Borge land sells

112 Field Point Circle, bought for $25,000,000 a few years ago and re-listed for $35,000,000 has sold (via Lyn Stevens) for $17.5 million. It’s gratifying if only because a reader asked this morning what it would sell for and I guessed, “between $15 and $18 million”.

Nice land.

8 Comments

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8 responses to “Borge land sells

  1. Anonymous

    Thanks for the update CF and good estimate on pricing

    So, about $4 mill/acre for premium BelleHaven waterfront and $1 mill/acre for premium RHR land; sounds like we’re back to ?’99 pricing

    And I don’t think depreciation cycle is yet over, even for good land

    • christopherfountain

      Borge’s is not a double lot. Ferari tried it, arguing that he could use the access strip in calculating the area, and lost. So he sold it to another sucker, who went on to lose $600 million buying the John Hancock tower in Boston and several million more on a busted project in Khakum Woods.

  2. island surveyor

    Beg to differ. The layout of the Lawlor house there straddled the two lots. The FAR fiasco was over counting the land under the roadway of Field Point Circle, which our P&Z Commissioners allowed. That is a private road, with title running to the centerline.

    After litigation, the Town Code definition of FAR was amended to exclude private roads. You could look it up:
    Section 6-5(23)
    Definition of Floor Area Ratio was amended to include the exclusion of land within a right-of-way 11/25/2008

  3. kidding really?

    I walked down on the Borge land last weekend. Really nice.

  4. Anon

    Island surveyor, why beg to differ? Are you not saying the same thing as Chris; since the land with a right away for private road is not included in calculating FAR, this is not considered a double lot?

  5. island surveyor

    The issue is what sold. The deed will tell. The Borge house was on #110. The proposed Lawlor house was on both # 110 and #112. The price indicates two building lots, not one.

    The lots are two front lots, not a front and rear configuration. So “access strip” does not apply.

    The issue is “What It’s Worth”. If only #112 sold at that price as an “hour lot “- (slim waisted) leaving another house site on a fat waisted lot up-slope and to the southwest, the value is entirely different and entirely unreal.

    So double lot means not double size, but two regulation lots in the same ownership.

  6. Anon

    If FAR does not include the right away of the private road into FAR then it can only be sold as 1 lot (110 and 112 combined) as it would not accomodate a double lot.
    In other words the drawing you show as 2 lots is unbuildable as either lot would not meet the minimum.
    Again, I believe you are both saying the same thing.
    It simply is not a double lot.