No open houses today of interest – look for that aspect of this scam to resume next week, after school kids get settled in, but we do have two price adjustments reported, one down, one up.
80 Clapboard Ridge has taken the more conventional route and dropped its price, after failing to sell since 2012. Started at $6.495 429 days ago, today it can be yours for just $5.250 million. That wouldn’t seem a preposterous price: looks like the owners paid $2.9 million for the land in 1987 (really? For 2 acres?) and built this 9,500 sq.ft. house on it in 1988, so that must be worth something. I’d guess that the land itself is still worth around $2.5 million, so the house, less that land value, comes in at (gezuntagezunta…) $263 per sq.ft. That’s below replacement cost.
Just east of 80 Clapboard, the owner of 20 Mackenzie Glen has taken the opposite tack and raised his one-acre building site $100,000 and it will now cost you $1.895 million to wrest this from his grasp. The land has been for sale since before the breakup of gondwanaland, starting at $2.695 in 2007 and remaining at that price for a full year despite the market’s failure to respond favorably, then dropping in 2009 to $1.995 and eventually $1.795 in 2009 and holding there until today when, as noted , you have been punished for your delay.
Mackenzie Glen is a decent street, in a convenient-to-town location, but this particular parcel is comprised mostly of a house on a hummock and some overgrown scrubland down a cliff. A house could be built on the rise, the scrubland cleared (assuming what looks like wetlands aren’t), and you’d have a nice place. The trouble, at least so far as clients of mine and their builders have concluded, is that the cost of preparing that site precludes building a respectable house here for $3 million, if you must pay $1.8 for the land. Now that you’d have to pay $1.9 for that land, the difficulty has increased. But for someone looking to build a $5 million house, perhaps this higher price will make sense.We’ll hope for the owner’s sake that another 1,492 days won’t have to elapse before that buyer appears.