A reader asked what’s up with 99 Porchuck Road, which has sat boarded up and abandoned for years now, and I told her that it’s been mired in foreclosure and bankruptcy proceedings for years and going nowhere. A check of the court records reveals that the owner is still trying to resist the inevitable and given the glacial pace of our judicial system, I’m sure he can forestall the foreclosure for a long time to come.
This patch of swamp sold for $1.7 million in 1999, proving that housing insanity was not limited to the mid-200s, then for $1 million in 2002 (on, again, an asking price of $1.7). That buyer tried to sell a to-be-built house on it for $3.8 million in 2004 using the following description:
CUSTOM HOME TO BE BUILT ON A KNOLL OVERLOOKING A GENTLY FLOWING RIVER. SITUATED ON 4 MAGNIFICENT ACRES IN THE GREENWICH COUNTRYSIDE.MASTER BUILDER & ARCHITECT OFFERING EVERY LUXURY YOU WOULD EXPECT FOR A GRACIOUS LIFESTYLE.PLANS AVAILABLE AT LB.
Despite every word of that description being false the property never sold and foreclosure began.
This place is encumbered with a $9.999 million mortgage and a second one of $3.8 million, both of which almost certainly represent a cross-collateralization deal involving other properties. Everything is bound to wash out eventually but I wouldn’t be readying truckloads of fill to begin construction of that dream house quite yet.