15 Quaker Lane
These 4 1/2 acres (with a couple of cottages that can be lived in as is) sold for $1.650 million in 2005. The buyer got in financial trouble almost immediately but rather than bite the bullet, he put it back up for sale in 2007 at $2.495 – dumb. Today it’s on the open house list with a price of $1.7 milllion and the notation, [foreclosure] “auction postponed”.
This site has any number of problems, but they can be worked out. It’s got some great land and, at its assessed value of $1.2 million, would be a nice buy. Would the lenders take that little? Who knows? They should, and by postponing the auction, they’ve made it clear they don’t want the property back. I’d go for it.
And there’s always this, from TheStreet.com:
Dunnellen Hall
David Ogilvy & Associates
Location: Greenwich, Conn.
Price: $60 million
When we first wrote about this property in October, the price had been recently slashed from $75 million. That doesn’t seem bad until you consider that it hit the market at $125 million last year. Nevermind that Leona Helmsley billed her husband’s Manhattan real estate firm for renovations to the estate’s 14 bedrooms, two pools, multiple cottages and million-dollar dance floor with funds and later did time for it. This Jacobean manse is a monument to the sluggish luxury home market in Greenwich, where sales during the first nine months of 2009 were down 46% from the same time last year.
(Full post:)
http://finance.yahoo.com/real-estate/article/108383/the-biggest-real-estate-flops-of-2009?mod=realestate-sell
most of the 4.5 acres is wetland and wooded with horse riding trail and loud airport noise and interior lot. I think you are better off buying 614 Riversville road for $2 million (below assessed)!
Hi, Chris,
I just signed on to Yahoo and found the following lead story:
http://finance.yahoo.com/real-estate/article/108383/the-biggest-real-estate-flops-of-2009?mod=realestate-sell
Just thought you’d like to know!
do your research first down at town hall…its challenging. we are looking around for land and did some serious research on this one, and had a long talk with the gentleman in the wetlands Dept. They have gone through a lot of testing and approvals, there is a site for a house, well and septic, but its placed kind of strangely on the land and you have no other options.
The listing says one could build a 12000 sq foot house- I believe this is imposible! You can’t even get the trucks and materials on to the property. The land is meant for smaller say 3500-4000 sq. ft. house. I think it will go for around 1 mil.