Another Patriot Bank project shuffles off the scene

 

450 North Street

450 North Street

450 North Street, $3.675 million. Looked for $6.899 in 2009, went to foreclosure, the loan sold to Summit Development, which finished the house and put it back on at $4.195 last June, then sold the paper again and this buyer moved the house. $3.675 was the right price in 2009, says I.

Over in Riverside, 16 Hearthstone is a new listing, asking $1.7 million. I don’t think so, but I no longer have a good grip on Riverside’s inflated values. This is one of the original post-war homes in the Hearthstone development and is described as “ready for renovation, expansion or build new”, which, without seeing it, makes me assume it’s a land sale. If so, the going price for land on this street is $1.4 million and with five new houses in various stages of construction, there’s going to be a lot of competition for anything built here. Can a builder pay $1.7 for this and still make a profit? Not that I can see, but builders are an optimistic bunch and there’s probably some fool out there with the recklessness and credit to try it.

12 Comments

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12 responses to “Another Patriot Bank project shuffles off the scene

  1. D

    450 North definitely had some challenges, but I walked this place for fun when they had a public open house – really solid and well done. These people will enjoy the house. Good value.

    As far as Riverside goes… certainly can’t blame the sellers. They are the smart money. One of these will come to market and sit… just a matter of time.

  2. Anonymous

    32 Hearthstone which is a similar lot/house sold for $1,750,000 in 2007. I guess the sellers believe we are at 2007 levels which I doubt we are given recent sales.

    If the house is in good shape inside this could sell to an end user/ non-builder for maybe $1.5m. It would be risky for a builder to buy this lot for more than $1.4m.

  3. anonymous

    Agree with D re 450 North. The house is greatly improved by its new paint color, gray. The sickly yellow it was previously didn’t help it one bit. Add some serious good landscaping and it should look like it was there forever.
    Did get a good laugh at the listing: Days on market: 146. Is that in dog days?

  4. Anonymous

    A change of paint color does not make this house worth $3.6!!! Buyers grossly over paid!!!

  5. Anonymous

    very busy spot. but nice house…definitely needs a lot of trees to cover

    • anonymous

      The house that was there previously had a ton of big trees and hedges. Maybe a fence too? I’ve forgotten. As a matter of fact, the old house was barely noticeable behind it all. Nothing that $100,000 won’t solve for this new home.

  6. End product

    Are there any other Patriot projects floating around?

  7. Anonymous

    450 North will always be noisy but just as true for 50% of the houses on North St. located south of the Merritt. With some good landscaping I think buyers did fine.

  8. greengal

    If a builder buys land for 1.2-1.4, what would he typically sell that house for in Riverside today?

  9. Anonymous

    450 was trashed. whoever bought & fixed it up did a good job.

    everything on the bigger east-west routes is loud. noth, lake, stanwich, etc. nothing new there.