Spec House bites the dust

477 Riversville Road, a 12,000 sq. ft. bit of new construction on 6 acres was listed today for $4.795 and already hqas a buyer, according to the broker, so she’s just posting it for the record. Or she’s setting up a short sale,by listing it at that price, scaring away buyers by telling them it’s sold and then selling it far cheaper herself. But that would be unethical, so lets assume it came on and is gone.

$4.795 is a daunting price for this house, originally projected to list for $9 million, but I’ll let you in on a secret: we (Farricker and Fountain) had a deal on if for much less. This sale is just one more in a series of spec houses hitting earth with a thud. As that movie would have it, “there will be blood”.

10 Comments

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10 responses to “Spec House bites the dust

  1. anonymous

    Interesting; presuming it sold for $4.8MM, should one presume land is essentially worthless and value of structure is $400/sf? Is build quality that caliber? Or is 12K sf claim exaggerated/diluted by an unfinished lower lvl?

  2. pulled up in OG

    Bad ju-ju for “FF” Realty, Chris.

    GAR adverse possession claim pre-dates bubble burst.

  3. Farricker & Fountain? Is that the new firm name? Alphabetical order – makes sense. Alliterative. Can be shortened to “F & F”, or perhaps Frick and Frack – q.v.:

    http://en.wikipedia.org/wiki/Frick_and_Frack

    I like it!

  4. FlyAngler

    $400 per square foot vs $750 if listed for the “originally projected” $9mm.

    What will the monkey say?

  5. rivdiv

    I think what you are describing is part of the new paradigm in real estate. The only way these big houses with lots of maintenance costs attached (heat, lawn mowing, etc.) will sell, will be at a huge discount. Not only can people not afford the cost of the house, but cannot afford the cost of the upkeep. I think this house still sold for too much, based on what the monthly charges will be in addition to the mortgage…for uncertain years to come. Also, houses that are not close to town or to schools, especially public schools , and are not close to transportation, will suffer.
    The houses that are convenient to the train(so you can walk and not need a second car), to public schools(so the kids can walk), to town, to other kids, and that don’t have huge lawns and that have less than 4000sf so your heating bill won’t kill you, will sell…maybe not at yesterday’s price, but they will sell……because that is what the buyers want these days…..I think you will see more of what you describe with this Riversville Road house, as well as what you saw with the Hendrie Ave. house. You and others thought it sold for too much…..don’t think so.

  6. pulled up in OG

    rivdiv: “Not only can people not afford the cost of the house, but cannot afford the cost of the upkeep.”

    Or the furniture! The abundance of unfurnished rooms in many Riverside/OG mini-mansions has long been amusing.

  7. Curious

    Hasn’t that been listed with Sheldon Good (Sheldon Good!!!) for at least six months?

    http://www.sheldongood.com/detail.php?id=1655

  8. OG

    I noticed on Google maps that this place is conveniently located only 3/4 mi from Westchester airport, and 1/2 mi from Bruce golf course