What a difference 330 days make — maybe

The owners of 682 Lake Avenue bought it for $4.950 million last May, and have put it back on for sale today at $5.950. Perhaps they feel they got a bargain, below-market price on the place last year, because their sellers had paid its builder $5.8 in 2001, but the market doesn’t work that way, as a general rule: the market price in May, 2023 was what someone — they — paid for it. .

These owners did put some money into it, but it was spent on maintenance items — vital, but buyers expect the mechanicals to be in good working order, so they usually aren’t willing to pay up for them.