Maybe a lesson in fully exposing a house to the market?

10 Miltiades Avenue

10 Miltiades, in Riverside, is new today at $1.1 million. That's a perfectly reasonable price for a Miltiades lot on the non-railroad-side of the street; in fact, I wouldn't be astonished if it went for a bit more. I noticed, however, that the owner had been renting it for a couple of years before it bought it from his landlord in November, 2011, for $800,000. That was a direct sale, and I wonder whether the landlord didn't miss getting top-dollar by just selling it to his tenant.

Of course I don't know the circumstances of the sale, and certainly selling to a tenant-in-place is a lot easier than going the MLS route, so it could have been a smart move anyway. I do think that Miltiades lots were fetching prices in the low $1s even four years ago, so it seems likely that this tenant/buyer is going to do quite well on what looks like a discounted price back in 2011.