A reader suggests that the Pecora’s new construction on Cognewaugh, now priced at just $3.150 million, should attract a buyer and of course he’d be right if this were last year. But what’s the right price today? I think everyone: buyers, sellers, agents and even appraisers is at sea right now. I toured a house today that was on a great street, very desirable once and probably still today. The house itself was, to my eye (viewing it as my current brace of buyers might) a bit cramped and too spread out. I thought it was overpriced by a million – the selling agent suggested that at its price, “it would never have lasted last year.” I think she’s wrong; I think she would never have reached this price in even the strongest market but the real point is that I don’t think she or her clients have accepted today’s reality. She sounded resentful that it hasn’t sold and if she is, her clients probably are too.
If they ever existed, the days of pricing in the stratosphere and being confident that, if the address were right, someone would pay it, are gone. When sellers finally realize that, we’ll start seeing movement in our inventory. Until then, we won’t.