This place is the test, or maybe it’s the answer. Should you bother to renovate an older home, and will anyone buy it when you’re done?
19 Indian Head Road in Riverside came on the market eleven days ago for $5,200,000. It’s simply one of the best renovation/expansions I’ve seen and if it doesn’t get a quick deal, I’ll be amazed and also alarmed.
Listing broker is Heather Platt, and I haven’t checked in with her lately, so it’s possible she already has a deal. I’ll find out tomorrow and update this post.
But holy [cow]! What if it hasn’t sold? What would that mean for the idea of preserving older houses? Because right now, Riverside’s got a slightly swollen inventory of beautifully renovated (or at least, preserved, in one case) antique homes, all with high ceilings, all in great locations, and there they sit, unloved.
Meanwhile, a spec house next door goes up, gets staged, and sells. Not good news for the oldies.
Just a few examples:
Every one of these Riverside beauties is spectacularly renovated (and/or preserved), yet there they sit. But show the market a shiny new spec house, with no character, no charm, no history, and bing! it’s gone in 60 seconds.