Two old favorites on tomorrow’s open house tour

So who was the Patriot Bank officer who signed off on loaning $6 million to a thrice-convicted felon? Hint: he’s still in town.

If love means never having to say goodbye then 516 Round Hill Road and 21 Midbrook wood must be cherished indeed because they just won’t sell despite years on the market. 516 Round Hill was admittedly handicapped by its builder Dom Devito’s arrest and subsequent incarceration at La Tuna Federal Medium Security Prison in El Paso, but Patriot Bank ate half of its $6 million mortgage so improvidently paid out when the place was still just a foundation and some framing left sitting in the New England weather, sold it off for $3 million and it’s been finished now for more than a year, still looking for Mr. Goodbuyer. Priced at $8.9 million originally, it’s been reduced to $8.3. Good looking house but its rear lot location and a postage stamp of a back yard built on fill and perched on a 500′ cliff (a slight exaggeration employed for dramatic effect – Ed) seems to be discouraging buyers.

21 Midwood, owned by a hedge fund type who can afford to take the hit has dropped from $16 million in May, 2009 to a mere $13 million today but even that substantial reduction hasn’t moved it or, in consequence, its owner. Maybe in the spring.

In any event, I’ve seen them both so I don’t have to see them again and, given the non-existent market for homes in this price range, I’ll undoubtedly have another chance to tour them if I’m so moved, later on.

4 Comments

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4 responses to “Two old favorites on tomorrow’s open house tour

  1. anonymous

    Correction needed: Midwood not Midbrook

  2. armonk

    The house on Round Hill Rd shares a driveway with 3 other houses. It sat with frame, roof and some exterior but no doors for years. The appraiser for the loan probably never pulled in the driveway.

  3. Anonymous

    Midwood seems way out priced for that ‘hood by MILLIONS. Also, what are you getting for those extra zeros? Yes, lovely interior but, laced in diamonds and gold.