In 2005 and 2006 Riverside Lane (the road next to Hay Day) became hot. The little veterans capes that had languished in the low 3s and 4s forever suddenly started selling in the 700’s to builders who tore them down and put up new, larger houses in their place. And it worked, for awhile. New houses on the street sold for as high as $1.897 in 2006 (and “Finney Knoll, really part of the same street, sold as high as $2.1 or perhaps a tad higher) but then the market started ebbing and prices came back down. Subsequent sales were $1.7, $1.655, $1.639 and $1.580. And nothing in the past year or so.
31 Riverside Lane was built on a lot purchased for $759,000, full asking price, in May, 2006 and at the time it probably seemed like a wise choice. But the house built on it went on the market for $1.850 in August ’08, long after the bloom had faded, and has sat unsold ever since. It got a new broker yesterday and a new price, $1.590. I have my own opinion of that price but since I’m not buying, I’ll let a real purchaser say what it’s worth to her. But prices have certainly settled down from three years ago.