Motivated Seller?

24 Field Road in Riverside. Started at $5.295M, now offered at $4.795M.

24 Field Road in Riverside. Started at $5.295M, now offered at $4.795M.

There are phrases we brokers like to over-use…”location, location, location” is possibly the worst offender. It’s the punch-line of a trite little saying, “What are the three most important considerations when buying real estate?”

Then there’s “This won’t last”, “Owner says SELL”, “Spacious and gracious”… all rot! Garbage! Tiresome, hackneyed clichés! Do not use these phrases.

Having said all that, I’d like to use another one, almost as bad as the above…”Motivated Seller”. I use it to describe the owners of 24 Field Road, Riverside, CT. They paid $5,350,000 back in 2011, now it’s offered at $4,795,000. This is a Sound Beach Partners creation and, like all their stuff, it is superior quality and design (they have three, or is it four, going up right now on Club Road and vicinity).

P.S. This price-reduction will inspire one of my readers to exclaim: “Ah HA! See what happens when you buy a spec house? You lose money!” but the reader will be wrong. These folks bought the house when it was five years old, now it is ten years old. But they’ve updated it beautifully, so it looks fresh. Here’s how it looked back in 2006.

Alternative link, in case the ones above are disabled…

24 Field Road

 

 

4 thoughts on “Motivated Seller?

  1. So your point is that these people will actually lose even more money than the difference between purchase and sale price, since they also invested money renovating?

    • Ay-Non:
      Er, no, although what you say is true, the only “point” is that what we have here is a motivated seller. As for losing money, yes, you can do that in real estate, particularly when you buy new or nearly new. There is, understandably, a premium paid for new-condition. And one last observation: this house was “freshened”
      with white paint over dark wood, in the kitchen, and elsewhere. Smart move, and not expensive.

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