213 Riverside Avenue, an 1810 house that was completely renovated and restored recently, has sold for $2.250 million ($2.450, ask). Sellers paid $1.5 for it in 2001 but there was a lot of money put into this since then. Very nice house that sold quickly (already had an accepted offer when I tried to get my own clients into it).
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Just curious, what makes 247, just down the street, worth $5.3 when this one, where the houses seem to be a little less jammed together, worth only $2.25? The house certainly couldn’t be $3.5 nicer, could it? Because you could do a lot of extra fixing up for that kind of money.
I suppose, AJ, it’s because someone was willing to pay $5.3 million to live in 247. Why? Damned if I know – a beautiful house, but if location usually dictates at least some portion of value to a particular house, it contributed nothing here.
Same thing, in my opinion, with that spec house on the corner of Lockwood Rd and Sound Beach Avenue in Riverside that sold for $4 million some years ago (out-of-town-builder tried for $7! but still extracted a huge price from an out-of-town buyer). That one at least had a back yard of sorts, but that corner? Sheesh.
Guess it’s like fishing: sometimes you hook a big one.