This will help the price average

25 Sherwood Avenue sold today for $19,000,000. It was never listed for sale so I wasn’t aware of its presence, but it looks like 15 acres with a couple of buildings all renovated in 2004. In fact, from the areal, it looks like a heck of a place.

To balance that, 11 Green Lane, a bank-owned property, sold for $495,000. The sad thing about this is the seller might have avoided losing everything because, although he paid $699,000 for it in 2004, he listed it for $895,000 in 2007 when its assessed value was $483,000. In 2007, there was still time to get out for more than the assessed value. Too bad.

5 Comments

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5 responses to “This will help the price average

  1. anon

    $19mm is a lot of dough for a so so location – right next to the airport and the Merritt

  2. anonymous

    NetJets has fairly safe birds and pilots and is efficient for those whose time is valuable but wouldn’t want to live close to any airfield like Sherwood

  3. Anon E. Moose

    Green Lane was asking $499,000 – that 99% of ask! They’ll surely be reveling about that statistic at the guild lodge, no?

    • christopherfountain

      99% of the final ask and, for that matter, when it’s bank owned, there’s usually not much give on the price, if only because, once some officer has decided how much of a haircut the bank’s willing to take, it takes months to find someone else with authority to over-ride or modify that decision.

  4. jps

    I attended the foreclosure auction for 11 Green in July/Aug ’08. Bank bid +/-$600k. The property could have sold for over $500k that day.