Price resistance in Riverside?

48 Bramble Lane

48 Bramble Lane

Too soon to tell, but I see that the new spec house at 48 Bramble Lane, which came on just three weeks ago at $4.175 million, has already reduced its price to $3.995. In just a few years, Bramble, Hearthstone and Druid have been transformed from streets with modest homes in the $1.5 range to rows of new spec homes costing $3.5. I’ve wondered when the demand for such houses would be sated, and perhaps this is that time.

Or not; but this one will be interesting to watch.


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23 responses to “Price resistance in Riverside?

  1. Libertarian Advocate

    Sounds like over-reach quickly corrected.

  2. Cos Cobber

    Personally, I think anything over 3.6ish is crazy for this area of the world… Its beautiful, but it leaves absolutely no upside.

    Elsewhere, it looks like the demand in the 1.5 to 4 range has thin out some this spring. Perhaps its indicative of our economy which remains stuck in 2nd gear in CT and 3rd gear nationally. Everyone in this bracket pay those extra taxes a few weeks ago is also taking some air out of the bubble.

  3. Patrick

    There are a couple of houses on Bramble in the pipeline with land prices for these at $1.5-1.6m. That means at least 3 x $4m houses on this block are coming on the market. I’m not sure the market can sustain this price point.

  4. sam

    You need a lot of kids to fill these houses. Strange to bang around out of ear shot of everyone if you’re on the top floor. Put something built within the last thirty years on the market for two mil, and bang, it’s gone in a week. Of course this house would go for seven mil in Silicon Valley.

  5. Patrick

    So what’s the deal with the house on Hearthstone next to the modular? That asked $3.8m. Did that ever sell? Someone is living in it but I don’t see it as sold on the records…maybe it’s been rented.

  6. SaraG

    This is a nice house on a quite street in a good neighborhood. But none of my clients in the 3-4m range are interested in even looking at this place. Most have said its not the limited upside but the likely downside over the next couple of years. Those that need a place now are looking in Old Greenwich or other parts of Greenwich. Others plan to just wait for new builds to depreciate or the bubble to burst. Are you getting the same?

    • Yes. In fact, I’ve been warning buyers off houses like these precisely because I share your clients’ concerns that they’d be buying at the crest of the market. Better to pick up a bargain from the forthcoming bankruptcy sales.

      • Anonymous

        Who is the builder/ developer? Exterior trim was done wrong on the gable rake returns. Rake and facia are not supposed to connect flush. The return flashing or roofing material lays under the rake coming down on the angle. So many porticos and gable roof lines have been built like this because the carpenters/builders/architects don’t know how to do a “return” properly. And doesn’t cost any thing more. Looks Stupid!!

  7. NextOnTheTee

    Less than 1 yr ago a much more beautiful house on Winthrop sold for 4.1
    And it has 7800 sq.ft finished area
    On a horseshoe cul de sac on a larger lot.
    And a nicer, quieter street.
    Using that as a comp, which I would, puts this thing to shame at 4m

    • NextOnTheTee

      It also seems like listing earlier in the real estate season, the better.
      We saw a few places come and go rather quickly over here in NOPO.
      And yes, the price point is lower, but they moved quickly.

  8. anonymous

    It’s certainly a well-built and pretty house. I’d think a buyer would at least lowball an offer to see where the builder’s weak price point is. What’s the best guess of where this will eventually sell, or maybe what it’s really worth? $3?

  9. Anonymous

    I was surprised to see no easily accessible attic in this home. I don’t get the logic there. I also thought the floor layouts were a bit odd.

    • Anonymous

      It does have a weird layout. On the outside it looks nice, but not impressive and certainly not $4m impressive. Very low $3s at the most I think.

    • A useable attic has become a casualty of the FAR war – just another reason to kick Diane Fox in the butt on her way out the door.

  10. Anonymous

    Didn’t sell right away like he “of course” expected and now he has to live in it…..

  11. GreenITCH

    These houses are making the Kali Nagy house on Marks Rd look like a reasonable deal and those come with partial water views and a better quality build by the looks of it