Even in the dead of summer, Riverside waterfront sells

21 Willowmere Circle, a spectacular piece of land (0.89 acre), direct waterfront when the tide’s in, dock, pool and a great neighborhood, came on May 29th at $7.450, quickly dropped to $6.850 and is reported under contract today. Given the relatively short time that’s expired, I’d guess that the agreed upon price is well into the $6s. I’d thought this would go in the 5s because, to my eye, someone would want to tear the existing house down and build new. I don’t know the plans of the buyer but obviously the dated condition of the house didn’t deter him. Ann Simpson listing, and good for her.

3 Comments

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3 responses to “Even in the dead of summer, Riverside waterfront sells

  1. Helsa Poppin

    Looks amazing, but I see that our favorite benchmark, the town assessed value, is mid-4s for this property. Doesn’t the town take into account things like amazing views and water access when it does valuations? Or is that covered by the mill rate?

    When can we look at the town’s valuation as somewhat reliable and when, as in this case, do we throw it out the window (assuming that this property did indeed sell for 6-something)?

    • christopherfountain

      It’s a real problem, Helsa – I think you just have to know the property and when it’s an exceptional property, toss out the assessment, otherwise, go with it. As an aside, if you look at what has sold recently, you’ll find exceptional properties and bargains, for the most part, with little in between.

  2. quant head

    Like the stock market, perfect knowledge (in the market aggregate sum-of-all-knowledge) leads to perfect valuation, which leads to perfect appraisals, based on historical sales & comps.

    In another post “Pete the appraiser” agreed that the ratio of assessment-to-price-sold had some value in neighborhood context.

    Since Pro-Val factors in “neighborhood,” things should equal out. No? Still skeptical?

    I guess that’s what “Professional Realtors” are for!

    So a 1.0 x 10^6 appraisal in Byram, I mean PoCho, should be as good as Mianus, I mean North Mianus.