A condo sale

340 Valley Road, one of those free-standing houses in a planned unit development, has sold for $2.360, a very good price (for the seller) notwithstanding that he was asking $2.7 million for it since 2007. The buyer obviously liked the price too.

13 Comments

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13 responses to “A condo sale

  1. J

    That is shocking. Hey, the market may not be that bad at all. That is alot of money for a place without a yard

  2. Cos Cobber

    What the! Gee-whiz, with something like 8 or 9 vacant cluster houses at listed $2.2m+, the builder did well by that price. So thats 2 down and about 7 to go….

  3. SizeBuyer

    J,

    have you seen the sales during the past few in riverside? for 4.05MM you can get a view of a line of parked cars and no yard unless of course you consider a 13000 square foot lot to have a yard.

    • christopherfountain

      Is that asking, Size, or selling? The only recent sale I know of in Riverside was that one on Indian Head with an acre for $$3.2, but I may have missed one. Which house are you referring to?

  4. JJ

    One or two clueless buyers doesn’t prove anything.

  5. Cos Cobber

    I have a new thought. How about running the transaction through at $2.36M with a side agreement to kick back a hefty discount to the buyer so that the net price is far lower. Viola, the perception of market strength remains because the published sale price is solid and the lone neighbor who bought back in July is happy.

    • christopherfountain

      So long as no mortgage is involved, that can be done. You don’t want to sign a false HUD form right now, though, mortgage fraud being very much the crime of the day. I’ve heard rumors of builders with the same problem: lots of unsold houses, loading one up with art work, including it in the price and forgetting to mention it. Again, it’s not a smart move if you’re fooling a bank about the purchase price but between two consenting adults, who’s to complain? A newer firm here in town (the owner gets furious when I use his name) tried something similar a few years ago with a house on Thunder Mountain Road, where the builder had two more houses to unload. A partially-completed house was sold at $3.5 million and reported to the MLS at $7.5 because, as the firm’s owner explained when he was caught, the “estimated value” would be $7.5 once the buyer finished the house. He’s promised never ever to try that again, though, so I’m sure phony sale prices are a thing of the past. Uh huh.

  6. SizeBuyer

    new house that a realtor built i believe on a corner? street name is ramble or gamble…

    • christopherfountain

      size – Ah yes – Bramble. Yeah, $4.1 or something. Funny, just this morning I drove by that house with a friend of mine, another real estate agent who also grew up in town, and we marveled that anything on Bramble and Hendrie could fetch such a price. Still, in its defense, while it indeed has no lawn, Riverside School’s 5 acre playground, maintained at the town’s expense, is right across the street. Not my choice of the perfect location but the buyer was a local resident and obviously knew what he wanted. No accounting for taste, eh?

  7. SizeBuyer

    Chris,

    did that help? do you know which house I am referring to?

  8. J

    Call it an overzealous buyer but that sale price is staggering considering what you are getting and the location of the project.

    What is the monthly maintenance there Chris?

  9. Anonymous

    How about a seller’s mortgage loan? No Hud forms in that process…..unless I am missing something.