A 3% price cut? In this market? Someone's being stubborn

After 14 months at $5.995 million, 74 Rock Maple Road, off Stanwich, has cut its price to $5.795. It’s a very nice looking house, and I’m a bit surprised some New Yorker hasn’t grabbed it before this, but if you can’t sell your house at the price you’ve set, in this record-breaking market, you might want to listen to that market: you’ve overestimated your home’s appeal.

A refusal to budge off a price for over a year sends a signal that the owner doesn’t want lower offers, and that usually achieves its purpose: no one bids on what they think is an overpriced home. So it’s possible that today’s grudging, minimal drop is also intended as a signal, this time that lower offers will now be considered. And that might work; I’d have been more aggressive, though.