Failed Listing Comes Back $2M Higher

Even in this market, some listings don't sell. Usually it's a matter of price.

Up at the highest tier of the MB market, 250 S. Dianthus has been offered more or less continuously since June 2012.

This classic estate has been called "Summerhill" and was floated, however tentatively, as high as $15M before listing officially for $11.9M.

Then, over 445 DOM, it came down $4M to where it last settled: $7.950M, a price set in January 2013. 

The property had a buyer from March to May this year, but things didn't work out.

In early August, Summerhill said goodbye to the market.

But now, it's back with a new agent and a new (old) price: $9.900M.

That's where it was at in June 2012, 3 weeks after first listing, when the sellers made a quick correction.

Of course, at this price point, it's not just a matter of setting the proper market value for this elaborate, unique and highly custom, personal property. There's also just an extremely limited buyer pool at this kind of number. Does the list price even matter? You just want to convey: "We're sellers. Come talk."

Maybe, though, some buyers are kicking themselves: If we'd been more decisive last month, we could have saved $2M.

Or maybe they still can.