A reader asked for a survey of unwanted spec houses for sale on North Street. I found five active listings (plus a bunch of expired which may soon be back).
480 North. Original price $9.5 million, now $5.495, for sale since July 2006.
504 North. Original price 11.75 million, now increased (?) to $11.995, for sale since November 2006.
537 North. Original price $9.995, now $8.25, for sale since May, 2006.
620 North. Original price, $6.390, now $6.4 (?!), for sale since April 2008.
969 North. Original price, $12.750, now $11.5, for sale since July, 2005.
My guess, based on driving around town and seeing a number of jobs nearing completion, is that we'll see more, rather than fewer of projects like these coming on the market. That can't be good news for builders.
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7 comments:
I agree - it is very quiet for every-one - who wants to make a 'Major Purchase' with all the 'Big Mess' that is going on!
Yes - keep the faith - and let's pray that this 'Mess' will be over soon!
Who to blame? - both parties in Congress! Yes - our government has let us all down - again!
Why is 'North Street' so 'Popular' to the 'Rich' - Chris?
That thumping sound is you beating that poor dead horse over and over again. Alas, I do enjoy the fact that you bring to light the most egregious examples of broker mis-pricings.
Chris, since you are not the most popular realtor in town, you might consider adding broker names to these creative pricings!! It would make it oh-so-much easier for your readers to see who the idiot brokers are without having to look up the listing.
Perhaps because the houses are close to the road and everyone can see what an important house you live in?
Anonymous at 4:56:
It's not "the most egregious". Just looking at the Raveis and Sotheby's sites, I would say more than 50% are bizarrely priced. Of the "spec" houses, I would say that number is more like 75%. These mispricings are the norm, especially now in a fast downward-moving market.
Typically in markets, prices are very fast to go up, and very "sticky" on the way down (see gas prices, for example). What is happening now is the prices are way too high for the current reality. Therefore, while it may seem like Chris is being repetitive, what is happening is that there are MORE listings that seem out of whack versus a year ago because the market has changed so dramatically but seller/builder thinking hasn't.
It is a cautionary tale, not a "dead horse beating". I think the more information we have, the better off we (as readers and potential buyers or sellers) are.
Current Equity Analyst
Well said - I agree - keep the faith - and keep us posted on those that are priced to sell in Old Greenwich and Riverside - under 2 Mil - is of most interest to us - thanks again - Chris - do not let the 'Negative Comments' get you down - you doing a great service for all of us!
Good Point About the homes on North Street - yes - you are right - the 'Rich' like to 'show-off' - that's for sure - close to the road - and 'I got mine' - ain't it beautiful!
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