Another Old Greenwich sale

380 Sound Beach Avenue, $2.850 million. The sales report will show an Old Greenwich address for the buyer, but what actually happened here is that the buyers came out from NYC in the spring of 2021, when the market was so hot that everything they liked was gone to bidding wars as soon as they were listed. Frustrated, they rented for a year, hoping the market would cool off.

That hasn’t happened yet, but when 380 Sound Beach came on the market in January at $3.350 million, brother Gideon and I independently called it to the buyer’s attention because, in our opinion, it was grossly overpriced and would not be going to a bidding war. So there was no rush, and when the price finally dropped to $2.895, they bought it at $2.850, $500,000 less than that January opening ask.

I mention all this just to point out to potential sellers that, especially in this market, it is far better to underprice a house a little and hope to ignite a bidding war, rather than overprice, and snuff out all interest.

Just sayin’.