Richmond Hill: not yet out of the grave, but this pending sale indicates that it may at least have one foot outside it
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85 Richmond Hill Road is reported as pending after just 32 days on the market at $6.795 million. That has to come as encouraging news to other homeowners on this benighted street that saw a mini-boom of mansion construction in 2003-2006 and a subsequent collapse of prices in the two decades that followed. This home’s sales history offers a good illustration of that tale of woe.
Built in 2004-2005, it sold for $7.1 million in 2006 — $11.427 in current dollars
Placed back on the market in 2007 at $8.9 million. it lingered for 1,027 days before finally selling for $4.825 in 2013.
Once again put up for sale in 2016 at $5.250 million, it took four years for these current owners to appear, and they were only willing to pay $3.550.
It’s nice to see that someone is finally making money on this street way out in nowhere.