The Cool House: How $$$$$ much?

Tuesday, October 30, 2007

How $$$$$ much?

Here's a little segment I'll be calling "You have to be freakin' kidding me", subtitled "Denial: How some sellers are bucking the downturn in the housing market".
This pretty gatehouse went on the market this week. It's an "exclusive" which I've learnt means "Anyone else would be embarrassed to ask this much for this house, so let's keep it our little secret". People who really want to sell list their houses on the Multiple Listing Service (MLS) of Long Island so they can reach as many potential buyers as possible.
So anyway, it's gorgeous, but is it $3,000,000 gorgeous? $3,000,000 is a staggering amount for a house that is on a busy road. Right on the road- you can see it in the photo. It is technically a waterfront property but you have to dodge the traffic on that road to get to the water. And there's a lot of inventory in the Village right now. Although it isn't the most expensive or even the most ridiculously priced, the square footage per dollar ratio is pretty high. Zillow has it valued at $1,053,332, although their values don't necessarily sync with the real estate prices here. I mustn't forget either that the real estate market is local and the value of any house is what the buyer pays for it. So maybe while other sellers are dropping the asking price, this one is correctly positioned to attract buyers. Good Luck to them. I'll let you know if it sells.
And I have to give them props for going for the straight $3 million. None of that messing people around with a faux-bargain $2,999,000. Kudos.

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