You’ll also recall, this was 2.62 acres of waterfront, on one of Riverside’s most desireable streets. It is sub-divided into two lots, but will probably be used by the buyer to build one house. It doesn’t hurt, by the way, that the most likely building site is around 25 feet above mean high-tide.
It took me 320 days (and a million-dollar price reduction, from $9.95M down to 8.995M) to get it sold. This time?, broker Barbie Jackson appears to have gotten it done in 2 weeks!
Did the seller make a quick million+, just for holding the property for 3 years? If so, that would be impressive, but not as impresssive as investor Chris Shumway’s reward for holding 204 Otter Rock Drive, in Belle Haven. He purchased the 3.14 acre parcel in April, 2005, for $10.875M, held it for seven years, then sold it for $13.750M in April, 2012, a hefty $2.875M premium!