On the run since 7 this morning and no time to post until now but obviously I’m not the only agent who’s busy. The difference is, some have been more productive than I. One sale reported today, and four contracts. That’s nice, but it’s interesting to see the histories of these properties.
19 Dingletown Road sold for $1.6 million in 1998 and was listed for sale again, untouched so far as I could tell, for $2.495 in 2008. It sold today for $1.6 million, so at least it provided symmetry to the seller, if not riches.
510 North Street, a grand old, tired brick home (1924?) on 2.8 acres remaining from its original land, was listed by David Ogilvy in 2002 for $11.5 million. The Ogilvy magic wasn’t enough to overcome the demerits of the house but it did finally sell after a few broker and price changes for $6.550 in 2005. The buyers renovated and put it back up for sale this past May with Shore & Country at the very smart price of $5.995, and already has a buyer.
407 Sound Beach Avenue, new construction was listed at $3.995 a long time ago and finally dropped to $3.350. It, too is under contract.
65 Meadow Road in Riverside started at $4.750 an recently dropped to $3.995 and has a contract today. My guess, and it’s just a guess, is that it’s selling for around $3.5.
143 Otter Rock in Belle Haven has been for sale practically forever, starting at $6.2 million in 2002 and ending up today, again after many brokers and price changes,with Katharine Adams, at $5.395. And lo, a contract.
Finally, 14 Ben Court, in Old Greenwich, was a land deal priced at $1.495. I’d pegged it as worth maybe $1.1ish but 24 days after being listed it has a contract so it shows what I know.
But, looking at these histories, it’s clear that with the exception of Ben Court and 510 North Street, all these sellers endured long, long periods where their houses were on the market but not selling, all because they were chasing illusory prices. As the previous owners of 510 North would probablyagree, overpricing your house ends up annoying and inconveniencing you with no concomitant reward. What a bummer.