Dawn Harbor Record?

Could be, could very well be, but we must wait for the closing to see the sale price of

36 Dawn Harbor Lane, Riverside, CT,

reported today as “executed contracts” by listing broker Steve Archino. If it closes in the $6M’s, or even the high 5M’s, it will represent a record price for non-waterfront on the street.

List: Steve Archino

Sell: Debby Gardiner 

22 Dawn Harbor Drive, Riversdie, $6.495M has fully executed contracts.

36  Dawn Harbor Drive, Riverside, $6.495M went from “available” to “fully executed contracts” today.  Came on $7.350M, February, 2012.

What’s Your Riverside Tear-Down Worth?

7 Hearthstone Drive, Riverside (small farmhouse now removed), .31 acres, sold for $1.315M back in 2008, about what it would sell for today!

7 Hearthstone Drive, Riverside, .31 acres, sold for $1.315M back in 2008, about what it would sell for today! This property sat vacant for 5 years but now, finally, has a house under construction by Argus Development.

I took a look at two year’s worth of Riverside sales of houses that, with two exceptions, have either already been torn down (and replaced) or are scheduled to be. The two exceptions were sold to people who apparently plan to update, which is just fine, but it’s plainly accurate to put them on the tear-down list, nevertheless.

As an aside, the two that weren’t torn down remind me of a little-known real estate fact, namely, that “sprucing up” an obvious tear-down can be a smart move for two reasons; one, someone who plans to actually live in the house may pay more than someone who wants to tear it down, and two, people who plan to tear down will often pay more for a house that appears to be at least somewhat ‘livable”, reasoning that a larger group of potential buyers may be interested, and that will drive the price up.

“Sprucing up” does not mean new baths and  kitchen, it means paint, wallpaper, maybe a new roof (if it really, really needs it). Also, de-clutter, wash the windows, and clean up the property. that’s it.

16 Riverside “tear-downs” 

For the record, I added them all up to see how they averaged out (I included as a 17th example, the one pictured above, 7 Hearthstone Drive):

Average lot size: .365 acres

Average Sale Price: $1,402,000.