We know Riverdale as the land of Robert A.M. Stern McMansions, really pricey houses with billiards rooms and saunas, and even homes with turret breakfast rooms. There's just one problem: these places aren't selling?and neither is much else in Riverdale. The Times devotes the Appraisal column this week to what exactly is going on in the Bronx neighborhood. It turns out the number of properties on the market in Riverdale has gone up 80 percent in the last two years, to the point where it would take another two full years for the market to absorb everything that's for sale. (Manhattan's current absorption figure: nine months.)
The market troubles do create some buyer and renter opportunities. The median price of a Riverdale one-bedroom is now 13 percent lower, at $299,000, than it was two years ago. And that Robert A.M. Stern-designed community, Villanova Heights, has gone rental after the houses failed to sell. Of course, they're asking $13,000 to $16,000 per month. Poor Riverdale.
· In Riverdale, More 'For Sale' Signs Than Sales [NYT]
· Riverdale coverage [Curbed]