There are 73 active Greenwich listings priced $7,000,000 and up. Guess how many have been languishing for 2+ years? If you said 33, you’re right!
So that’s almost half the properties in the top of our price-range, just sitting around, wasting everyone’s time. Each one has a wealthy owner that has gone to the trouble of signing up a broker, who then advertises it, holds open houses for it, shows it, and gets nothing for it at the end of the year. And at least 10 of these properties have been on FIVE years, and a couple are starting their ELEVENTH year!
But why, oh Great One *, you are asking, would a broker take such a dopey assignment? The reason is publicity. The broker knows the place will never sell at anywhere near the price being asked, but those big, splashy print and Website ads for it maybe will attract some actual serious clients. That’s why they do it.
And these non-serious sellers, why do they do it? People at this rarefied level love to start the listing conversation with the words “I don’t need to sell”, and they mean it! They have multiple residences, they’re no longer using the one in Greenwich, so they’re content to have it sit there. Every once in awhile they check in with the broker: “Any action?”, they ask. “Nope”, says the broker, and another year rolls by.
- I like to think this is your nick-name for me.