Okay, the + $2 million market isn’t completely dead, but this is what you’re up against

289 Round Hill Rd

This 1920’s Round Hill home was renovated in 2004 and put up for sale in 2005 for $7.6 million. In November of last year it went to contract and closed today for $4.6 million. Assessment was just $3.1, but I wonder whether the appraiser caught up with the renovations?

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8 responses to “Okay, the + $2 million market isn’t completely dead, but this is what you’re up against

  1. InfoDiva

    Wouldn’t the assessment history reveal the answer?

  2. Inagua

    Seems like a good buy if two acres on RHR are be worth $2 million, and a redone house is worth about $400 a foot. Or am I missing something?

  3. Anonymous

    Last month per sqft got you whale foreskin on the walls now refurbs are 400 per sqft. What is the true cost of top end construction?

  4. G'wich Transplant

    200-250 sq ft., but buyers seem to be pricing in a lot higher and that’s why the buy versus build arb opportunity is unbeliveable right now.

  5. Red

    Beautiful photo. I take it the decorator was not Diamond Baratta. You are right, someone got a great deal.

  6. Arb

    G’wich Transplant,

    I am in the process of trying to build and was hoping to get more clarity on how confident you are in your cost p/sq/ft to build top end construction. Based on my research $225-$250 seems about right, have you actually heard of projects being done for that range? I ask specifically because when I actually sit with builders they are closer to $300, a big difference depending on the size of the home.