And speaking of waiting a bit before rushing in to buy a hot new listing

78 - 80 Cedar Cliff Road, a lovely old (1936) Riverside house on two + acres, which are apparently divisible, has dropped from $17.5 million to $10. 750 over the past two years. It's telling that almost all the pictures in the listing show its waterfront views, rather than the interior of the house itself, because that (strongly) suggests that its value lies in the land, and not the house itself. I don't believe I've been in the house since its 1973 renovation — it looked fine to me then, but tastes have changed considerably over the past 45 years, and renovations made then have probably become a bit dated.

But it is certainly beautiful waterfront, and they aren't making more of that, so maybe this latest price will smoke out a buyer. If I could afford the land, and the cost of building a new house, I'd leave the land intact and simply enjoy the luxury of having such a large, private property in crowded little Riverside.