As most readers of this blig know, I have been following the listing of this house in Rumson since last April. It has now been almost 8 months and the house is still there, unsold. Since about last April, the listing price has been reduced to from $940k to $749k. If you want to see where it is located, here is the link to google maps. Its at the corner of South Ward and Waterman. I drove by the house a few weeks ago and was not impressed. I thought that it might be on the water, but its not.
MLS ID#: 10038427
This comment has been removed by a blog administrator.
ReplyDeleteNot only did I go to Google maps but I looked at the satellite view. That neighborhood is probably no more than 20 feet above sea level, tops.
ReplyDeleteWhile I have not driven through that neighborhood, I have driven down the simarly low-level Seven Bridges in LS during a late winter storm. Or attempted anyway before getting turned back because it was flooded out.
I'm guessing that the RUMSON house experiences similar briney encroachment on a rountine basis. In fact, the rock-garden front lawn is ample proof that the "waterview" described in the ad often applies to the driveway. Better keep that Beemer in a sealed garage or it will rust to pieces in short order. Sooner if the next nor'easter hits during a full moon.
So the buyer will need to factor in the cost of federal flood insurance and the extra maintenace required to maintain a house in a harsh coastal environment.
And that assumes that the little spit of land that it sits on doesn't itself slide into the river.
Mother Nature. D/N/T
Here's another thought..
ReplyDeleteIf the sellers couldn't move the house during the hot summer, I wonder what their expectations are during the cold, damp, dreary days of winter with the cold wind whipping off the Shrewsbury. Will the new year bring a new price reduction?
At the risk of earning a NoShitSherlock award, I think their best hope is to find a deep-pockets Wall Street guy who's looking for a summer home by the water but lives year-round in Short Hills (or NYC) or something.
So Rumson has a "harsh coastal environment" ? Somebody needs to get out more! Anyway, take a look at the whole neighborhood. Many homes have been either knocked down and rebuilt or have been renovated. Many sell for $1mill++. Perhaps $749,000 is a good deal!!
ReplyDelete