460 North Street
This mansion, across from St. Michael Church, is an outstanding old mansion whose original grounds have been sliced down to just under 4 acres. It last came on the market in April '03 asking $12,500. I was pretty new to this business then so when the cop directing traffic asked me as I was leaving,"what's it going to sell for?" I had no hesitation replying, "at least three million less than they're asking". I was wrong: 18 months later it finally sold for $4,000,000 less but, to be fair to myself, that extra million dollar wallop might have been caused by sitting on the market so long.
In any event, it's back on the market now, after what its agent claims was "a total renovation", for $11,950,000. That may still be too high - I haven't seen the scope of the renovations, but it's interesting to see the drop in expectations from 2003 to now.
Taking a different approach, the owner of 101 Dingletown Road put his house up for sale in June of this year at $5,785,000. Finding no takers he raised his price three weeks later to $5,995,000 and, when that still didn't work, raised it again yesterday to $6,395,000. I have never seen this loony strategy work, so look for this house next year at $12,500,000. It will still be for sale.
Update
I had a chance to tour 460 North Street this morning and I was impressed. The "total renovation", a term used with alarming flexibility by some Realtors, was indeed thorough; the custom, leaded glass thermopane windows, for instance, cost over $1M according to the broker, and I believe him. New roof, new kitchen, new baths, new HVAC, etc., all combine to make this house worth at close to its asking price and certainly closer than it was under its previous owners in 2003. I like its proximity to town and because it's set way back from the street, road noise seemed neglible. Neither I nor any of my customers have this kind of money, darn it, but I can only hope someone still does and is willing to spend it in this market. In past years, this house would go in a heartbeat. It may take longer now.
2 years ago
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2 comments:
Always enjoy reading your comments Chris - and - I wish you would tell us all - on the 'positive side' - ( instead of the 'negative' - priced too high ) on how - we - the owners - can 'help sell our property'!! - Home selling is one 'Major Topic' that concerns most of us here in Greenwich, Ct.
So - how about more advice to Sellers - Chris? Please - once again - don't 'Pass-Bye' the properties that you feel are 'over-priced' - all it takes is the one who falls in 'love-with-it' and if you choose not to show-it - how are they going to 'fall-in-love-with-it - Chris?
Thank you for your consideration!
Looking forward to your 'Positive Advice' in selling our properties' -
Chris!!
I enjoy your comments!
to the Anonymous above:
I always love the "wishful thinkers" who believe that there is the "one who falls in love with it" out there for their house. That if they declutter and paint, and maybe throw a couple of bushes into the landscaping, that some person (read: sucker) from "The City" or "Out Of Town" will not do their homework, and spend hundreds of thousands on the Wishful Thinker's home.
How many times does Chris have to say it: NO AMOUNT of decluttering, sprucing up, etc. etc. will overcome a bad price? If you can wait for that "one who falls in love with it" - then you really don't need to sell immediately.
If someone told you that you had a 90% chance of winning the lottery if you played number 5, and a 10% chance if you didn't - why would you not play number 5? Chris is saying that, 90% of the time, PRICE IS THE ISSUE. If you want to be that one person who holds out for the 10% - be my guest. As a frequent reader here, it is SO frustrating to keep reading comments that maybe, just maybe, Chris will reconsider, change his mind, and say "You're right. Why did I not think of this before? A couple of rhododendrons in the front and put nice knobs on the kitchen cabinets and I am sure that what I *thought* would bring $3 million will most definitely bring $4, if not $4.5".
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