Another moment of
brilliance
21 Topping Road, 27 acres in the Back Country just east of the Helmsley place, has been offered for sale since August 2003 for $37.5 million. No one seemed impressed with that price so the sellers have switched brokers and brought it back on the market for $49.5 million. If that doesn't work, perhaps they'll raise it to $125 million so they can be just like Leona (her place hasn't sold either).
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5 comments:
All kidding a side is there any logic behind the higher list price? What do the new listing agents say when you go to them and point out it didn't sell at the lower price?
I really don't know the logic. I've heard that if house buyers start their computer search at a certain threshold - $2.995 million, say, and go up, they'll miss your house at $2.75 million but that's not convincing to me. As for what agents say when it's pointed out that the previous price didn't work, I'll make it a point to ask next Thursday and report back.
It would be interesting to know how many brokers have walked away from a listing knowing that the owner is looking for WAY more money than the property is worth.
Claudette Rothman
Follow up - I asked my brother Gideon, who's been in this racket for decades, why anyone would do this. He confirms my theory that Realtors can think that they're missing a price range during computer searches but then points out that the tactic so rarely works that we all stop in awe and wonder when it does. "Why try something with such a poor track record?" he wonders, and so do I.
Claudette - the answer to your question is, "not enough of us". I've taken, to my sorrow, a couple of listings that I felt were way over-priced, on the silly reasoning that eventually the owner would see the light and lower his price, netting me a sale. What usually happens is that the owner forgets who suggested the price in the first place, gets mad at his agent and re-lists with another broker who drops the price to where it should be and sells it. I try not to succumb to this tempation any more but, judging from the many over-priced listings out there, many of peers still do it.
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