128 Riverside Avenue Sells For Over Ask (but only $20K over)

128 Riverside Avenue, last ask $995K. Closes today at $1.1M.

128 Riverside Avenue, last ask $995K. Closes today at $1.015M.

List: Joanne Edwards

Sell: Diana Whyte

A persistant myth in real estate is the idea that if you lower your price, you can never go back up. It’s certainly a bad idea if it’s you that’s raising your asking price, that trick never, ever, ever, ever, ever works. But, when it’s the market raising your price, then by all means, stand back and let it happen, baby!

That’s what happened recently at

128 Riverside Avenue, Riverside, CT

It came on during the slow weeks of August, priced at $1,150,000. The market then, such as it was, said, “Ummmm…no”. And there the house sat, un-loved, un-wanted, by a cold, un-caring bunch of buyers.

Finally, in January, the price was reduced to $995,000, and something else happened at the same time, something called the “spring market” (typically begins around Jan. 5th).

The combined effects of having very little competition, along with a new crop of eager buyers, predictably produced a bidding war that pushed the price back up by $20,000.

Clients find it hard to believe that bidding wars can occur at the end of the selling process, but they do. I’ve never seen the market take a property back to the level of the first asking price, but it’s not uncommon to make up some ground from that last asking price.

10 thoughts on “128 Riverside Avenue Sells For Over Ask (but only $20K over)

    • Anon:
      Is that the per square foot number? Hmmm, interesting. But my feeling is, real estate is not valued or sold “by the pound”, so calculations of that sort have limited use…

      • Although not always very useful, I think it is the only real comparable measure across homes because looking at a 3BR/2BA that is 1600 sf versus a 3BR/2BA that is 1800 sf, you can’t say they should sell at the same price if they are, for all intents and purposes, equal otherwise. Trouble evaluating is obviously factoring in location, age, finishes, etc.

        The sf figure is also tough to compare since it seems sometimes finished basements are included and the sf measurements don’t seem to ever be all that accurate in Greenwich.

        What else would you go by?

      • Anon:
        To estimate a Greenwich property’s value, my first consideration is the street history; what have neighboring properties fetched recently? Next, property size is noted, then age of structure and level of updating, if any. Certainly square footage comes into play, but “curb appeal” is very big, too; is the house on a back-lot, down a long driveway, invisible from the street? Is it just plain butt-ugly? All of these factors must be weighed in order to arrive at an accurate assessment (and after all that, you can still be wrong!)

  1. Looks like the close price changed to $1,015,000, so only $20k over ask. Must have been a typo when it was entered in.

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