20 Corrigan
So I’m just back from a closing where my client bought this unfinished house on Corrigan (way over on the west side of town) for $2.7 million. What’s interesting is that on June 9th of this year, when it first came on asking $3.250 million, I questioned who would want to buy an unfinished house, and listed all the questions I’d want answered before buying. I’m told that a number of Coldwell Banker agents went batshit, urging the listing agent, Juan Sosa, to file a grievance against me for maligning the place. Juan took a more sensible approach and sent in a reply that answered those questions and lo, one of my clients who was looking for property over there saw the post, and Juan’s response and asked to see the place. It took an awful lot of due diligence and a ton of negotiating between my client, Frankie Fudrucker and me on one side and Sosa on the other, but we eventually agreed on a price and, as noted, closed today.
Was it a good deal? Well Greenwich Bank & Trust thought so, appraising the place for far more than we paid for it and extending a loan to finish it. And my client thought so. The busted builder wasn’t as pleased, as he walked away with nothing and hasn’t come around to the relief he will no doubt feel,eventually, to be out from under an onerous mortgage that would otherwise be foreclosed now. I hope that a few months from now he’ll be more cheerful.
And so it goes.
Congrats, CF
Always pleased to see those w/contrarian views rewarded for their candid insights and advice
Similarly, short-sellers and sharp, shrewd-negotiating M&A IBers are always vilified by those with opposing views/interests, but that’s what makes a market, right?
All Right!
Steaks at the Fountain House!
I like the house but love the borrower more. You know CF, these deals are only as good as the people behind them! Good job to you and that Fuddrucker guy.
Congrats. Now show some gumption and relist it for a premium!
Aw, thanks, GBr. If I run into Fudderker I’ll give him a pat on the head and scratch behind his ears.
Deal of dubious value. Big price for that location and the houses in that immediate area run from huge to merely humble. Not sure how you’d describe this area of town – perhaps “airport landing zone”. And in your post you said the price should start with a “1″……I doubt the house has appreciated in value since your post (unless the bulder continued to work on it — doubtful).
So I think maybe you were in it more for the commission that anything else. But hey, it’s your clients’ money, not yours, right?
A rare sighting of the nearly extinct Free Market at work. Gorgeous!
Boy, you sure saw through me, Stan. Well done.
I don’t know if stan is serious but 2.7 for that….i don’t think so
Congrats Chris…Just came back from a R/E conferance I think plenty more where that came from in the next 12 months..so maybe we can do a deal together?..you guys seem to know what you are doing and from what all the economists I just witnessed you guys will make a lot of money in the next 12 months…keep going ,should be a good run!
Maybe I am a sucker. Time will tell. However, After much due diligence by several local GC’s, all I heard was praise about the quality of construction. No corners cut in this project and maybe that’s why the builder ran out of money. Sate of the art Geothermal system with radiant heat flooring on three floors. Well finished bathrooms (hardware could have been fancier) but a well designed house. It’s big without feeling overwhelmed I.e some spec homes.
Less than ideal street, yes but so wa Richmond Hill. Now look at it. Airport noise you say, absolutely. Good thing I fly my own Piper!!
Hi Stanwich – it’s obvious CF never represented you as a buyer if you think CF would sell you a house he thinks is overpriced just for his commission. CF did represent me and my husband (well, actually does, since we haven’t close on the house yet) and I can tell you that even if you insist on bidding on a house at asking price, he would disuade you to do it if he considers the house is not a good value. If there is one thing you have to give to CF is his integrity.
This is gratifying. It’s not every day you cheer an agent making a five figure commission but in this case it’s well deserved!
This is gratifying. It’s not usually the case that I feel like cheering for an agent making a five figure commission but in this case I do!
It was money well earned and yes Chris told me to walk away 100 times when we weren’t getting our terms. He definitely didn’t push me either way just for the commission.
CF Client, I know CF is full of…um, integrity if nothing else. You missed the sarcasm in my comments. To be honest, I didn’t do the due diligence you did on the house so I have no idea if it is a good buy but hey, you had CF on your side so that counts for something.