15% drop in Riverside? Impossible!

Dammit, hate when this happens; just when I thought I had it all figured out, i.e. “Riverside’s prices are back where they were at the peak”, along comes the example of 35 Bramble Lane.

35 Bramble Lane sells for $1,250,000 (15.44% less than 2008)

I’ve included, on the above link, the listing from July 2008 that sold for $1,480,000  and the one reported today, which shows a sale price of $1,250,000.  That’s about a 15 1/2% decline which, in the rest of the town, is nothing unusual, but for Riverside is a surprise.

Two things that might explain some of that price difference, the house was shown vacant this time, almost always a negative, and was put on the market in the fall, as opposed to the (superior) winter-spring market the last time.

10 thoughts on “15% drop in Riverside? Impossible!

  1. Construction costs have actually increased since 2008, which would account for the price decline of this tear-down. (Labor prices i.e., union wages, are the same but material costs are significantly higher.) Am still looking for that “deal” on new construction prices, but haven’t found it yet.

  2. Are you really that much busier than your brother? Post something already! You’re making an ass out of me after I sent around a link to your blog to lots of people touting it as a mature source of Greenwich real estate information!

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