Re: Yew Sheep Pen / Guard-Line Patio!
Posted: Mon Oct 19, 2015 11:00 pm
I see your point and it is a solid one. I would simply propose that the owner does NOT set the true value. He set his personal value, which may or may not have anything to do with it real worth.
The true value can only be judged when two parties reach an agreement. A seller could think it is 5 castles, and as you point out a sale likely won't occur. That does NOT make the property worth five castles. It simply ensures the true value will likely not be found, because two people can't agree on a price. I would also argue that if a price can't be found by two individuals, then the properties true value is likely below asking price. There are thousands of real world examples happening everyday that prove out the ethos. Whether you like it or not, UO is not unique enough to defy long held value recognition methodologies.
The natural counterpoint would be that there simply aren't enough shoppers. the deal can't be reached because there just isn't a big enough pool of shoppers to draw out the properties true value. A previous poster mentioned properties like this can sit out there for months. That may very well be the case here, but I doubt it. We've seen enough big deals go through over the last year to show the shoppers exist.
Anyway - Free bump!
The true value can only be judged when two parties reach an agreement. A seller could think it is 5 castles, and as you point out a sale likely won't occur. That does NOT make the property worth five castles. It simply ensures the true value will likely not be found, because two people can't agree on a price. I would also argue that if a price can't be found by two individuals, then the properties true value is likely below asking price. There are thousands of real world examples happening everyday that prove out the ethos. Whether you like it or not, UO is not unique enough to defy long held value recognition methodologies.
The natural counterpoint would be that there simply aren't enough shoppers. the deal can't be reached because there just isn't a big enough pool of shoppers to draw out the properties true value. A previous poster mentioned properties like this can sit out there for months. That may very well be the case here, but I doubt it. We've seen enough big deals go through over the last year to show the shoppers exist.
Anyway - Free bump!