My, oh my

Another bidding war, this time over 65 Summit Road, sandwiched between the railroad tracks and the second-busiest road in Riverside and priced at $1.895 million.

Brother Gid and I discussed our positions on bidding wars just this past Saturday. I asserted that “winners are losers”, Gideon said, old man that he is, “it Depends™”. In the end, I think we agreed that we’re both right — if you find the right property: direct waterfront, say, with enough acreage for privacy, etc., and you have the money, does it really matter how much you have to pay, if you intend to stay there twenty years? Almost certainly not — that’s what money’s for, to get what you want. But if your window is five years, spend away if you wish, but be prepared to lose the premium you’ve paid, and probably more.