I’m off at 5:30 to see a new spec house at 5 Dialstone Lane, soon to come on the market. What price? Let’s all guess asking price and ultimate selling price. Mine is $3.4 ask, $2.65 sell (a year from now). Fire away. If I learn the proposed asking price when I visit today I’ll report it – otherwise, we’ll all just have to wait and see.
UPDATE: Well, I wasn’t able to see the entire house because the builder threw me off the premises. He was upset by my guesstimate of its selling price which, as he pointed out quite forcefully, was made before I’d had a chance to see the project. Of course, now I never will. Oh well, here’s a review of the part I did see: beautiful construction, with tons of custom built ins, expensive trim, coffered ceilings, etc. Very, very nice. The place is super insulated – foam, with a high efficiency boiler and every imaginable electronic control. Radiant heating in all baths, six fireplace with gas, heated two car garage, finished lower level (which I didn’t have an opportunity to see but I assume is of the same high quality as the rooms I did see while running for my life).
Downsides remain the same as when I first opined on the sale price: it’s on a quarter acre, which means no back yard – a terrace, but no yard. The terrace itself backs up to the swamp that runs from Lockwood to the interstate; good for deer and adventerous boys but bad for buyer appeal. And, while Dialstone may be, as described in the sales material, “a quiet cul de sac”, Lockwood Avenue is not, serving as it does as the cut-through for everyone wishing to avoid Post Road traffic.
Back inside, the children’s bedrooms are tiny – endemic in new construction as discussed earlier today but these bring the definition of “cozy” to a new level. The next generation of builders may discover that it’s better to have shared bathrooms and larger bedrooms but that’s in the future. For now, these are pretty typical, if a little smaller than normal.
The builder has priced it at $3.675 million and at the risk of offending him further, I remain skeptical. I have sold a fair number of houses in Riverside and I know what $3.8 new construction looked like and what $3.2 offered, and that was in a robust market. I hope he gets every penny he asks for; he’s obviously lavished a huge amount of care and attention to this house and cut no corners that I could see. But I based my original opinion on market conditions and, nice as this house is, I think Mr. Radman, the builder, may be disappointed. I sincerely hope I’m wrong.
UPDATE II: Too funny. A reader points out that this house is listed with another firm and another agent for $3.995 million and has been for 66 days, according to Zillow. What’s so funny? Well the Zillow estimate of value is $2.4 million dollars! I wonder if our angry Mr. Radman will be pounding on Zillow’s door, demanding a retraction?
August 31, 2010: sold yesterday for $2.445.