What looked like a promising day: 68 listings to see, was pretty disappointing. After weeding out the rentals, retreads and hopelessly overpriced, there were just a handful of houses worth driving to.
More on those later; while I was out, two contracts were reported, both in the low range.
11 Mill Pond Court, $1.345, has a fully executed contract after just 14 days, which would indicate that a buyer stepped up within just a few days of the property appearing on the market (there’s a time lag between an accepted offer and formal execution of a contract). The owners paid $725,000 for this in 2007 and did a “total renovation”; judging from the mortgage they took out to pay for that renovation, it looks like they really did redo the place. In this market, a house that needs no additional work is a valuable commodity, and the speed with which this one sold isn’t surprising. Besides, Mill Pond is a nifty little street. 0.15 acre, for those interested in saving on lawn care.
29 Riverside Lane, on the other hand, is not on one of our finer streets in town: it’s busy, but it has also found a buyer after 29 days. Asking $829,000; building lots here were selling for $750,000 just a short time ago. This was improved in 2004, so the buyer may intend to live in it, which would justify paying more than land value. Just about the same size lot as Mill Pond, 0.2 vs. 0.15. Your kids can still use the yard for play, so long as they play on a pogo stick.