Gosh

120 Lockwood Road, new construction in Riverside, has been listed at $5.695 million.

Back in 2005, my contemporary Russ Pruner and I were at a broker open house for a newly constructed home on Hendrie Avenue, priced at $3.5 million. “Did you ever think you’d see a house on Hendrie selling for $3 million?”, Russ asked, and, wiseguy that I am, I replied, “I don’t think I’m seeing one now.” The joke was on me, and it sold for $3.3. I have the same skeptical reaction to this house’s price, but that’s now tempered by experience, so who knows?

One comfort this builder will have if it turns out that he overestimated his project’s value: he paid just $1.325 for the land in 2022, so there’s plenty of room for him to be wrong and still make a tidy profit.