Even waterfront has its limits

212 Shore Road

212 Shore Road

Great views, obviously, from this house next to Tod’s. It sold for $3.535 million back in the glory days of 2005 and sold again, untouched, just eight months later for $4.975 to the current owners. They must have figured they could make more money more easily by riding the land value up rather than building a new house because eight months later they tried to unload it for $5.695. That was in February 2007 and no one was interested. Today they relisted it, back where they started at $4.975.

Will they get it? The most recent comp, 200 Shore Road, sold for $7.750 million this past August, just a shade under the asking price of $8 million, but that was a larger (0.5 vs. 0.33) more private lot with better views and included a beautiful, expertly crafted house built in 2004. I suppose you could duplicate that house for around $3 million, especially with today’s contractor discounts, so $4.975 might work. It will be interesting to see what happens.

2 Comments

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2 responses to “Even waterfront has its limits

  1. Anonymous

    Hey Chris,

    Understand the lot is unbelieveably non-conforming which means that if you tear it down your new home will be even smaller and a very weird shape if you want to maximize sfootage. Yes, the views are great but a marginal location at best. My guess — 4.5 max if it sells quickly.

  2. christopherfountain

    Yup – that’d be a problem, alright.