Built in 2004, never found a buyer

Yesterday I mentioned that 11 Quail Road, on the market since May, 2008, had dropped $2 million off  its original asking price of $8.875 million. I wrote that it had been a 2004 spec house (built on land purchased for $2.9 million in 2002 – those were the days) that sold that year for $6.450 million. A reader corrected me and said that in fact it had been “bought” by its builder.  The reader was exactly right.

The original owner in 2004 is listed as “Inwood Management” and the owner today as “Ernest Bello”. Googling the two together, we learn that they are one and the same. There’s nothing nefarious about this, but it does mean that we have no idea what the market price for the property was back then in 2004. Its 2004 value is pretty much irrelevant these days but nonetheless, let the buyer beware.

2 Comments

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2 responses to “Built in 2004, never found a buyer

  1. anonymous

    Seems like nearly $3MM for ?2-3 acres of questionably situated land was an excessive price in ’02

    Can’t solve paying too much for dubious dirt; structures all depreciate and can be torn down anyway if land is desirable

  2. anonymous

    See the NYT mention of a recent 15 CPW sale?Assuming some disct from ask price, seemed to trade for ~$5K/sf

    I still think 15 CPW (or any other trophy NYC bldg) will be back under $2K/sf by time mkt fully corrects in next ~1-3 yrs