Back from the dead

Report of the sale of 99 Richmond Hill Road slipped in just under the closing wire, but it’s now of record: $6,801,000 on an ask of $6,250,000. That’s an excellent result for this house in light of its sales history. It was built new in 2004 and put up for sale in February ‘05 for $11.9, finally selling for $8 million in 2006. The real estate bubble had thoroughly burst by 2009 when those buyers went to resell it, so they braced for a million-dollar loss and priced it at $6.995; even at that, they’d underestimated the whacking our market was receiving, and had to settle for just $5.9 million.

But now, fourteen years later, it’s sold for almost a million more. Adjusted for inflation, that’s not all that much of a gain, if there was a gain at all, but there certainly weren’t many bidding wars going on in this range for much of that time, so … progress.

I don’t remember being terribly impressed by this house when it was new, but it was carrying that silly $11.9 price tag at the time, and a huge mismatch between an asking price and what a home’s worth always makes a house look worse than it is; I’m sure it seems much better now.

Buyers are from Bedford Hills, and their relocation was probably accompanied by wails of lamentation from that town’s tax collector.