Getting real in Riverside

Or at least taking baby steps in that direction. 35 Chapel Lane, renovated in 2007, if you think that new gutters, a driveway and new furnace constitute a renovation – I don’t – came on for sale last summer asking $3.5 million, $1.1 million more than the previous highest  sale on that street. Yes, it’s on a half-acre and yes it is technically waterfront, but that waterfront is shared by the train and I-95, so it won’t enjoy the premium it might otherwise command. Today it’s been reduced to $2.499, still $104,000 above what new construction sold for in 2004. I’m skeptical, but at least the sellers didn’t raise their price.

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