This comes as no surprise here, although perhaps it does to its builder
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Back in May I wrote about 3 Finney Knoll in Riverside as follows:
3 Finney Knoll, “new” construction, from $3.999 million to $3.795. This was a 1840 house in deplorable condition when a local builder purchased it for $800,000 in 2006. He proceeded, verrry slowly, to add on a modern house attached to the original, but by 2023 that project was still unfinished — I believe the builder was living and bathing in the kitchen, for example, and there were numerous code violations in the work that had been done. A years-long effort to complete a short sale failed and the title was eventually turned over to the lender.
That bank put it on the market in January 2023 at $750,000, a low price designed to attract higher bids, and it did. Two of my clients looked at it separately and passed; they were each of the opinion, as was I, that the property was fairly priced at $750,000, especial;y given the unknown of how much of the original builder’s work would need to be replaced and redone (almost al of it) and neither wanted to play a part in a greater fool adventure.
But many did, and this owner was the lucky winner [who paid $1.125 million that March]. He might get this price — it’s a frenzied market, and the ability to hop over the fence and shop at Balducci’s may prove a strong draw — but I’m guessing somewhere closer to $3.2’s going to take it, eventually.
I revisited the subject in April, when it took its first price cut:
New broker, new price: all is proceeding as foretold
3 Finney Knoll Lane, Riverside NoPo, has now dropped from $3,999,000 to $3.397 million. I’ll stand by my prediction made back in May, “somewhere in the $3.2 range”. Of course, it’s now been hanging around on the market so long that it may have to drop even lower than that, if it’s to overcome the stench of staleness.
(As sold in 2023)
