What's a nice old house worth these days?

8 Hill Lane Avenue

8 Hill Lane, (that odd little street that runs downhill from Meadow to Willowmere in Riverside) cut its price today from $3.995 to $3.850, but I wonder whether that’s enough? Understand, I think this is a great house, one that’s been owned for the past 50 years by a highly successful couple who raised their family here with great results and without any observable mental dysfunctions among those kids, so it’s plain that the structure is family-safe. That said, it’s a dated, 1921 building on a half-acre, with a FAR allowance of 7,600 sq.ft., and I fear that its highest and best use will prove to be a building lot. I’ll emphasize, again, that I personally love this house, and would be delighted to put some money into it to bring it up to date and live in it happily ever after, but I have a pretty good sense of what my own, younger buyers and others of their generation are looking for, and I’m pretty sure this isn’t it.

So, what’s a building lot in a highly desirable Riverside neighborhood, with a great view but not waterfront, worth? I certainly hope for the sake of the owners that it’s close to this price, but I’ll be watching with great interest.