25% off, but what was the right price to start with?

418 Riversville Rd

418 Riversville Rd

This is a perfectly good 1960 house, 6,777 sq.ft., updated in 1991 on 4 acres, with a pool. It was first listed at $3.495 million in 2006 and when it expired 6 months later, was passed to another broker who raised it $5,000 to an even $3,500,000 – I suppose odd figures aren’t his strong suit. He had the place for 18 months and also couldn’t sell it. Then again, the seller never dropped his price, which didn’t help. Yesterday it came back with its 3rd broker and now priced at $2.650 million. That’s about 25% less than its original listing price but the place was never worth what it was asking, so how much of this new price reflects a drop in the market and how much is merely a reflection on the over-pricing at the beginning? My personal opinion is that the new price is what the old price should have been. The 1991 “update” was fifteen years old back in 2006 and it showed its age. Of course, if $2.650 would have been the right price back then, what’s the house worth now? We may find out.

15 Comments

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15 responses to “25% off, but what was the right price to start with?

  1. anonymous

    ~$700K/ac land buy…for land w/plane noise and crash risk….perhaps best marketed to suckers (sorry, victims) on The Bernie List

    • christopherfountain

      I wouldn’t really lose sleep over a plane crash on Riversville Road – not unless I saw a flock of geese heading for a jet. And it’s not exactly pauper’s row up there. I used to do ocassional handyman jobs at Joseph Werner Reed’s 100= acre estate and while he no longer lives there (Tommy Hilfiger owned it later but Hilfiger’s owned everything in town at one time or another) I don’t recall him complaining about the airport 5 miles away.
      I’d trade airport noise for the army of leafblowers that invades Riverside 9 months of the year, any day.

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  3. pulled up in OG

    10-4 on them friggin’ leafblowers!

  4. Anonymous

    Actually I’ve heard that there is really very little airport noise on Riversville (at least compared to Belle Haven and other places) because the runways direct traffic toward southern portchester and the big planes don’t turn in towards Riversville very quickly after taking off. Some little piper plane noise on weekends, but that’s about it.

  5. OGRCC

    I’ve lived next to the railroad tracks in OG/Riverside.

    I’ve lived up on Riversville in the 500s. the airport noise is hardly noticeable…

    what bothered me about the location was the remoteness. It is in the boon docks. Also in the winter, Riversville and Glenville roads are treacherous.

  6. Anonymous

    Real estate tends to be a little cheaper on the west side, but I honestly think that, at least w/ properties north of the Merritt that there is a big of uncovered value there. What about being on the top of Stanwich??? You drive down that monstrosity and get dumped into nowheresville on the Post Road – then have to hike to town. I don’t think Riversville is any further.

    Also if you’re a commuter, its actually a boon to be able to get to the Merritt a lot closer than if you live on Stanwich. Plus, everyone knows, Armonk has the best butcher ever.

  7. Blind Brook

    Joseph Verner (not Werner) Reed. He doesn’t live there any longer because he passed away about 20 years ago. His wife Permilia is also in heaven. I would be more concerned about having Tommy Hilfiger and his rowdy brood as neighbors than airplane noise.

  8. Blind Brook

    Sorry Chris, but you have the two Reeds confused. The late Joseph (Sr) and Permilia lived on Riversville and were the parents of Joseph Jr of whom you refer. Jr. was ambassador to Morocco and was also former Chief of Protocol. Jr. is best known for forgetting to get a step for QEII to stand on while giving a speech at the White House so that all one could se was her hat. Jr. still lives in Greenwich. Permilia (Jr.’s mother) was best known for running the Jupiter Island Club in Hobe Sound, with the (mythical?) story terrorizing us children that if we misbehaved we would receive a black sweater in the mail, which meant we could never return. The good old days.

  9. Blind Brook

    The late Joseph (Sr) and Permilia lived on Riversville and were the parents of Joseph Jr of whom you refer. Jr. was ambassador to Morocco and was also former Chief of Protocol. Jr. is best known for forgetting to get a step for QEII to stand on while giving a speech at the White House so that all one could se was her hat. Jr. still lives in Greenwich. Permilia (Jr.’s mother) was best known for running the Jupiter Island Club in Hobe Sound, with the (mythical?) story terrorizing us children that if we misbehaved we would receive a black sweater in the mail, which meant we could never return. The good old days.

  10. Blind Brook

    Hilfiger bought the Sr. Reed’s house, btw.

  11. OGRCC

    getting to the merrit is a pain from riversville, you have to take portchuck… or go to king street

    north street has the best merrit access.

    I actually forgot to mention, when I lived on North street, that was a pain in the neck to get to town too, but you have the little market in banksville and at least the roads are not treacherous in the winter.

  12. owner of 418

    Wow, I didn’t know that Truman Capote was still alive.