Back On The Market - Now Even More Expensive!

By
Real Estate Agent with Coldwell Banker Previews International

Yesterday I posted the following piece about the a famed Greenwich landmark coming back on the market for resale six months after it closed. It had taken over two years to sell the first time around.

 

GREENWICH REAL ESTATE, Dunellen Hall - The Curse Continues?

Dunellen Hall, one of the "Great Estates of Greenwich" and former home of Harry and Leona Helmsley is back on the market. Originally for sale at $125,000,000 in May of 2008, the estate went through several brokers and numerous price reductions before selling in October of 2010 for $35,000,000.

Now it has returned to the market with a price tag of $42,900,000. Or the additional $7.9 the next buyer gets to customize the new kitchen and baths. Yet as fascinating as this 40 acre estate is, the new price would seem aggressive. You can view it here:

 

http://grw.mlxchange.com/Pub/EmailView.asp?r=1210019061&s=GRW&t=GRW

Some previous owners of this fabled dwelling have come to sad ends or endured significant loss and travail one wonders if these owners will be joining the list. Time as always will tell all.

It got me to thinking; often we see a property coming back to the market with a list price above where it had been just a short time before. It may be listed with the same agent or the next agent. Disbelief immediately arises in most of us. What's different? What's been changed? If it did sell before at a lower price why the increase? Did someone not have a discussion with the sellers?

OK folks, here's how it is:

Real estate agents aren't the keepers of the keys OR the information anymore.

Virtually everything is online and searchable.

Potential buyers will know the listing history in short order.

As a seller, you have already announced to the market an acceptable price.

By raising the price you are telling the market: a. I've made changes to increase value and/or desirability or b. I'm going to be very difficult.

Is this the seller you want to be? Are you the agent afraid to have this discussion? If the home did not sell before at a lower price the market has told you loud and clear its' option of the price. Remember you have to sell the house three time - to the buyer agent, to the buyer and to the appraiser. You would do well to listen.

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