Price appreciation

2 Sparrow Lane sold today for $6.050 million after beginning in June at $6.595. The sellers have nothing to complain about, though, because they paid $4.6 for it in 2021 and did nothing significant to it during their brief occupancy.

Daphne-Lamsvelt Pol represented the buyers, and she tells me that that original price drew no takers, but when the price was dropped to $6.195 in July, multiple bidders came out of the bushes, and Daphne’s clients’ offer won the day.

The sellers might have done better had they started at that $6.195 million price instead of reaching too high and killing off buyer interest. You never know about these things, but I note that back in 2021 the house was put on the market at $4.495 and was gone in four days to these sellers for $4.6. You can always over-price a house, but it’s rare to be hurt by underpricing.

And Daphne should know: Last week, her clients picked up 88 Cedarcliff Road in Riverside for $13.250 million; original price, $25.550. Earlier this summer, she priced 7 Quintard at $4.695 million and sold it for $5.9; and priced her own house at 10 Ben Court $3.925 million, deliberately “I didn’t want to go over $4 and scare off buyers” she told me, “but I was hoping to generate multiple bids. It worked, and sold last month for $4,000,008 $4,408,000. (Fixed typo)

So the moral, as I’ve preached here forever, is to price it (right), and sell it.