Listed two weeks ago for $4.250 million, reduced today to $3.950.
Tag Archives: Riverside spec houses
No, Doctor Leary, not that kind, but new construction pricing. A new house on Willow Road in Riverside came on the market today for $3.695. Looks like it’s about 3,156 sf above ground (including garage, if FAR guidelines were met), and 1,400 sf in the basement, which is finished. Four bedrooms up, one in that basement. Not much of a yard, I would imagine, since it’s on 0.23 of an acre, but a good street. Open house scheduled for this Thursday so I haven’t seen it yet. Will it sell? At what price? The builder is asking $1,172 sf if you calculate by above-ground space, or $804 sf if you use the basement as part of the number -I’m not sure I would. This will be interesting to watch.
Not so much, apparently. This house on Druid closed yesterday for just $2.825 million, a far cry (73%) from its original price of $3.850. There’s no question in my mind that the first price was too high but it’s still a significant hammering. Notice to home owners who’ve thought of selling their lot to a builder: it’s going to be awhile before you see this lot’s history repeated. In March, 2006, it came up for sale for $1.695 and went in a builders’ bidding war for $1,737,042. You can’t pay that much for land and sell the resulting house for $2.8 million without losing your shirt.
On a brighter note, especially for the commentator who’s been so exercised by realtor commissions, $141,250 of the selling price would have been split between the two brokerage firms so someone made money on this deal. I thought you’d want to know.