There have been so few sales recently that it’s almost impossible to say with certainty what’s happened to the market (other than dropped dead, of course). Still, we’re beginning to get some sales reported that allow at least a hazy view of what’s going on. I mentioned last week that 7 Dandy Drive, new construction, sold for $1.850 million, $650,000 less than the almost identical house next door sold for in 2007. The house shown above on Riverside’s Owenoke sold Friday for $2.3 million (I speculated Friday that it might have sold for under $2, so Riverside homeowners can now breath a bit easier). Its history is illuminating. Listed in the winter of 2006 for $3.450 million it sold that June for $2.950. In July, 2008 it was put up for sale again, untouched, for $2.995 and, as noted, finally sold for $2.3. That’s a 22% drop from its 2006 sales price.
6 Wyngate may offer some useful data but I’ve heard that it was purchased by a corporate relocation company which, if true, means we’ll have to wait until that relo sells it again to get its true value. Regardless, it sold in 2004 for $2.3 million in 2004, was put back on the market with a claim that it had been “renovated” in 2005, a claim that is undercut by the additional information that a plot plan and plans for a new house were available – I mean, who puts much money into a renovation if the house is being replaced? But it too sold Friday, for $2.195. That’s an insignificant loss, but would seem to indicate that this particular house has dropped just a tad below its 2004 value. The joker in the deck, however, remains the identity of the buyer. We’ll see.