A year ago come August, a spec builder who chose to represent himself as the listing agent put 11 Cove Road, in Lucas Point, Old Greenwich, up for sale at $11.750 million. I, and commenters on this blog, hooted with derision at that price (and once again, I so regret losing my archives, because otherwise we could all revisit that original post and have a hearty laugh), and we were proved right: latest price cut today puts it down to $7.475.
Assuming it finally sells for, say, $6.5 million, that builder would have paid $162,500 to a listing broker and received in return an accurate listing price, someone to absorb advertising costs, and willing to spend endless hours showing the place, all while avoiding the carrying costs of a project that he'd sunk millions into: $3.5 million for the land alone. But no one was going to steal money from this genius!
Not much else to add; we've been picking on this house for a while now, but there is this: a listing note reminds agents that the project received "HOBI Awards for Best Spec House of 2016, and Best Library".
HOBI ("Connecticut Home Builders whatever" is one of those circle-jerk organizations run by a PR firm, JMC Resources, that makes its money from publishing a "builder" magazine: buy an ad, get a profile. The members take turns giving prizes to one another so everyone can tout their phoney, absurd plaques to gullible buyers. My advice: If you like a house, buy it: if you don't, then don't. A HOBI award might just as well be on the roller in the bathroom.