When a broker earns his commission

 

135 Field Point Circle: a perfectly nice 50's colonial, but its time has come...

135 Field Point Circle: a perfectly nice 50’s colonial, but its time has come…Asked $12M, got $10.250M (decent price for a tear-down). Closed 10/2014.

We Greenwich brokers tend to whine a lot, and whine not? Seems like we spend half our time chasing false-leads, tire-kickers, and future residents of Darien and New Canaan.  So when a deal gets signed and actually closes, it’s cause for celebration! Today we celebrate the perseverance of broker Russell “Prune Man” Pruner, founder of Shore & Country Properties.

Russ and I recently *  put a deal together on

135 Field Point Circle, off Greenwich’s fabled Belle Haven peninsula.

Negotiations began over two years ago, the listing then expired, but I continued to show. Pruner continued, too, urging his buyer on. That’s one of the advantages we have in wealthy Greenwich; when customers stick at a price, it’s not because they can’t go up, it’s because they won’t. The difference between can’t and won’t is where the broker’s role really begins. Russ and I engaged in numerous discussions of recent sales, plot-plan details, FAR calculations, etc.  He talked to his clients, I talked to mine. Gradually, achingly slowly, the two parties came closer and closer until finally, around September, we had a deal and it closed October 9th, $10,250,000.

* months ago, but I wasn’t in a writing mood, for whatever reason

 

3 thoughts on “When a broker earns his commission

  1. Not to minimize your profession or the work that you do, but the only reason why brokers’ fees are even arguably conscionable is because not every client results in a completed transaction. Anyway, I assume this house is destined for the dumpster? Imagine the disappointment of guests you invite to your home on Field Point Circle when they arrive at a 50’s colonial. It just won’t do!

    • Anon:
      Minimize away, old chap, we salesmen can take it! Truth is, the general public will never fully appreciate the power generated by a large group of hungry, commission-driven salesmen. “You eat what you kill”, sums it up nicely. Brokers make absolutely nothing, no pay, no expense accounts, no benefits unless they sell something. Even the ones with a high-earning spouse still get caught up with what economist and all-around great guy Larry Kudlow calls “the animal spirits of capitalism”. 1,000 Greenwich brokers all trying to sell your property can make amazing things happen, if only you give them a chance.

      P.S. Yes, 135 Field Point is indeed headed for the “dustbin of history”, as that swine Leon Trotsky might have put it.

  2. Gideon is Field Point Circle a subset of the Belle haven land association, or is it its own community entirely. Belle Haven is gorgeous but I have never got beyond the Field Point gate. I have no reason to assume it is not equally attractive.

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