LooseSuits Thread: Would you refuse $700k?

Would you refuse $700k?

estarla — Wed, 03 Oct 2007 20:19:00

I would no way in hell refuse $700k. Then again, under me it would've gone for $200k. Realistically, even $50k.

Would you refuse $700k?

affisch — Wed, 03 Oct 2007 19:42:16

Where do I have to sign?

Would you refuse $700k?

leliathomas — Wed, 03 Oct 2007 03:08:39

I'm with MikeP_, actually. Statistically, he may be getting lots of hits to that site, just from wrong traffic, and if that's the case, I think I would maybe hold out too, honestly, especially depending on the rate and amount of increase in the offers I was being given. That being said, it doesn't look too amazing, and if that's all there is to it, I would take the 700k.

I agree with davidhayes, too, that it's all in perception. If he doesn't get offered anything higher than 700k, everyone will say, "Wow, what a greedy fool." If he gets offered a million+ next time, a lot of people here would be saying, "I'd not have been able to hold out for such a business deal." In which case that would make him a very risky but possibly good businessman and negotiator.

Would you refuse $700k?

LorriM — Wed, 03 Oct 2007 00:02:16

He just might have those numbers, MikeP_, and if he does, he probably only releases them (if asked) to those who have made a legitimate bid on the domain name. Also, some of the bids we see can be from the same party, if he rejected an offer, they might have come back with another offer. He is the one who knows for sure, while we speculate in this post.

Would you refuse $700k?

MikeP_ — Tue, 02 Oct 2007 22:35:57

Am I the only one here who thinks you're all underestimating this guy?

If he has any business sense he must have some numbers to back up his reasoning...

Would you refuse $700k?

Tyme — Tue, 02 Oct 2007 21:12:59

Does anyone know how much was paid for delicious.com? That might be what this guy is judging on.

Would you refuse $700k?

Devin — Tue, 02 Oct 2007 21:04:49

I don't understand him, does he really think the advertising on the the domain will earn him more than $700,000 over the life of it?

I honestly doubt it.

Keep in mind the company itself was purchased for $35M.

Would you refuse $700k?

Fanbloodytastic — Tue, 02 Oct 2007 14:34:17

Not that I believe the traffic numbers or the offers received but I would have sold out much earlier. I'd love to say I would have held out until $250k but know I would have folded at $50k.

Would you refuse $700k?

alisa — Wed, 26 Sep 2007 17:45:07

I would definitely have sold at even $400,000. I guess that shows my simpleton mind.

Would you refuse $700k?

Josh — Wed, 26 Sep 2007 17:04:47

Nah, I'd probably cave at $700k. Maybe even lower.

As an aside (and sorry if I'm coming across as cynical here), but I find it a bit "off" that we're talking about a domain name selling for close to a million dollars, when around 16,000 kids die every day from starvation.

Strange times...

Would you refuse $700k?

kineda — Wed, 26 Sep 2007 09:03:54

The type in traffic from misspelling flickr isn't as high as I thought it would be, so it's ridiculous why anyone would want a domain with less than a quarter million monthly uniques for 700k+.

Would you refuse $700k?

MangoFalls — Wed, 26 Sep 2007 05:29:54

Funny how everyone assumes that the bid and traffic stats are valid. Looks like some good self promotion to me. The domain has inherent value but I'd be surprised if he really turned down 700k and there is really one party that would have any large interest in it.

Would you refuse $700k?

peroty — Tue, 25 Sep 2007 22:12:03

Never. $700k could last me a good long time. Even after I pick up one item from every major product category Apple has to offer. :)

Would you refuse $700k?

LorriM — Tue, 25 Sep 2007 22:07:17

He apparently (according to the chart) began to accept offers in April, eleven days before the domain name expired. He obviously renewed the domain, and is now sitting back waiting for another offer/s. I agree with the fact that he is probably watching the trends.

I would have thought that $700K would be an impressive offer to him, but apparently it isn't. He might have aced himself out of the market, seeing as there have been no bids since June. The market more than likely has reached its peak.

Would you refuse $700k?

ErinR — Tue, 25 Sep 2007 21:32:58

@Scrivs: When I looked at the chart, my brain automatically thought that June was last month. I was thinking "well, I guess we'll see what he gets this month"... time flies?

So you're right, the market has probably reached its peak. I'd be advising him to take the next $700,001 that gets offered to him.

Would you refuse $700k?

JPhill — Tue, 25 Sep 2007 21:08:33

I don't think my opinion would change much even if he did get a mil + for the domain. The fact that he probably only paid a couple bucks for that domain means no matter what the offer, the profit is huge.

Would you refuse $700k?

hthth — Tue, 25 Sep 2007 21:03:57

Speechless. I wouldn't — nay — couldn't have refused $700k. But then again, a quick look reveals that Yahoo's stock trend seems to be going up, and the three year traffic trend for Flickr.com seems to be steadily rising (Alexa). The guy must be monitoring trends to support his decision; with this much money just around the corner he's probably even hired analysts to advise him.

Would you refuse $700k?

Griffin — Tue, 25 Sep 2007 20:58:19

Seems a case of infectious greed to me. I'm with JPhill I would have caved long ago. Sell it, forget about it, and be happy with what I did get, not regretful of what I didn't, but this is why I'll never be a sturdy capitalist.

Would you refuse $700k?

davidhayes — Tue, 25 Sep 2007 20:51:53

@JPhill
There's a very narrow line between greedy and smart though. If he gets a million, most people would probably say he was smart to hold-out, if 700k was the last offer, he'll probably be looked at as too greedy.

Would you refuse $700k?

JPhill — Tue, 25 Sep 2007 19:50:08

Yeah I think that guy is being a little too greedy. I would have caved long before $700k.

Would you refuse $700k?

LorriM — Tue, 25 Sep 2007 19:46:35

Yes, Scrivs, it seems that way, doesn't it. At least for now.

Would you refuse $700k?

Scrivs — Tue, 25 Sep 2007 19:45:03

Hasn't been a bid since June though so the market has a stopping point.

Would you refuse $700k?

LorriM — Tue, 25 Sep 2007 19:33:43

The domain expires May 6, 2008 (created 5/6/1998), so he is apparently holding out for a higher offer, as he has almost eight months left.

I am sure the developer/s of flickr.com might have initially wanted that name when they picked their domain name (I have no proof of that, and it is just my thought), but that was in November 2003, and seeing as the name was taken, chose flickr.com.

Would you refuse $700k?

ErinR — Tue, 25 Sep 2007 19:27:20

He probably has a $1M price tag dancing in his head. I've got to say that $700k sounds like a lot of money, but take a look at his bids: he gets an increased offer several times per month. My guess is that he's waiting for the offers to come less often, when he'll know that he's at the top end of what the market will bear. Then he'll sell (if he still can).

Would you refuse $700k?

Ozone42 — Tue, 25 Sep 2007 19:24:25

Wow. I probably would've sold the domain for $10k.

I could do a whole lot with $700k.

Would you refuse $700k?

Gnorb — Tue, 25 Sep 2007 19:15:50

Wouldn't refuse it, unless I *knew* I could get something higher. (What's the valuation on the domain?)

That said, $700K would do me nice for the next -- oh, I don't know... decade, perhaps?

Would you refuse $700k?

RightOn — Tue, 25 Sep 2007 19:14:25

For something like that... no way in hell.

Would you refuse $700k?

Scrivs — Tue, 25 Sep 2007 19:12:08

Apparently the owner of Flicker has and you have to wonder what price he is trying to get. It is cool that he was smart enough to hold out for that long considering the initial offer was $10k, but I am not sure I wouldn't have soldout at $500k. Easiest money this guy will ever see.

And if you are wondering why the domain would be worth that much anyways it is because there are a ton of people that mistake that site for flickr considering they have the exact same pronunciation.