Sale price reported

5 Gilliam Lane, Riverside, new construction, $3.250 million. Good builder, good house, no yard, noisy, busy location on Riverside Avenue. I like Zillow’s estimate of $2.8 million better ( and I could have been persuaded by something around $2.5), but the market has spoken. And there’s a shortage of new construction in Riverside, which Zillow’s algorithms probably can’t adjust for.

8 Comments

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8 responses to “Sale price reported

  1. anon&anon

    Interesting video today about shadow inventory of houses in a WSJ interview with Al Lewis who says we are in an invisible depression.

    http://live.wsj.com/video/why-the-us-is-in-an-invisible-depression/CB0D1B15-9635-43C9-8F30-5117A20A62F1.html?mod=e2tw#!CB0D1B15-9635-43C9-8F30-5117A20A62F1

  2. Anonymous

    $3.25million for a new 3852sqft house on a busy street?
    Is this RS new normal?

  3. Libertarian Advocate

    anon&anon: Per Slow Joe Biden, it ain’t an invisible depression:
    See, http://libertarianadvocate.blogspot.com/2012/06/news-from-obamaphate-mixed-messages.html

  4. anon&anon

    I’m a closet LA lurker. Good stuff you write.

  5. Anonymous

    “no yard, noisy, busy location on Riverside Avenue. I like Zillow’s estimate of $2.8 million better ( and I could have been persuaded by something around $2.5)”

    But, for all his pettifoggery, CF’s secret thrill that a house on his own street sold for far more than he had imagined or hoped for, in his heart of hearts (“the market has spoken”) cannot be denied.

    Maybe the market is turning around right under your nose in your own back yard, old sport.

  6. Anonymous

    How come Zillow can adjust for this new property only when it fails to do so for other properties?

  7. AndyD

    I think Zillow picked up it was a brand new address and thus new construction as the builder moved the driveway from RivAve to Gilliam and had the address changed. For similar teardowns, I don’t think Zillow can tell the difference between a teardown and a major renovation. just my thoughts.

    the builder must have made a fortune, paid just a million for the land, had the old house gone in an afternoon. how much could he have spent on the new one? another million? million five hundred? still leaves a nice profit for such a quick turnaround on such a small lot.

  8. Anonymous

    They over paid big time!!!