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.