Here’s a surprise

49 Willow Road

49 Willow Road, new construction in Riverside, has gone to contract. It has a great location, across from the Willowmere fountain, and looks great from the street but pretty much falls apart, in my opinion, once you enter. A closed box of a living room to the left, the same box intended as a dining room to the right, and then just one long corridor in back running: garage, mudroom/laundry. kitchen, bigroom. Upstairs holds three bedrooms and a FAR studio, meaning some kind of space with a pinched-in roof to meet FAR requirements and a bathroom attached. Very odd. No back yard, either.

But for all that negativity, it is Riverside, it is new construction and I suppose for a family who wants all that without the $3 million price tag, this one will suffice.

It started a long time ago asking $3.695, which was never going to happen, and finally dropped to $2.775. Presumably the buyer negotiated downward from there. Assessment is just $1.7, but that’s unrealistic, I believe.

13 Comments

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13 responses to “Here’s a surprise

  1. anonymous

    i heard this house had 3 offers as of a few days ago… things are picking up.

    • christopherfountain

      Well there’s not much new construction in Riverside and probably won’t be for awhile so that may explain it. Maybe the demand will save that guy at 5 Dialstone.

  2. anonymous

    i am sure it will- there is nothing new on the market, and buyers are tired of waiting.

  3. wall street

    Riverside is on fire!

  4. Value in Greenwich

    More than likely lost money on the deal.
    Bought the land for $1.7
    Modular home plus extras $1m
    Various soft costs $100K
    Lucky to get out.

  5. foobar

    modular home for 1MM$ ? Hardly, unless they used gold on the fixtures. Having said that I know of several very cosr-careless developers, so anything is possible. That house was delivered (unfinished) for less than $400,000. I suspect he eked out a profit, and a decent one if he wasn’t lazy. Looks nice on the outside fwiw.

  6. foobar

    the market is indeed picking up, as I have noted and predicted for weeks. Pent up demand is about to overcome supply, rapidly.

    • christopherfountain

      I doubt it, Foobar. First of all, there is still a huge supply of over-priced houses that no one wants. Second, there is the “shadow inventory” – houses that aren’t on the market now but will be as soon as their owners see that the market is beginning to stir. Third, there are distress coming – count on that. I do agree with you that new spec homes will dry up because builders can’t get financing to build new ones. Otherwise, you’d have seen those three acres on Indian Head in Riverside sell long ago. But the spec homes that are left are, generally – not all – on inferior, marginal lots and unattractive even when bank-owned and cheap. Butternut Hollow, S. Baldwin Farm being just two such examples.

  7. foobar

    i should have been more specific – pent up demand will rapidly overtake the supply of ‘decent’ (price and location-wise) supply. The overpriced stuff, the middling locations, that will definitely languish, I certainly agree.

    But then of course you have 1 Meadowcroft and Hilfiger’s house on Round Hill, but that’s Greenwich.

    In my opinion as few as 150 of the 500 or so houses on the market I would define as ‘decent’ – those will be gone by summer. Is more distress coming – likely, but the good houses will sell quickly as long as they don’t ask for 2007 pricing.

    • christopherfountain

      Agree with everything you say. But it’s a great time to put a well-priced house up for sale. If you’re a pessimist like me, this may the last opportunity to get out of real estate for a long time.

  8. RR

    It’s difficult to rent real estate indefinitely. Today, rentals are cheaper than sales. Chris, do you think prices are clearing at 2003/2004 levels, or earlier?

  9. anon

    we were just renting and decided to buy a house- not our dream house- bc it was a better investment than paying rent. we expect this won’t be our final house, but it’s better than our rental, and at least it’s ours. hopefully in a few years there will be a flood of beautiful houses that come on the market and we can upgrade, but for now, we didn’t want to keep renting until that happens.

    i just read an article saying that Greenwich, Ct. is expected to be one of the 10 worst housing markets in 2010. You can take that 2 ways. You can keep paying rent until inventory increases, but with housing prices falling lower i doubt that will happen, or you can find a deal to tide you over until things do pick up. We chose the latter. When things do pick up, we expect the value on our new home will go up as well, so at least we won’t have lost money and equity in rent and then we can upgrade.

    And… for all the talk about being a buyer’s market, i feel like that is only in certain price ranges- either below 1M or the very high end. The mid range homes that are nice, i wouldn’t expect to get the deal of the century. From our experience anyhow. We have bid on 5 homes in the past 8 months, and been in a bidding war on every one of them. Maybe we are just extremely unlucky, but in our price range, it seems like the little inventory there is, is being bought up.

    Here is the article:

    Wors?t 25 Forecast Markets in 2010

    Bookmark and Share

    Nearly all of the Worst 25 Forecast housing markets in 2010 are projected to sustain double-digit deflation for the year. A broad range of the country’s markets compose the worst 25 with a total of 16 states represented, which shows just how broadly the housing crisis is impacting the U.S.

    Rising foreclosures and more bank-assisted short sales will send housing prices lower in the majority of the country in 2010. But there are markets that are on the mend moving into recoveries. Some 44 cities are forecast to appreciate during the year, more than in the last four years.

    Economic volatility, declining prices and restrained mortgage financing will hinder many of the worst markets from recovering in 2010. But nearly all of the nation’s markets will move on a path towards stabilization as the surplus inventory of homes is bought up by buyers.

    Worst 25 Housing Markets 2010

    Rank

    Real Estate Market

    2010 Forecast

    1.

    Manhattan, NY

    − 17.2%

    2.

    Las Vegas, NV

    − 15.4%

    3.

    Providence, RI

    − 13.8%

    4.

    Miami , FL

    − 13.8%

    5.

    Newport, RI

    − 13.6%

    6.

    Henderson, NV

    − 13.5%

    7.

    Greenwich, CT

    − 13.4%

    8.

    Scottsdale, AZ

    − 12.4%

    9.

    Columbia, SC

    − 12.2%

    10.

    Charleston, SC

    − 12.1%

    11.

    Salem, OR

    − 11.8%

    12.

    Prince George’s, MD

    − 11.6%

    13.

    Phoenix, AZ

    − 11.3%

    14.

    Brooklyn & Queens, NY

    − 11.2%

    15.

    Myrtle Beach, SC

    − 11.2%

    16.

    Ogden UT

    − 10.9%

    17.

    Bethesda, MY

    − 10.8%

    18.

    Richmond, VA

    − 10.8%

    19.

    Portland, OR

    − 10.4%

    20.

    Palm Beach, FL

    − 10.4%

    21.

    Maui, HI

    − 10.3%

    22.

    Stamford, CT

    − 10.2%

    23.

    Chicago, IL

    − 10.2%

    24.

    Fresno, CA

    − 9.8%

    25.

    Oakland, CA

    − 9.6%

    * The Worst 25 Markets are composed of cities that have the highest
    probability of reaching their forecast deflation in 2010 from the
    more than 250 local markets Housing Predictor forecasts.

  10. anonymous

    don’t they mean sales are cheaper than rentals?