I have a good selection of clients spread through the bulk of the Greenwich price ranges ($1 – $4.5 million) and I’ve grown as frustrated as they are by the lack of what we perceive to be reasonable prices. For instance, there are houses perfect for my $1, or perhaps $1.2 clients, but they’re all priced at $1.695 and above. Their owners may think that’s an appropriate price but comparing them to houses that have sold for $1.3, for instance, these are clearly worth just around a million. But we won’t bid.
It’s the same situation all the way up the price scale. $4.5 houses still asking $5.9, $2.5 asking $3.75 and on and on. People like Mad Monkey and my brother Gideon are positive that it’s the buyers who are wrong but I disagree. More important, the buyers are the ones with the checkbooks and theydisagree. It’s all reminiscent of the Antares fiasco; many of us saw it coming but they kept staying alive, year after year, proving us wrong, until we were right.