Sale and a contract, two bits

40 Meyer Place in Riverside, one of those “convenient to transportation” locations, sold today for $920,000, down from its asking price of $1.095, 1.08% of its $853,000 assessment.

UPDATE: I blew this call. Back in September when this house was reported as under contract I predicted it would sell for “well below” its assessed value. Not the first time I’ve been wrong and certainly not the last.

10 Sparrow lane, a nice older house with a good yard backing up to a graveyard started out at $5.250 in February 2008 is reported “pending” today. Its last asking price was $3.8 million so depending on its actual selling price, it could come out quite a bit ahead of its $3.0 asessment. Or not – we’ll see.

7 Comments

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7 responses to “Sale and a contract, two bits

  1. Cos Cobber

    Yet again I was closer than you.

    Let me know when you are ready to admit you need help.

    This RE agent stuff is E-Z.

    • christopherfountain

      Well sure, Cos Cobber – once you live in Cos Cob, you don’t mind the roar of I-95 so much, a dirt floor is a feature, not a bug, and the privy in the back yard is just what you’re looking for, so naturally you’d place a higher value on this place than others might. But yiu raise a good point and in the future, when I encounter a house I’m afraid to enter, I’ll call you.

  2. Cos Cobber

    Way to deflect the question at hand. From what I gather ignorance is your defense?

    I suppose your real expertise is limited to just humble homes on tidal marshes….the rest of the market is just hobby and amusement.

  3. Stanwich

    That effing creek he loves so much is really just a catch basin for the next tsunami.

    • christopherfountain

      And the overflow route for the sewage that spills from the West End pumping station every time it breaks.

  4. christopherfountain

    If you insist on a serious answer, CC, here it is: It’s fairly easy to peg the value of houses over, say, $1.1 million. There are enough of them selling to know their respective values and choose among them. Below a million, you start hitting shelter value – a basic value for housing. any housing. This cape on Meyer was clean had a nice back yard and a couple of new bathrooms. To me, that came up to maybe $825,000, given the noise of the Thruway. Obviously it appealled to someone who wanted to buy in Riverside, didn’t mind the noise, and couldn’t afford more. So he paid $920,000. That’s what makes a market.
    Similarly, I was wrong (and said so) about my valuation of the new house on Buxton, priced at $2.4 million. Again, a nice yard and good construction but, while its selling price hasn’t been disclosed yet, I am going to be surprised when it fetches, as I now believe it will, more than $1.750.
    But right around the corner from that Buxton house is a cape on Somerset that seems no worse than Meyer Place yet hasn’t sold even though it’s dropped several times now and is in the $7s.
    So go figure. I have several sales coming up in the low $1s, the high $2s and just lost one in the mid 3s and I at least think I know what good value is in those ranges. But real estate is personal, and what I deduct for may not be a detriment to one buyer and what I add for may have no appeal to someone else.
    And that’s the way it is.

  5. Cos Cobber

    CF, I dont have much over here. Afterall I do live in Cos Cob. We’re just clutching our guns and religion over here…as you know.

    And so I have to deliver my kicks when I can.

    From the deep side of Cos Cob Harbor.

    -CC