[5-DayForum] Expensive Homes Viable 5-Day Candidates?

[Bill Effros]

Rob,

There is no practical upper price limit for 5-Day Sales.

I live in Greenwich Connecticut.  We do multimillion dollar 5-Day Sales 
here all the time.

The answer does not vary with location.  You can get what a home is 
worth no matter where it is.

Yes, I saw the story about the hundred million dollar home, too.  We all 
saw it -- because the broker handling the property can't find anyone who 
will pay $100 million for it.  That's because it's not worth $100 
million, and no matter how much publicity they get for it, they won't be 
able to sell it for that amount at this time.

The 5-Day Method would have no difficulty attracting 25 potential buyers 
by Friday night for that home if it were priced at 50% of what it's 
really worth at the current time.

There was recently a story on NPR about how easy it is to sell 
outrageously high-priced homes in the current market.  The example cited 
was a $43 million home.  It wasn't until the end of the story that you 
got to hear that the original listing price was $60 million.  If that 
home had been offered for $30 million or best offer, the seller would 
have gotten $43 million five days later, and saved a bundle on real 
estate commissions.

On multimillion dollar homes most people get over a hundred phone calls 
by Friday night because the spread between the starting price, and the 
known true value, in actual dollars, encompasses many more interested 
individuals.

Bill Effros







Rob Masten wrote:
> What is the upper price limit of the 5-Day Method?  A house worth $100 
> million is going to be hard pressed to attract 25 potential buyers by 
> Friday night even with an offering price of $50 million.  Obviously 
> the answer varies with location. 
>  
> Stated differently, doesn't every house (above some local market 
> limit) become an Oddball? 
>  
> How does one know (without trying which you don't recommend for 
> Oddball houses) if their house is too expensive for the 5-Day Method?
>  
> Rob
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