Riverside new construction

5 Gilliam Lane reports an accepted offer (as I reported Friday). Asking $3.395, word I have is that it’s going for $3.250. Good builder, nice house, no yard and busy road (Riverside Avenue curve) out front. Speaks to the dearth of new construction in Riverside, I guess.

7 Comments

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7 responses to “Riverside new construction

  1. anon

    how much does it cost to construct a well-built new home these days ($/sqft)?

  2. Anon

    “Fabulous professionally landscaped” c’mon 12″ home depot boxwoods in front!

    For 300 per foot you get very nice finishes, real landscaping and your builder makes a buck

  3. Row Your Boat

    What a rip. Under 4000 sq. ft. and 0.29 acre for over $3mm?

  4. The New Normal

    assuming the total house is 5550 sqft (including the finished lower level), and being generous at building cost of $320/sqft (rack rate quote from a well-known Greenwich builder), that would make the structure $1.766mm, leaving the value of the underlying land to be almost $1.5mm

    I would guess that the cost of finishing a basement is not $320/sqft, so perhaps the calculation above is too generous?

    Is the value of 0.29 acres in Riverside (on that street) worth $1.5mm?

    • Back last May, when it was known as 168 Riverside Avenue, the land sold for $950,000, which was less than the 70% assessment. But it was a direct sale so gosh, the crafty seller saved paying a 2.5 % commission.

  5. The New Normal

    smart to change the address

    I would guess the problem is new construction homes are scarce – wait 2 yrs there will be plenty