This will be a test of the new construction market in Riverside

9 Miltiades came up for sale yesterday asking $2.850 million and I’ll be curious to see how it fares. Its builder paid $695,000 for the original house back in October, ’09, so he’s definitely looking for a home run here. Maybe. The lot backs up to the railroad tracks, never a popular option despite its convenience to transportation and it’s definitely a FAR Baby, meaning the roof’s been chopped off to eliminate an attic and cram more living space in the two floors (and the subterranean “lower level”) below.

But, including that basement, it’s got six bedrooms, two laundry units, one on the second floor, the second in the basement and I’m sure a kitchen with all the latest whiz-bang appliances. Not at all my cup of tea but I’m not the one in the market for a new house in Riverside. So maybe it will fetch a handsome price; the way things are going in Riverside these days, I wouldn’t be awfully surprised if it did.


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11 responses to “This will be a test of the new construction market in Riverside

  1. Anon

    You are taking no risk building in RVSD or OG. I bet you the builder will have an accepted offer before finishing the house.

    As you have been posting, RVSD/OG have been the focus of at least 80% of buyers.

    Cos Cob gets something like 10% of buyers because of its lower prices. The remaining 10% of buyers go to Byram, 06830, and 06831!

  2. Anon

    Chris, I couldn’t resist sending you this link given that you are into politics and I am not.

  3. From Miltiades, it’s a mere hop, skip and a jump (if kids do that anymore) over the RR bridge to Ada’s. That alone is worth any price.

  4. Look on the bright side

    “You are taking no risk building in RVSD or OG.”

    Sometimes people say really dumb things.

  5. Anon

    Look on the bright side: Do you understand the meaning of the word “risk”? A wise argument is one that is backed by facts.

    When you buy land or a house in RVSD or OG, you are guaranteed to be able to sell super fast compared to other parts of Greenwich.

    Where do you see DOM effectively less than zero (that is a house getting an accepted offer before finishing construction)? Almost certainly ONLY in RVSD and OG (SoPo not NoPo).

    That’s what I mean by “taking no risk building”. You don’t have to hold inventory and incur cost waiting for someone to buy your new construction. It means that you have no risk selling quickly.

    Compare that to some good construction like the one on 8 Baldwin, still waiting for a buyer 6 months after finishing construction.

    Where else in Greenwich, other than SoPo RVSD and OG, have the homes held their values relatively well even after 2007?

  6. Cos Cobber

    Anon, agreed, OG and Riverside south of Rte 1 is faring well, but its a stupid statement to so say there is no risk. There were several spec houses built in the 2007 to 2010 era that did not sell briskly at all. A few that come to mind; the large one on Dialstone, at least one or two the Meyer place loop, a house/lot down on Summerset Lane off Buxton, that new house on Carrona Place. Sure, its the best market right now and likely to stay that way for a long while ahead, but its not a slam dunk, some builders have managed to build the wrong product and at the wrong price point and failed.

    There are headwinds in the distint horizon…long term US economic health/tax policy remainds unfavorable….and likely will be unkind to substantive appreciation for high end real estate.

  7. Anon

    Cos Cobber: agree, you have to build the right house with the right quality and ask the right price. I am looking at relative risk (relative to other areas in Greenwich) while you are looking at absolute risk.

    For example, if you have taken Spector’s house at 8 Baldwin and move it to OG/RVSD, I believe it would have sold by now.

  8. Anon

    Just ask yourself Cos Cobber, out of the TOP builders in town:
    * how many are more focused on OG/RVSD SoPo? (I know many who are)
    * how many are still buying land in NoPo? (I don’t know of any)
    * how many have decided to take a break till they see where the market is heading? (I know some who have)

    • If I were building a spec house I would certainly choose Riverside or Old Greenwich but I’d want better land than some of these new ones are building on. Then again, 5 (?) Pinecrest certainly isn’t notable land yet it just fetched more than $5 million so …

  9. Cos Cobber

    Anon, i only took issue with your phrase ‘no risk.’

    when people in real estate and building trades make statements using the phrase ‘no risk’ then i get queezy because irrational exuberance has set it.