Good land will sell

432 Round Hill Road

 

I wrote about this Round Hill property earlier this week- 5 plus acres, great land, priced at $4.450 million and under contract in 7 days. It closed yesterday for $4.344 and I hear that there were multiple bids for it – the sellers, to their credit, stayed with the buyer whose offer they had accepted but other bids came in at as much as $500,000 more. 

This confirms my own experience in the past year or so working with land buyers – there really just isn’t much good stuff out there, so I’m not surprised that this parcel drew so much attention. It also gives a clue to the presence of some real money out there, just waiting for the proper house or land to show up. 

Assessment, by the way, was just $2.719 so, as I keep saying, assessments are a good starting point and a good tool, but they can also be way off, so don’t use them as the ending point. Local knowledge helps here.

7 Comments

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7 responses to “Good land will sell

  1. Greenwich Ex-Pat

    “the sellers, to their credit, stayed with the buyer whose offer they had accepted but other bids came in at as much as $500,000 more.”

    I know how tempting it can be to renege, having been in the position of accepting an offer and then seeing a couple of higher offers come in. But, a deal’s a deal and I am of the opinion that it’s best to stay with a serious, qualified buyer who makes a decent offer and deal with them in good faith, rather than continue to chum the waters.

    • christopherfountain

      I agree – to lose a real buyer – one who has acted in good faith, to chase a bigger buck, is dumb. Many times I’ve seen deals explode and the seller ends up with neither the original buyer, who has been offended and won’t come back or the enthusiastic higher-bidder, whose enthusiasm cools after the chase is over.

  2. foobar

    completely agree with the point, good property is very hard to find, even after this correction. I wonder if one of the neighbors came in late and 500G higher – if they did not buy it they will regret it (assuming they were financially able, of course)

    Though I agree with ‘a deal’s a deal’ I have to admit, from a seller’s standpoint, that if I were not LEGALLY bound to close with the buyer I would have to pursue the higher bid – that’s too much money to leave on the table.

  3. sailor

    What do you think about Lake Drive South sale at $2.495? We saw it and liked the big lot but the house was a mess in parts. LDS is nice but not exactly Beverly Hills. A lot of jammed in homes there. Walk to train but also listen to/see train. Isn’t $2.495 about full assessed value?

    • christopherfountain

      I was sort of surprised by that deal too, sailor. Not totally crazy, but someone really must have wanted to live on Lake Drive South – which is a very nice little area, convenient to everything in Riverside, from train, schools to yacht club.

  4. foobar

    also agree, shows assessments are not necessarily a true yardstick

    CF, what was the grade of the property, i.e., could you play soccer on it without losing the ball down the hill?

  5. foobar

    It appears that a rather remarkable land grab is under way on Round Hill. More later, pending confirmation…….