After being in this business over 35 years, I have so many stories! This story is about unrealistic sellers who chose to believe in the Realtor that tells them what they want to hear.
I sold 6650 Roxbury in La Gorce Island on June 30, 2010 for $3,329,000.00 to the seller that just sold it a week ago on July 14, 2014 for $6.5M.
This (non-waterfront) house on a double lot of 26,250 sq. ft. was built new in 2002 by a friend/client of mine. The house had approximately 9,000 sq. ft. plus an 8 car garage, the current seller converted some of the garages into usable family rooms and somewhat increased the living area of the house. When this house sold in 2010, it was a total “Buyer’s Market” and this buyer who is now “The Seller” got an excellent deal.
I met with this seller about his intention to list his house exactly one year ago today. I told him he should list his house in the $6.5 to $6.8M price range. We discussed a $6.9M asking price and I clearly told him this asking price was too high.
Another broker trying to prove to the seller that they had “The Power” immediately (and prior to listing the house) brought him a $7M+ offer which the Seller discussed with me. I happen to have known the buyer and I assured the Seller this buyer would not go through with this deal. I explained to the seller this was a waterfront home buyer and at this offering price this buyer had many waterfront homes to choose from and that is just as it happened.
However, after smelling $7M this Seller was now convinced by the other agents they had “the power”. He proceeded to list his house on September 23, 2013 for $7.9M, on Dec. 21, 2013 the price was reduced to $7.3M, on Jan. 22, 2014 the price was again reduced to $6.9M, on March 26, 2014 it was again reduced to $6.5M. Nine months after being listed the house finally sold on June 16, 2014 for $6.5M. What a waste of everyone’s valuable time!
I would lie if I said it does not hurt to lose a deal however, the true pleasure is knowing I was right! And the reward is the ability to sit here and write about it!
Deals come and go but, peace of mind is knowing I presented a knowledgeable and equitable market opinion of this property’s value. The proof is this property’s ultimate sale price and the long 9 months it took to get there in a “Seller’s Market!”
There is simply not enough money in the world to merit putting up with an angry seller who for the past 9 months has been complaining about his house not selling, in addition to having to battle him to reduce
the price of the home you agreed to over price! This undoubtedly equates to some tense, unpleasant moments and a few sleepless nights! And missing out on this experience is the biggest blessing of all!