Pending in Riverside


35 Welwyn Road, asking $2.093 million. I won't necessarily vouch for the listing agent's claim that Welwyn is "one of Riverside's most coveted streets", but it's near the top (northern) end of Indian Head, so walking distance to train and schools, and the street's housing stock is gradually converting from its original late-50s development roots to a $3.5-$4.5 neighborhood. Give it a few more years, and that description may fit.

I'll note that a half-acre building lot on Welwyn is probably worth something like $1.750 to $1.850. This 1957 house was renovated in 2010, and, while it's certainly a perfectly livable, pleasant home, my suspicion is that the buyer will prove to be a builder with razing on his mind. If so, that 2010 renovation will serve as yet another reminder of my usual caution about houses of this era: spend money on things that you will enjoy while living there, as this owner did, but don't expect them to add value when you go to sell. Builders don't pay for what they won't be using.

Of course, should this buyer turn out to be an end-user, congratulations: assuming a negotiated price below the current ask, you're about to purchase a free house.