“May you live in Interesting Times,” is not the Chinese Curse it’s supposed to be (Wikipedia, anyone?) but it should be someone’s because right now it would explain a lot.
Which brings us to Real Estate.
The Lesson Is, There Is No Lesson
Get two agents together and you’ll get three opinions. Everything’s selling. Nothing’s selling. There’s nothing to sell.
No lesson? Not if they won’t learn.
The lesson that matters is an old one: At the top end, what’s good is selling. We’re seeing EOI’s at $18m selling before an agent can blink and buyers ready to go 10 figures above our advice to get their foot in a wanted door.
Buyers are there in the long grass. Tigers in the night, ready to pounce.
Lessons not learned.
Somers. $6m quote. $9m sale.
A seething horde of under-bidders who won’t go near that agent again, at any price.
The value of Pinocchio’s nose just went up to $3m.
Consumer Affairs? Are you under a rug somewhere?
A sequel on the stove. Similar price, just for the land.
Not the one the market is reported to be falling off.
Units are selling (there’s little choice available).
A couple of years ago, Murphy Street could not find love at more than a whisker over $5m and now it looks like going, going, gone for $6.66m
Offer is $Xm. Agent says it’s not enough.
Three months pass.
Offer is $Xm -$1m. Vendor has to take it.
Agent takes commission.
“Anyone who bids against the vendor is a fool.”
Did we really say that? Did it stop an auction cold?
- Listing is a squillion above the market. And ends there.
- Last year’s lemons re-badged. Still lemons.
- “I know I said I’d take $XXX but now I want more.”
There are those on a learning curve with no Google Maps.
May the bunny bring you your home sweet home.