Riverside contract: holding steady, but that's still a tad discouraging

82 Lockwood Road, asking $2.550 million, reports a contract after just 2 1/2 months on the market. The owners bought it new in May, 2005 for $2.720, so adjusting for the normal depreciation on a new house (one reader says “depreciation begins as soon as the builder drives off the lot” — I like that), this is about where you’d expect a house like this too land.

But there was a time when a buyer could expect his Greenwich house to gain value over 14 years, not just hold its original purchase price.