Pricing
There were 26 price reductions reported yesterday, compared with 2 contracts. Not an encouraging ratio. One reduction that caught my eye was for 4 Old Round Hill, a big, almost new mansion just off of Round Hill itself. This place was originally priced in May '06 at $14,500,000 and slowly dropped to $12.5M a year later. Still unsold, the seller increased its price to $13.995M the next day; not a tactic I'd ordinarily recommend. It's been dropping ever since and yesterday took another hit, coming down another million to $10.9. So two years after first being offered for sale, it's still unsold and is now $3.5M less. The first price was obviously (in retrospect) too aggressive, even for the 2006 market. In today's market, the new price may still be too high. Somewhere in the past two years, I suspect, a realistic price would have moved this house but now, who knows? It's a very nice house with a great location and yard, but is anyone buying?
1 year ago
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3 comments:
Yes - good point - Chris - where are the buyers - could they still be on vacation - or just waiting out the rough times - however - there still is a-lot of corporate activity going on in Stamford - and I would think there would be some home buyers looking before school starts.
Keep us posted - Chris - will continue to stand bye and stay tuned!
Is there a way for a "regular Joe" to see the 26 listings where prices were reduced? Or must one go through a realtor?
So far as I know, you "regular Joes" are kept in the dark on such things and, naturally, that's the way we like it! In our defense, we Realtors each pay thousands of dollars per year to maintain the Greenwich Multiple Listing Service and, while active listings can now be found free on lots of websites, ranging from Raveis.com, Realtor.com or Zillow.com (I don't recommend that last one - not yet, anyway)price reductions, unless advertised, aren't out there. Neither is the entire sales history of each house or our professional opinion of the property in question. Buyers can tap into all that knowledge for free by using an experienced agent ok, I suppose the commission is built into the sales price but these days, that's not necessarily true).
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