Should I List or Should I Not?
For the most part, I am a firm believer in if you want to sell your property, put it on the open market. That way it will be exposed to the most amount of buyers, therefore creating the most demand. For instance, 5 Hulbert Ave., the Heinz/Kerry property, was quietly marketed for sale for $25mm without being put on the Multiple Listing Service or advertised anywhere. Then, a couple years later, they decided to put it on the open market and advertise it for $22.9mm. By that time, word had gotten out that they had moved to the Vineyard and the house was empty. It’s an amazing property, so what could have been a climatic entrance into the market turned very anti-climatic and stale. It sold for $17.5mm. Their neighbor at 3 Hulbert Ave., which is about as identical to 5 as you’ll get on Hulbert Ave., as close to a perfect comp., put their property on with a big splash and told the world, our property is for sale, bring it on. Sold for $26.5mm in 48 days.
However, there are one-off instances where not putting the property on the market, the Seller can get a higher price than putting it on the market. Case in point, 8 Stone Post Way just sold for $5mm, which most would agree is a shocking amount. If it was put on the open market, the consensus of market value would be in the $3mm’s, and probably low $3mm’s. But, the abutter wanted it and probably told the Seller to name their price – $5mm and it is yours. I’ll take it.
So come on and let me know…