Buy in haste, repent at leisure

Back on April 5, 2023, someone agreed to pay $3.601 million for 123 Parsonage Road, which had been priced at $3.3. The property was touted as a suitable candidate for full renovation or replacement, and many would-be builders obviously agreed. But now the “winner” of the resulting bidding war has changed his mind about the wisdom of his purchase and put it back up for sale at $3.750.

My initial reaction to this display of buyer’s remorse would be “if someone else doesn’t want it, why should I?”, and I’d be inclined to go back to that original price of $3.3, rather than pay $194,000 more than this seller paid for it. But then, I’m not in the market for a building project, so what I think is irrelevant; it will be interesting to see what actual builders and end-users think.