Now THIS Is More Like It…

200 Guards Road, Fabulous house on 31 acres in Conyers Farm: as good as it gets. Last ask $17.5M.
List: BK Bates and Michelle Tesei

Was it only last Tuesday that the Connecticut Post was telling us about the latest Hartford plan to drive out the last remaining profitable business in Connecticut? I believe so, but perhaps because this particular tax plan is actually opposed by the Governor (is that possible?) maybe we can limp along for another year, by golly.

Anyway, today’s big news is that a deal has been struck for a spectacular Conyers Farm property which was asking $17,500,000. A previous broker started it at $27,895,000, carried it through two price reductions over the next year and nine months, but ultimately was shown the door.

I’ve heard it a hundred times, from brokers like Julianne Ward and others, it’s better to just say no to a listing that you know is grossly overpriced. Instead of taking the listing at a crazy price, what you do is this: Make an impressive presentation to the sellers, and include in that presentation a skillful defense of your recommended price.

You will (likely) then be rejected by the sellers, who will instead give the listing to the broker with the crazy price, BUT, a year or two down the road, the sellers, realizing you were right all along, will call you up and appoint you as the second listing broker. That’s where you want to be, that’s how this game is played.

On the other hand, it can be hard to resist one of these big “trophy listings”. After all, your firm gets lots and lots of advertising value from it, you get the prestige boost, which can lead to other big listings, and hey, there’s always the possibility you’ll persuade the sellers to g-r-a-a-d-u-a-l-l-y lower the price, who knows?

I have no idea how things went down with this particular listing, it’s entirely possible that first asking price was the owner’s idea to begin with. In any case, this is a very significant and useful sale. It shows continuing life in the high-end, and in particular, the backcountry high-end.

List: BK Bates & Michelle Tesei