I’ve said this beforeBut perhaps you’d like to hear it again, this time from a real estate professor at Columbia, quoted in the New York Times. Professor Christopher Meyer, who studied loss aversion by (would-be) sellers in Boston when the market dropped 30% noticed that sellers refused to drop their price to match market conditions. [...]
Entries from September 2007
September 20, 2007
Where are the offers?
Most sellers with overpriced houses don’t understand why no one extends an offer, at any price on their property. Having spent many weeks recently with a very nice couple who are ready to buy but haven’t extended an offer on anything we’ve seen, here’s my conclusion: unlike, say, corporate take-over targets, houses [...]
September 6, 2007
Market ActivityAugust is usually a pretty slow month in the Greenwich real estate market and this year was no exception. Still, I was impressed how much activity there was. Forty-three houses went to contract during the month (compared to 41 in August ’06) ten of which at prices of $5,000,000 and up ($12,750,000 was tops, [...]
September 3, 2007
Mortgage Meltdown
The so-called sub-prime mortgage market has been taking a beating and dragging down a number of very good companies. But I’m not convinced that recent “solutions” proposed by politicians will do anything to alleviate the situation; in fact, I believe they will only make things worse. One suggestion floating around is to ban variable [...]
