450 North Street, $3.675 million. Looked for $6.899 in 2009, went to foreclosure, the loan sold to Summit Development, which finished the house and put it back on at $4.195 last June, then sold the paper again and this buyer moved the house. $3.675 was the right price in 2009, says I.
Over in Riverside, 16 Hearthstone is a new listing, asking $1.7 million. I don’t think so, but I no longer have a good grip on Riverside’s inflated values. This is one of the original post-war homes in the Hearthstone development and is described as “ready for renovation, expansion or build new”, which, without seeing it, makes me assume it’s a land sale. If so, the going price for land on this street is $1.4 million and with five new houses in various stages of construction, there’s going to be a lot of competition for anything built here. Can a builder pay $1.7 for this and still make a profit? Not that I can see, but builders are an optimistic bunch and there’s probably some fool out there with the recklessness and credit to try it.