Teensy Little Bidding Wars

Time was when I had so many big, $3M+ listings, I would privately refer to my lower-priced listings as “cheapies” (or worse expressions). But life has a way of slapping the arrogant upside the head, and the day came when the big listings stopped selling, and I was oh so glad to have those little “cheapies”, which continued selling nicely.

Not merely selling nicely, but going gang-busters, in fact. In the last 6 months, we’ve seen 55 sales of properties priced  $300,000-900,000, with 11 of those selling for over ask, and another 11 or so selling at ask*. That’s good business.

Here are those 55 sales of Greenwich cheapies.

These 11 went over ask.

12 Linwood Avenue, in Riverside, going way over the ask of $679,000 (closes Monday).

12 Linwood Avenue, in Riverside, going way over the ask of $679,000 (closes Monday).

* Not to second guess my fellow competitors, but when a property sells for ask, I’m pretty sure you could have gotten a bidding war going, with a bit more effort.

9 thoughts on “Teensy Little Bidding Wars

  1. Linwood is really, really cute. Except for the likely highway noise, it seems very, very underpriced, even if the buyer wants to renovate totally, which of course, no one needs to do.

    • Anon:
      I’d guess most of them will not be torn down, mostly because the lot sizes are small, and the neighborhoods don’t justify a very large investment. The property pictured, 12 Linwood Ave, might have been torn down, but the seller insisted on selling it only to someone who would “use the existing house”.

      • I can understand that, especially if it is the seller’s mom’s house. Some houses are teardowns and the sellers do not care. Linwood has very good bones, and the kitchen and baths are charming (the remodeled versions will look worse, not better), so why tear it down?

  2. Legally, I think it’s difficult if not impossible to require someone to use the existing house. With just one bathroom and only 1100 sf, it will probably be torn down at some point. Plus, did they really care if the description specifically indicates “HOUSE SUITABLE FOR EXPANSION/RENOVATION OR BUILD NEW.” How much over ask is it going for?

    • Anon:
      12 Linwood closes Monday, so I’ll provide more information at that time. As for “requiring a buyer to use the existing house”, I suppose a very determined seller could place a deed-restriction on the property. But typically, sellers who care, have to rely on the word of the buyer that the house won’t be torn down.

  3. Way off topic, but well worth it..
    Gideon, how much time should I leave for my arrival in St. Maarten to my winair flight over to st. barths?
    I havent been in years (damn kids)!
    But we are finally headed back in Feb.
    Hows SXM airport? Any better on timing?

    Thanks Gid,

    ttys

    -Mike

    • Big:
      Dude, you’re blowing my cover! I rarely go to St. Barth’s, that’s just a Christopher Fountain spoof. But anyway, the last time I went, my various private jet options unavailable, I flew American to St. Maarten, then hopped on one of the (every hour) single-engine propellor planes that completes your journey, in about 5 minutes. If you miss one, another will be there soon. P.S. The infamous “final dive” into St. Barth’s is indeed hair-raising, but the pilots seem to know what they’re doing.

      • Gid,
        I think CF definitely talks about your journeys to SB FWI’s more than most, but last time I saw you…a few months back, you had just returned from the home of Saline beach….so, I figured you were the man to ask!
        I’ve always flown win air in the past.
        I’m sure they will plop us on one of those planes…
        I can’t wait to see the look on my kids faces when we “final dive” into paradise.

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