A modest bidding war

10 Miltiades

10 Miltiades Avenue, Riverside, was listed for $1.1 million and was immediately put into a bidding war. It just closed for $1.163. It's always tough for first-time homeowners looking for, you know, a home, when the land's value exceeds that of the house sitting on it. On the one hand, yes, you're getting a free house, but on the other hand, you're competing with land buyers, who can come in with non-contingent offers - what do they care what condition the existing house is in? - and, assuming they're established professionals, already have their financing lined up.