ON THE HOME FRONT
What’s On and Off the Residential Market
 
– By Robin Jovanovich and Allen Clark –

As of mid-September, there were 105 single-family houses on the market in the City of Rye, which is higher than average. In the last two weeks, four houses went into conditional contract and two sold. That’s better than July and August when, despite ever-growing average sale prices, unit transactions took a plunge. In the past 12 months, the average is down 25 percent from its historic high in 2005.
What effect will the news from Wall Street have on Rye real estate? Most agents told us it was too soon to tell, but one did share, off the record, that several home sellers who had been on the fence about reducing the price of their homes decided to go ahead with a price change. “Multiple reductions are the first and most common reaction to bad economic news.”
In the past six months, 49 properties have sold, ranging in price from $540,000 to $5,445,000.
Here’s a sample, by neighborhood, of sales in the last three months.

Loudon Woods
 
A 5-bedroom, 3.1-bath Tudor built in 1925 sold for $1,675,000, substantially over the list price of $1,595,000.
A 5-bedroom, 2.1-bath Colonial, also built in 1925, sold for $1,577,500, slightly under the asking price of $1,595,000.
A 5-bedroom, 3-bath Colonial built in 1925 — what a year — sold for $1,830,000. The asking price was $1,895,000.
 
Rye Beach
 
A 4-bedroom, 2.1-bath Colonial built in 1925 sold for $1,722,000. The list price was $1,795,000.
 
Grandview/Evergreen
 
A 7-bedroom, 2.1-bath Victorian built in 1890 sold for $1,820,000. The list price was $1,800,000.
 
Walk to town
 
A 6-bedroom, 3.1-bath Victorian built in 1855 sold for $2,187.500. The asking price was $2,275,000.
A 9-bedroom, 7.2-bath Colonial built in 1774 sold for $5,445,000. The list price was $5,640,000.
A 3-bedroom, 2.1-bath Colonial built in 1900 sold for $950,000, just over the asking price.
 
Osborn School
 
A 4-bedroom, 2.1-bath Victorian-style home built in 1920 sold for $976,000. The list price was $995,000.