Pretty nice house on North Street, but it can’t sell – is this price segment dead?

524 North Street

524 North Street

524 North Street has cut its price again and is now asking $3.950, down quite a bit from the $5.2 the owners paid for it in 2008. That was the year the market was just entering its tailspin, so its understandable that what a house was worth then won’t be reachable today (in most parts of town), but I’d have thought the mid-country would have recovered more than this.

37 Comments

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37 responses to “Pretty nice house on North Street, but it can’t sell – is this price segment dead?

  1. Cos Cobber

    E-Z $$ is gone and with it, big E-Z houses.

    Plus, momentum matters and momentum is rolling the wrong way here.

    I think is a good play for back country at this catch a knife prices, but you need a long view. Gonna be a while until the tide turns.

    Remember when sub $50 oil was never going to happen again?

  2. Anonymous

    But the biggest disappointment is that JPM’s revenue in debt and equity capital markets is set to plunge by 25%.

  3. New to Riverside

    Nice house but very, very, dated. Another half decade and it’s in the grandma-range. That plus location puts it at $2.9 for me.

    • I’m sure the owners hope you’re wrong. As for dated, everything starts dating as soon as it’s installed, especially bathrooms, kitchens, and interior decorating.

      • New to Riverside

        Hmmm, I trust your opinion CF, but in mine those features can be “current” for 10-15 years. Here the abundance of French doors, speckled granite countertops, brown wood floors, and ornate staircase and fireplaces have been dated for 10 years +. Unless buyer is 55+, which is unlikely, that amounts to stripping the entire first floor. But I’ll agree with you on the drapery!

        • Riverside Chick

          I agree, it’s the death of the Tudor style homes. Small dark rooms, opposite of what buyers are looking for.

  4. Walt

    Dude –

    Do you know what I find TRULY AMAZING? Besides huge knockers and bubble asses?

    You “Professional” dirt sellers have NO CLUE what dirt is actually worth!! NOT A SCINTILLA!! Good word, right Dude?

    Anyhows, I am not talking tens of thousands, or hundreds of thousands of dollars. YOU GUYS DISAGREE BY MILLIONS OF DOLLARS!! In any other “profession” you would all be unemployed losers. And that would be a promotion.

    So besides driving, your true core competency, what skill set do you all actually possess?

    Your Pal,
    Walt

    • Cos Cobber

      Skills? They have a keen sense of smell for commissions. There is no doubting that.

    • Well, we can always go trade mortgage derivitives,

      • Walt

        Dude –

        I didn’t mean to be harsh. I apologize. Selling dirt is indeed a noble profession. It is no different than dowsing. Or exorcism. Or fortune telling. Or faith healing. Or being a mime. Or being a ninny. WHO AM I TO MOCK THESE CAREERS? Riddle me that, you ninny. What is a ninny, Dude? NINNY NINNY NINNY!!

        The world needs these things to exist. Without right there is no wrong. Black needs white. Yin needs yang. Cat’s need dogs. AJ needs a lobotomy. So your career choice, while in fact useless and vile TO IT’S CORE, IS IN FACT a necessity!!

        So please accept my apology. The fact that you can pretend to be a “professional”, entrusted to sell someone’s most important asset, AND YOU HAVE NO IDEA WHAT IT’S WORTH, really does take some talent.

        Do you want to know what that talent is called? You galoot!!

        Your Pal,
        Walt

        • AJ

          That’s okay, Walt, because I have a holographic brain, and even if I were to lose part of it, I could always grow a new one.

  5. Reasonable Richi

    That is a great value – I think it sells in the mid-to-high $3MM range.

  6. Anonymous

    People largely want turnkey houses, and this isn’t. Unless, as others point out, you’re old.

  7. Anony

    I think it is a pretty house, too, Chris. I have always loved the Tudor style. That backyard is so beautiful.

    Remove the drapes and wallpaper, paint the interior, and change a counter top or two and it would be lovely, in my opinion. Not too much work really.

    • Anonymous

      Calling a painter takes way too much effort for buyers today. Typing in all those buttons is physically exhausting and requires a significant amount of mental effort.

  8. Riverside Dog Walker

    Gosh this decorating makes even me feel old. I can only imagine a young family’s reaction touring the house and wanting to be out of there. I am coming around to thinking staging is a great thing. It would probably do wonders for this otherwise fine house.

    • Anony

      Totally agree. If this were a bright and open colonial in the same location, it’s a different conversation. I know 3 different families looking in this price range and none of them will even consider a Tudor.

      • Anonymous

        I just bought in this range and I’d do a Tudor, but it’s more than paint and furnishings here. The kitchen and floors are fine, but just too dated for that price level. And you can open up rooms, but takes more to change low ceilings and an isolated family room. Even though it’s shiny, it’s a fixer upper.

    • Equality 7-2521

      How old are all you folks? Classic elegance never goes out of style. Amazed at the love for cookie cutter restoration hardware “clean white look” and the disdain for timeless décor like this…..

  9. SocialWorker

    This house could easily fit 3 families.
    Soon to be the property of the federal government.
    Feel the Bern!

  10. AJ

    This house would sell easily if only the agent would stand out on the street in front of it while wearing a clown suit and holding balloons. Huba huba huba.

  11. Anonymous

    A lot of comments on this blog talk about houses being “dated” I bet most of the people making these statements and “dated” as well! Get over it. Easy changes to make. The important thing is bones,location,property, etc. what about the contemporary house on Baldwin Farms? That should get some dialogue going.

  12. Anonymous

    I agree. Even in less “dated” houses, does anyone keep the drapes, wall colors or wall papers? No. Just buy the nice house and fix it up the way you want.

  13. Anonymous

    O/T: on CBS now.
    Prosecutors in CT could petition for Michael Skakel to return to prison for death of 15-year-old neighbor

    IMHO, don’t know why prosecutors would want to waste state money. Skakel did time. Time to move on. Even if I were the parent of the Moxley girl, I’d like to think I could move on.

  14. Anonymous

    Anonymous at 7:55. Thankfully you obviously have never lost a child. One is never able to “move on” one of the Skakel’s did it Michael? Tommy? Either way someone needs to pay and stay in jail for the rest of their lives.

    • Anonymous

      So you are saying that if one or the other brothers did it, why not just punish one, even thought no one is sure if Michael actually committed the murder? Remind me never to have you as a family member. You’d shove me under the bus even if YOU did it.
      Psychiatrists say for mental health, everyone has to find closure. Some grant forgiveness to the murderer. Others find peace by starting a family foundation in the lost child’s name to bring about POSITIVE to sadness from the death. Hatred is not going to bring back the daughter.

  15. New to Riverside

    I’m surprised at all these comments about how easy this house is to update; I just bought a similarly priced home with even less updates to do and these things are not simple or cheap. Even bleaching and re-staining floors on this scale is $20K, paint $15K, a new kitchen of that size is $100K and it wouldn’t even be commensurate with the home. The list goes on and you still have low ceilings and a busy street. $2.9 is my guess, but I wouldn’t buy it.

  16. another starbucks 4 me

    I like Tudors but a lot of people I know don’t, I think I’m in a definite minority on that vote. Nice place with high carrying costs and lower financial services employment = a $2.5MM – $3.0MM, it all depends on the circumstances of the seller. There are deals to had, make multiple offers, if the sellers decline, come back in a few months when reality sinks in …

  17. CT2CA

    This house is not nearly as dated as people here are stating. $25,000 to a great painter/wallpaper remover, rip down the window treatment and replace a few counterops…all in under $100K and a great, classic and even FLEXIBLE house. I don’t see it as being nearly as dark and closed in as some suggest.

    If this house can be had in the low to mid $3’s I would say that someone would be getting a great house at an amazing price…and the property and location and lovely

  18. RaisedInRiverside

    Beautiful house. The decor is definitely older, but I still think this should get 3.2-3.5mil from a buyer who’s capable of seeing the big picture.

    • CT2CA

      To your point, I have not walked through the house so there may be other issues and I certainly can’t comment on floor plan issues without doing that.