deter buyers. If it didn't, you'd expect to see a lower average, reflecting say, accepted offers at 70% of the asking price. What happens instead is that houses sit forever, attracting no offers until their price is reduced to an appropriate level. And then they sell. So here's your choice: place a whopping, ridiculous price tag on your house and see if some sucker comes along (he won't) or price it within five or six percent of its true value (your agent can help you here, if you'll listen) and sell the thing quickly.

Days on Market
Linda Hodge, president of our local association, emailed me to point out that the deceit of "days on market" has finally been addressed and calculations of that statistic will now show cumulative days on the market if a property is re-listed by the same firm within 90 days of an expired listing. Will this rule apply to brokers who delete listings before they expire and then re-list them? We'll see.

Housing Stylist
Ann Simpson has listed 19 Shoal Point Lane and has had it "styled" by Christine Irvine, from Darien (655-1771). I have my qualms about the house itself: its architect made an awful lot of compromises to stuff fifty pounds into a paper sack, if you get my drift, but the staging, or styling by Ms. Irvine certainly made it as attractive as it could possibly be. As I understand the process, Irvine will, for a fee, consult with you and recommend everything from repainting to removing clutter to buying, moving or disposing of furniture. If you think your house could use some of this (and it almost certainly does) call her soon because now (January through March) is the time to list your house and depending on what needs to be done, you'll need a few weeks to get it ready. Of course, if you do go to this expense, please see my previous comments about pricing – there's no point going to this trouble if you're going to price the property at an unsellable level.

Effective Ad
Round Hill Partners just ran a full-page ad showing a large number of its recent listings and the days they took to go to contract. Obviously, not all listings sell that quickly and, just as obviously, every firm could probably create a similar ad for their own listings but my point is, few do. Yet isn't the whole point of this business, to sell your house quickly, at a good price? An advertisement demonstrating prowess at achieving this result is, in my opinion, more impressive than all the gauzy photos in the world.

Mystery House
Some houses languish on the market for reasons that seem inexplicable – their location seems fine, their price seems right and yet they don't move. Carol Davis' listing at 26 Spruce Street, in Riverside is just such an orphan. I like it, and I have since it first came on more than a year ago. A decent backyard, a good street, five bedrooms and a price of $1,835. It was a bit too small for my clients who have a blended family but for a couple with two or three small children, I think it's perfect.