Riverside: going down?

26 Weston Hill Road, new construction awhile back, sold for $2.995 in October, 2004. Sold yesterday for $2.665. Just saying ….

UPDATE: Cos Cob Byram saw a sale,  but at the same kind of price reductions we’re seeing everywhere in town except, of course, for that peach-colored beauty at 75 Long Meadow Road, whose owners hold (relatively) steady in the face of mean bloggers and nasty readers’ comments.

100 Mead Avenue

This house was listed at $729,000 and sold yesterday for $545,000. Assessed value: $546,910.

UPDATE: Cos Cobber pointed out my error – I saw “Mead Avenue” and thought of the Cos Cob street, which is a nice street with a convenient location to the shops and school. I forgot that there are two Mead Avenues in town and this one is in Byram. Still a good-looking house, but Mead in Byram is not at all the same as Mead in Cos Cob. My bad.

Riverside sale

When 14 Bayside Terrace was first listed for $1.475 back in February I wondered aloud (without identifying it) whether we weren’t heading back to the below $1 million range for houses like this one. Not quite: it sold today for $1.160 (assessment is $1.096), but that’s closer to the $869 paid for it in 2000 than the price they asked last winter. If you’re in the $1 million range, hang on – better times are coming.

Riverside Sale

28 Welwyn Rd

This was reported under contract in March but didn’t sell until yesterday, when we learned its price: $2.850, down quite a bit from its ask of $3.650 but still respectable, I think. Assessed value (70%) is $2.068 so this street, at least, is keeping ahead of that measure. Built in 2003, about a 1/2 acre of land off Indian Head.

Riverside Market

26 Weston Hill sold for $2.995 million in October 2004. It came back on at $3.095 recently and today it’s marked down to $2.999. I think we’re below 2004 prices, but it’s interesting to watch the process of prices adjusting.

One man’s ceiling is another man’s floor

It hasn’t been reported yet but there’s a house closing today on Owenoke that will “set a new floor for the street”, according to an agent I spoke to. I assume it’s the Nokia – owned house at 30 Owenoke, which started off at just about what was paid for it in 2006 (somewhere around $2.7, I believe) and fell rapidly from there. Will it break the $2.0 barrier? We’ll find out soon. That will not be helpful for other Riverside sellers if it does.

Just Sayin’

17 Marks Rd, RVSD

Sold: $2.250 5/04

Sold: $2.495  7/06

Ask: $2.695  4/08

Ask: $2.095 2/27/09

Okay, here we go: apples to apples

272 Riverside Avenue

This house, new construction, sold for $3.850 in January 2008. I’ve been curious what its present value is because I sold two other new ones (different builder) next door for $3.8 and $3.85, respectively, just a few months before. Today, this one came up for sale at $3.875, a token $25,000 more than it sold for 13 months ago. Will they get it? If not, how much has it dropped? Did I ever think I’d ask that last question about Riverside property? (No.) I’ll be watching with bated breath.

On the other hand, here’s a condo whose builder must have quit holding his breath a long time ago and is now just trying to get what he can for it. 292 Davis Avenue, a nice, free-standing “condo” (one of three units) has been for sale since January 2007 and originally asked $1.965 million. A beautifully detailed bit of construction but Davis Avenue is not yet ready to crowd out Field Point Circle or Round Hill Road as one of our premier addresses and that first price, in retrospect, was a tad aggressive. That is to say, no one wanted it. Today it came down to $1.125. If Walt and Monica are looking to downsize, they might choose this. And, fortunately for them, if even this is beyond their means, we do have public housing right up the street. But there’s a waiting list, Monica, so just as soon as you get back from Mustique, you may want to sign up.

Going back 5 years for new asking prices

26 Weston Hill RVSD

This Riverside house sold for $2.995 million in 2004. It came back on the market today asking $3.095. Even assuming a minimal amount of negotiation, and I’d expect there would be more than that, we’re back five years. Probably more.