My goodness gracious, isn’t this a persistent myth? But like so many myths, it has the unfortunate quality of being a load of bull-crap. Let’s look at the actual facts, shall we?
Recent sales in the Riverside/Old Greenwich sections of town, price range $1,900,000 to $4,000,000, sold or gone to contract since October 1, 2011.
There are 20 properties properties in that range and here are their ages:
202 years, 119, 118, 107, 100, 99, 82, 60, 31, 30, 28, 25,14, 12, 11, 11, 6, 5, 1, 1.
For 20 examples, that works out to an average age of 53.1 years. Even if you strip out the seven that are 80+, you still get an average age for recently sold houses of 18.07 years.
Were they updated? Of course, some very recently (click on the link above to see individual cases), but I think we can officially dispense with the notion that “buyers don’t want old houses”. They do, and they pay good money for them.
Hear that faint hissing sound? That’s the sound of a myth quietly dying….
"Today's buyers don't want OLD!"....except when they do.