New listing in Riverside

46 Terrace Avenue, $2.695 million. The owners paid $1.6 million (on a $1.695 asking rice) in June 2020, repainted the interior and … nothing else. I can rationally understand that the price someone paid for something in the past has no particular relevance to what it’s worth today — for instance, I represented buyers who in 2012 paid $7 million for a house that had sold for $11 million during the boom, and anyone who’s dabbled in stocks knows the same thing. But it’s still hard to grasp, sometimes.