A sale, an accepted offer, a price increase (!) and a decrease (in Riverside, no less).
An August 8 sale that was just posted today is 22 Welywnn Road, Riverside, asked $2599, got $2.375. Welywnn’s a nice street, off the northern portion of Indian Head Road, so easy walk to the schools and train; this price doesn’t surprise me at all.
85 Richmond Hill Rd
And poor old 85 Richmond Hill Road, up near the North Pole, has finally found a buyer, or at least someone has made an acceptable offer. Latest asking price was $5.495 million, which sounds like a lot, and it is, but the owner bought this spec home when it was brand spanking new in 2006 for $7.1 million. I don’t think he ever lived in it – marital discord, and he put it bad up for sale in 2007 for $8.9 million, with no explanation of why it was worth almost $2 million more than the year before. Even more curious, when it didn’t sell after six months he must have panicked, because he chopped a full $5,000.00 off its price and, six months later again, another $5,000. That $10,000 reduction produced nothing in the way of a buyer but did provide a good source for derision, heaped on with great enthusiasm by this blogger.
It was rented out for a while, then returned to the market in 2010 for $7.675 and, 1,438 days after beginning its journey, has seemingly found a buyer. It looks as though instead of making $2 million on his purchase, the owner will lose $2 million. Real estate’s funny that way.
The owners of 6 Dunwoodie are taking a different approach from Richmond Hill’s and after they were unable to sell their home for $1.690 million, have increased it today to $2.250 – let this serve as a cautionary tale to you recalcitrant buyers: pay full asking price now or be punished later; your choice.
And 40 Winthrop Drive, Riverside, which came on just a week or two ago for $3.395 has dropped to $3.195. That’s a smart move on the owners’ part and their agent. This is quite a nice home inside, and the yard and the street are great, but if the market is telling you you’ve overshot the proper price, don’t d*** around, fix it. In some areas of town, two weeks without an acceptable offer shouldn’t be wildly alarming but in Riverside, in this market, in this neighborhood, you definitely guessed a little bit wrong. Nothing wrong with that- no one said this was a science, but don’t cling stubbornly to a price you want if the market says you want too much. I applaud these folks, and if you haven’t seen it, check it out. Nice house.